Insider Selling: Globe Life Inc. (NYSE:GL) CEO Sells 33,270 Shares of Stock

Key Points

• CEO James Matthew Darden of Globe Life Inc. sold 33,270 shares for approximately $4.51 million, reducing his stake by 40.03% to 49,842 shares.
• Globe Life's stock price dropped to $133.94, while the company reported earnings of $3.27 per share, beating expectations, but revenue was slightly below analyst estimates.
• Several equities analysts have raised their price targets for Globe Life, with an average target price now set at $146.00 and a consensus rating of "Moderate Buy".

Globe Life Inc. (NYSE:GL - Get Free Report) CEO James Matthew Darden sold 33,270 shares of the company's stock in a transaction on Friday, July 25th. The shares were sold at an average price of $135.59, for a total transaction of $4,511,079.30. Following the completion of the transaction, the chief executive officer owned 49,842 shares of the company's stock, valued at $6,758,076.78. This trade represents a 40.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Globe Life Stock Performance

Shares of GL stock traded down $1.01 during trading hours on Wednesday, reaching $142.26. The stock had a trading volume of 319,442 shares, compared to its average volume of 653,293. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.07 and a quick ratio of 0.07. Globe Life Inc. has a twelve month low of $86.10 and a twelve month high of $143.84. The firm has a 50-day simple moving average of $122.17 and a 200-day simple moving average of $122.44. The firm has a market capitalization of $11.74 billion, a PE ratio of 11.37 and a beta of 0.56.

Globe Life (NYSE:GL - Get Free Report) last released its earnings results on Wednesday, July 23rd. The company reported $3.27 EPS for the quarter, beating the consensus estimate of $3.25 by $0.02. The firm had revenue of $1.48 billion for the quarter, compared to analysts' expectations of $1.50 billion. Globe Life had a net margin of 18.11% and a return on equity of 21.55%. Globe Life's quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter last year, the company earned $2.97 EPS. As a group, equities analysts forecast that Globe Life Inc. will post 13.87 earnings per share for the current year.

Hedge Funds Weigh In On Globe Life

Several large investors have recently bought and sold shares of the stock. Global Assets Advisory LLC bought a new position in shares of Globe Life during the 2nd quarter valued at about $25,000. AdvisorNet Financial Inc boosted its holdings in shares of Globe Life by 60.0% in the second quarter. AdvisorNet Financial Inc now owns 224 shares of the company's stock worth $28,000 after buying an additional 84 shares during the period. TD Private Client Wealth LLC acquired a new position in shares of Globe Life in the second quarter worth about $39,000. SouthState Corp acquired a new position in shares of Globe Life in the first quarter worth about $43,000. Finally, Ransom Advisory Ltd acquired a new position in shares of Globe Life in the first quarter worth about $50,000. Institutional investors and hedge funds own 81.61% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Morgan Stanley upped their target price on shares of Globe Life from $127.00 to $135.00 and gave the company an "equal weight" rating in a research note on Friday, July 25th. Truist Financial began coverage on shares of Globe Life in a research note on Tuesday, July 15th. They set a "buy" rating and a $150.00 price objective on the stock. Wells Fargo & Company lifted their price target on Globe Life from $144.00 to $150.00 and gave the stock an "overweight" rating in a research note on Friday, July 25th. BMO Capital Markets lifted their price target on Globe Life from $114.00 to $149.00 and gave the stock a "market perform" rating in a research note on Wednesday. Finally, Keefe, Bruyette & Woods lifted their price target on Globe Life from $145.00 to $155.00 and gave the stock an "outperform" rating in a research note on Monday. Three equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $149.18.

About Globe Life

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.