Jabil (NYSE:JBL) Updates Q3 2023 Earnings Guidance

Jabil (NYSE:JBL – Get Rating) issued an update on its third quarter 2023 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $1.70-$2.10 for the period, compared to the consensus estimate of $1.88. The company issued revenue guidance of $7.90 billion-$8.50 billion, compared to the consensus revenue estimate of $8.14 billion. Jabil also updated its FY 2023 guidance to EPS.

Jabil Trading Up 0.8 %

Shares of NYSE JBL opened at $78.96 on Friday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.57 and a current ratio of 1.04. Jabil has a 52-week low of $48.80 and a 52-week high of $85.70. The firm has a 50 day moving average price of $81.00 and a two-hundred day moving average price of $70.18. The stock has a market cap of $10.52 billion, a P/E ratio of 11.44, a price-to-earnings-growth ratio of 0.84 and a beta of 1.43.

Jabil (NYSE:JBL – Get Rating) last announced its quarterly earnings results on Thursday, December 15th. The technology company reported $1.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.89 by ($0.28). Jabil had a net margin of 2.74% and a return on equity of 39.80%. The business had revenue of $9.64 billion during the quarter, compared to analyst estimates of $9.28 billion. As a group, equities analysts forecast that Jabil will post 7.81 EPS for the current year.

Jabil Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 2nd. Shareholders of record on Wednesday, February 15th were given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.41%. The ex-dividend date was Tuesday, February 14th. Jabil’s dividend payout ratio (DPR) is currently 4.64%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on JBL shares. StockNews.com started coverage on shares of Jabil in a research report on Thursday. They issued a buy rating for the company. Credit Suisse Group increased their price objective on shares of Jabil from $90.00 to $110.00 and gave the stock an outperform rating in a research report on Tuesday, February 21st. Citigroup increased their price objective on shares of Jabil from $80.00 to $85.00 in a research report on Friday, December 16th. The Goldman Sachs Group increased their price objective on shares of Jabil from $80.00 to $90.00 and gave the stock a buy rating in a research report on Friday. Finally, Raymond James increased their price objective on shares of Jabil from $84.00 to $100.00 and gave the stock a strong-buy rating in a research report on Tuesday, March 14th. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Jabil presently has a consensus rating of Buy and an average target price of $92.20.

Insider Buying and Selling

In related news, EVP Kenneth S. Wilson sold 5,000 shares of the stock in a transaction on Monday, January 9th. The shares were sold at an average price of $70.00, for a total transaction of $350,000.00. Following the transaction, the executive vice president now directly owns 337,776 shares of the company’s stock, valued at $23,644,320. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, EVP Kenneth S. Wilson sold 5,000 shares of the stock in a transaction on Monday, January 9th. The shares were sold at an average price of $70.00, for a total transaction of $350,000.00. Following the transaction, the executive vice president now directly owns 337,776 shares of the company’s stock, valued at $23,644,320. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Gerald Creadon sold 14,297 shares of the stock in a transaction on Wednesday, December 21st. The stock was sold at an average price of $70.75, for a total transaction of $1,011,512.75. Following the transaction, the executive vice president now directly owns 60,965 shares in the company, valued at $4,313,273.75. The disclosure for this sale can be found here. Insiders have sold a total of 197,562 shares of company stock valued at $14,936,641 over the last ninety days. 2.75% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. State Street Corp lifted its stake in shares of Jabil by 3.0% in the first quarter. State Street Corp now owns 4,454,878 shares of the technology company’s stock valued at $275,000,000 after buying an additional 127,736 shares in the last quarter. Invesco Ltd. lifted its stake in shares of Jabil by 230.6% in the first quarter. Invesco Ltd. now owns 1,863,230 shares of the technology company’s stock valued at $115,018,000 after buying an additional 1,299,593 shares in the last quarter. Morgan Stanley lifted its stake in shares of Jabil by 19.0% in the fourth quarter. Morgan Stanley now owns 1,765,125 shares of the technology company’s stock valued at $120,382,000 after buying an additional 281,866 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Jabil by 2.6% in the first quarter. Goldman Sachs Group Inc. now owns 1,593,456 shares of the technology company’s stock valued at $98,364,000 after buying an additional 39,771 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Jabil in the fourth quarter valued at $102,656,000. 88.45% of the stock is owned by institutional investors.

About Jabil

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Jabil, Inc engages in the provision of electronic manufacturing services and solutions. It offers electronics design, production, product management, and repair services to companies in the automotive and transportation, capital equipment, consumer lifestyles and wearable technologies, computing and storage, defense and aerospace, digital home, healthcare, industrial and energy, mobility, networking and telecommunications, packaging, point of sale, and printing industries.