DAVENPORT & Co LLC Purchases New Stake in Globe Life Inc. (NYSE:GL)

DAVENPORT & Co LLC purchased a new stake in Globe Life Inc. (NYSE:GL - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 3,746 shares of the company's stock, valued at approximately $493,000.

Other institutional investors have also recently modified their holdings of the company. Norges Bank acquired a new position in Globe Life during the fourth quarter worth $112,454,000. GAMMA Investing LLC raised its holdings in Globe Life by 15,553.5% during the first quarter. GAMMA Investing LLC now owns 781,890 shares of the company's stock worth $102,991,000 after purchasing an additional 776,895 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Globe Life during the fourth quarter worth $61,238,000. Freestone Grove Partners LP acquired a new position in Globe Life during the fourth quarter worth $52,178,000. Finally, Marshall Wace LLP raised its holdings in shares of Globe Life by 1,702.5% in the fourth quarter. Marshall Wace LLP now owns 484,692 shares of the company's stock worth $54,053,000 after acquiring an additional 457,802 shares during the last quarter. 81.61% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Globe Life

In other news, CEO Frank M. Svoboda sold 6,019 shares of the company's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $122.51, for a total value of $737,387.69. Following the completion of the sale, the chief executive officer owned 31,298 shares of the company's stock, valued at $3,834,317.98. This represents a 16.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.97% of the stock is owned by insiders.

Globe Life Stock Performance

Shares of NYSE:GL opened at $121.17 on Tuesday. The firm has a market capitalization of $10.00 billion, a PE ratio of 9.86 and a beta of 0.56. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.07 and a quick ratio of 0.07. The business has a 50-day moving average of $121.16 and a two-hundred day moving average of $121.07. Globe Life Inc. has a 12 month low of $80.36 and a 12 month high of $133.76.

Globe Life (NYSE:GL - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $3.07 EPS for the quarter, missing the consensus estimate of $3.24 by ($0.17). The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.49 billion. Globe Life had a return on equity of 21.44% and a net margin of 18.33%. The business's revenue was up 4.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.78 earnings per share. As a group, research analysts forecast that Globe Life Inc. will post 13.87 earnings per share for the current year.

Globe Life Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Thursday, July 3rd will be given a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 0.89%. The ex-dividend date is Thursday, July 3rd. Globe Life's payout ratio is 8.79%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on GL. Wall Street Zen raised Globe Life from a "hold" rating to a "buy" rating in a report on Friday, May 16th. Piper Sandler cut their price target on Globe Life from $152.00 to $147.00 and set an "overweight" rating for the company in a report on Friday, May 2nd. Morgan Stanley boosted their price target on Globe Life from $117.00 to $125.00 and gave the stock an "equal weight" rating in a report on Monday, May 19th. JPMorgan Chase & Co. boosted their price target on Globe Life from $136.00 to $145.00 and gave the stock an "overweight" rating in a report on Wednesday, April 2nd. Finally, Wells Fargo & Company cut their price target on Globe Life from $140.00 to $139.00 and set an "overweight" rating for the company in a report on Tuesday, May 6th. Four investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Globe Life has a consensus rating of "Moderate Buy" and a consensus price target of $137.73.

Globe Life Profile

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

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