20,400 Globe Life Inc. $GL Shares Sold by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• Virginia Retirement Systems cut its Globe Life stake by 79.7% in the third quarter, selling 20,400 shares and retaining 5,200 shares worth about $861,000.
• Analyst views remain mostly positive: Globe Life has a “Moderate Buy” consensus and an average price target of $181.50, though Piper Sandler downgraded the stock to neutral and lowered its target to $165.
• Globe Life’s quarterly revenue rose 5.5% year over year to $1.60 billion, but EPS of $4.84 missed estimates. The company also authorized a $2.5 billion share-repurchase plan.

VIRGINIA RETIREMENT SYSTEMS ET Al trimmed its holdings in Globe Life Inc. (NYSE:GL - Free Report) by 79.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,200 shares of the company's stock after selling 20,400 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al's holdings in Globe Life were worth $861,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Amundi increased its holdings in Globe Life by 307.4% during the 2nd quarter. Amundi now owns 162,223 shares of the company's stock worth $28,986,000 after purchasing an additional 122,402 shares in the last quarter. Sei Investments Co. raised its position in Globe Life by 49.1% in the 1st quarter. Sei Investments Co. now owns 71,795 shares of the company's stock valued at $9,993,000 after buying an additional 23,632 shares during the last quarter. State Street Corp lifted its stake in Globe Life by 2.1% during the 2nd quarter. State Street Corp now owns 3,735,409 shares of the company's stock valued at $667,443,000 after acquiring an additional 76,745 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Globe Life during the 2nd quarter worth $17,229,000. Finally, Jefferies Financial Group Inc. purchased a new stake in shares of Globe Life in the second quarter valued at about $1,252,000. 81.61% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Piper Sandler downgraded shares of Globe Life from an "overweight" rating to a "neutral" rating and reduced their price objective for the stock from $200.00 to $165.00 in a research report on Friday, October 23rd. JPMorgan Chase & Co. lifted their target price on Globe Life from $193.00 to $195.00 and gave the stock an "overweight" rating in a research note on Thursday, October 15th. Morgan Stanley reduced their price target on shares of Globe Life from $208.00 to $197.00 and set an "overweight" rating for the company in a research report on Monday, October 5th. TD Cowen reduced their target price on shares of Globe Life from $225.00 to $215.00 and set a "buy" rating for the company in a research report on Friday, October 23rd. Finally, Jefferies Financial Group lifted their price target on shares of Globe Life from $147.00 to $166.00 and gave the stock a "hold" rating in a report on Friday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $181.50.

Insider Activity

In related news, EVP Robert Hensley sold 10,000 shares of the stock in a transaction on Tuesday, September 22nd. The stock was sold at an average price of $170.07, for a total value of $1,700,700.00. Following the transaction, the executive vice president owned 12,384 shares of the company's stock, valued at $2,106,146.88. This represents a 44.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Michael Majors sold 14,377 shares of Globe Life stock in a transaction dated Friday, October 23rd. The stock was sold at an average price of $154.48, for a total value of $2,220,958.96. Following the sale, the executive vice president directly owned 39,141 shares of the company's stock, valued at approximately $6,046,501.68. This trade represents a 26.86% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.11% of the stock is currently owned by insiders.

Globe Life Stock Down 1.5%

Shares of NYSE GL opened at $159.28 on Friday. The business has a 50-day simple moving average of $167.23 and a two-hundred day simple moving average of $160.00. Globe Life Inc. has a 52 week low of $129.21 and a 52 week high of $191.55. The company has a market cap of $12.24 billion, a P/E ratio of 10.65 and a beta of 0.47. The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 0.43.

Globe Life (NYSE:GL - Get Free Report) last issued its quarterly earnings data on Wednesday, October 21st. The company reported $4.84 EPS for the quarter, missing the consensus estimate of $4.90 by ($0.06). Globe Life had a net margin of 18.89% and a return on equity of 19.95%. The firm had revenue of $1.60 billion for the quarter, compared to analysts' expectations of $1.56 billion. During the same period in the prior year, the firm posted $4.81 EPS. Globe Life's revenue was up 5.5% on a year-over-year basis. Research analysts anticipate that Globe Life Inc. will post 15.48 earnings per share for the current fiscal year.

Globe Life declared that its board has approved a share repurchase plan on Monday, August 10th that allows the company to repurchase $2.50 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 17.7% of its stock through open market purchases. Share buyback plans are usually an indication that the company's board of directors believes its stock is undervalued.

Globe Life Company Profile

Globe Life Inc NYSE: GL is an insurance holding company that provides individual life and supplemental health insurance products through a network of wholly owned subsidiaries. Its offerings are designed primarily for middle-income households and include term and whole life insurance, mortgage protection coverage, accident and supplemental health insurance, Medicare supplement policies, and annuities.

The company markets its products through several distribution channels, including exclusive and independent agency networks, direct-to-consumer sales, and workplace or union-affiliated programs.

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