Wellington Management Group LLP Sells 938,660 Shares of Globe Life Inc. $GL

Key Points

• Wellington Management Group LLP has reduced its stake in Globe Life Inc. by 18.3% after selling 938,660 shares, leaving it with approximately 4.18 million shares valued at $550 million.
• Institutional investors now own 81.61% of Globe Life's stock, highlighting strong interest from financial institutions.
• Globe Life plans to distribute a quarterly dividend of $0.27 per share on October 31st, with a yield of 0.8% and a payout ratio of 8.63%.

Wellington Management Group LLP lessened its position in shares of Globe Life Inc. (NYSE:GL - Free Report) by 18.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,178,462 shares of the company's stock after selling 938,660 shares during the period. Wellington Management Group LLP owned approximately 5.02% of Globe Life worth $550,387,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Brooklyn Investment Group raised its holdings in shares of Globe Life by 792.7% in the 1st quarter. Brooklyn Investment Group now owns 732 shares of the company's stock valued at $96,000 after acquiring an additional 650 shares in the last quarter. Steward Partners Investment Advisory LLC grew its holdings in shares of Globe Life by 1.0% during the first quarter. Steward Partners Investment Advisory LLC now owns 24,914 shares of the company's stock worth $3,282,000 after purchasing an additional 249 shares in the last quarter. Cresset Asset Management LLC purchased a new position in shares of Globe Life during the first quarter worth about $253,000. American Century Companies Inc. grew its holdings in shares of Globe Life by 41.9% during the first quarter. American Century Companies Inc. now owns 205,421 shares of the company's stock worth $27,058,000 after purchasing an additional 60,606 shares in the last quarter. Finally, Brandywine Global Investment Management LLC purchased a new position in shares of Globe Life during the first quarter worth about $4,949,000. Institutional investors own 81.61% of the company's stock.

Globe Life Stock Up 0.4%

Shares of GL opened at $135.99 on Tuesday. The firm has a market cap of $11.02 billion, a P/E ratio of 10.87 and a beta of 0.56. The stock has a 50 day simple moving average of $127.28 and a two-hundred day simple moving average of $124.44. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.06 and a quick ratio of 0.06. Globe Life Inc. has a 1 year low of $96.73 and a 1 year high of $144.00.

Globe Life (NYSE:GL - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The company reported $3.27 earnings per share for the quarter, beating the consensus estimate of $3.25 by $0.02. Globe Life had a return on equity of 21.24% and a net margin of 18.11%. The firm had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter in the previous year, the company posted $2.97 earnings per share. The business's revenue was up 2.9% on a year-over-year basis. On average, analysts forecast that Globe Life Inc. will post 13.87 earnings per share for the current fiscal year.

Globe Life Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Friday, October 3rd will be given a $0.27 dividend. The ex-dividend date is Friday, October 3rd. This represents a $1.08 annualized dividend and a yield of 0.8%. Globe Life's payout ratio is presently 8.63%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on GL. Truist Financial began coverage on Globe Life in a report on Tuesday, July 15th. They set a "buy" rating and a $150.00 price objective for the company. Wall Street Zen raised Globe Life from a "hold" rating to a "buy" rating in a report on Friday, May 16th. JPMorgan Chase & Co. boosted their price objective on Globe Life from $145.00 to $160.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Piper Sandler cut their price objective on Globe Life from $152.00 to $147.00 and set an "overweight" rating for the company in a report on Friday, May 2nd. Finally, BMO Capital Markets reissued a "market perform" rating and set a $149.00 price objective (up previously from $114.00) on shares of Globe Life in a report on Wednesday, July 30th. Two investment analysts have rated the stock with a hold rating, nine 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 target price of $152.45.

Insider Buying and Selling

In other Globe Life news, CEO Frank M. Svoboda sold 12,500 shares of the business's stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $141.38, for a total value of $1,767,250.00. Following the completion of the sale, the chief executive officer owned 32,747 shares in the company, valued at approximately $4,629,770.86. The trade was a 27.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Michael Clay Majors sold 10,000 shares of the business's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $137.41, for a total value of $1,374,100.00. Following the completion of the sale, the executive vice president owned 47,066 shares of the company's stock, valued at $6,467,339.06. The trade was a 17.52% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 84,722 shares of company stock worth $11,733,793. Company insiders own 1.97% of the company's stock.

Globe Life Company 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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