Globe Life (NYSE:GL) Price Target Raised to $132.00

Globe Life (NYSE:GL) had its price objective lifted by equities researchers at Morgan Stanley from $131.00 to $132.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s target price indicates a potential upside of 11.92% from the stock’s current price.

GL has been the subject of several other reports. JPMorgan Chase & Co. increased their price objective on Globe Life from $131.00 to $132.00 and gave the company an “overweight” rating in a report on Friday, October 6th. StockNews.com assumed coverage on Globe Life in a research note on Thursday, October 5th. They set a “hold” rating for the company. Raymond James boosted their price objective on Globe Life from $138.00 to $160.00 and gave the company a “strong-buy” rating in a research note on Monday, October 23rd. Piper Sandler increased their target price on shares of Globe Life from $130.00 to $131.00 in a research report on Friday, July 28th. Finally, Jefferies Financial Group lifted their target price on shares of Globe Life from $115.00 to $118.00 and gave the stock a “hold” rating in a research note on Thursday, September 14th. Four investment analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Globe Life has an average rating of “Moderate Buy” and an average target price of $134.38.

Globe Life Stock Performance

Shares of NYSE:GL traded down $0.32 during midday trading on Wednesday, reaching $117.94. The company had a trading volume of 51,642 shares, compared to its average volume of 517,157. The stock has a market cap of $11.10 billion, a P/E ratio of 12.63 and a beta of 0.78. The company’s 50 day moving average price is $112.29 and its 200 day moving average price is $110.70. The company has a current ratio of 0.06, a quick ratio of 0.06 and a debt-to-equity ratio of 0.39. Globe Life has a 52-week low of $102.23 and a 52-week high of $123.85.

Globe Life (NYSE:GL) last announced its quarterly earnings data on Wednesday, October 25th. The company reported $2.71 EPS for the quarter, topping the consensus estimate of $2.65 by $0.06. Globe Life had a net margin of 16.95% and a return on equity of 22.60%. The business had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.39 billion. During the same quarter in the previous year, the firm posted $2.15 earnings per share. The company’s revenue for the quarter was up 6.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Globe Life will post 10.6 EPS for the current fiscal year.

Insider Activity

In related news, CEO Frank M. Svoboda sold 20,000 shares of the business’s stock in a transaction dated Monday, November 6th. The stock was sold at an average price of $115.92, for a total transaction of $2,318,400.00. Following the completion of the transaction, the chief executive officer now directly owns 3,370 shares in the company, valued at $390,650.40. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, CEO James Matthew Darden sold 8,551 shares of the firm’s stock in a transaction on Friday, November 3rd. The shares were sold at an average price of $116.98, for a total transaction of $1,000,295.98. Following the sale, the chief executive officer now owns 26,070 shares in the company, valued at approximately $3,049,668.60. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Frank M. Svoboda sold 20,000 shares of the company’s stock in a transaction on Monday, November 6th. The stock was sold at an average price of $115.92, for a total transaction of $2,318,400.00. Following the completion of the transaction, the chief executive officer now owns 3,370 shares of the company’s stock, valued at $390,650.40. The disclosure for this sale can be found here. Insiders sold 51,093 shares of company stock worth $5,840,403 in the last three months. Corporate insiders own 4.33% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of GL. Wellington Management Group LLP grew its stake in shares of Globe Life by 37.0% during the first quarter. Wellington Management Group LLP now owns 7,308,014 shares of the company’s stock valued at $735,187,000 after buying an additional 1,973,186 shares during the last quarter. BlackRock Inc. grew its position in Globe Life by 0.9% during the 1st quarter. BlackRock Inc. now owns 6,520,494 shares of the company’s stock worth $655,963,000 after acquiring an additional 57,587 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Globe Life by 52.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 4,079,866 shares of the company’s stock worth $447,235,000 after purchasing an additional 1,401,828 shares during the period. State Street Corp lifted its position in Globe Life by 2.2% in the second quarter. State Street Corp now owns 3,960,623 shares of the company’s stock valued at $434,163,000 after purchasing an additional 84,122 shares during the last quarter. Finally, FMR LLC boosted its stake in shares of Globe Life by 6.3% during the first quarter. FMR LLC now owns 2,689,921 shares of the company’s stock valued at $295,945,000 after purchasing an additional 160,145 shares during the period. 80.04% of the stock is currently owned by institutional investors.

Globe Life Company Profile

Globe Life Inc, through its subsidiaries, provides various life and supplemental health insurance products, and annuities to lower middle to middle income households in the United States. The company operates through four segments: Life Insurance, Supplemental Health Insurance, Annuities, and Investments.