Globe Life (NYSE:GL) Rating Increased to Overweight at Morgan Stanley

Key Points

• Globe Life has been upgraded from an "equal weight" rating to an "overweight" rating by Morgan Stanley, with a target price of $166.00 indicating a potential upside of 19.24% from its current price.
• The stock has received favorable ratings from multiple analysts, with a consensus average rating of "Moderate Buy" and a price target of $152.00, as well as reports of rising earnings per share and revenue growth.
• Recent insider selling saw CEO Frank M. Svoboda and another executive significantly reduce their holdings, although institutional investors currently own 81.61% of the company's stock.

Globe Life (NYSE:GL - Get Free Report) was upgraded by research analysts at Morgan Stanley from an "equal weight" rating to an "overweight" rating in a note issued to investors on Tuesday, Marketbeat Ratings reports. The brokerage currently has a $166.00 price objective on the stock, up from their previous price objective of $135.00. Morgan Stanley's target price points to a potential upside of 18.27% from the company's previous close.

Other research analysts have also issued research reports about the company. Wells Fargo & Company lifted their target price on Globe Life from $144.00 to $150.00 and gave the stock an "overweight" rating in a research report on Friday, July 25th. Keefe, Bruyette & Woods lifted their target price on Globe Life from $145.00 to $155.00 and gave the company an "outperform" rating in a research note on Monday, July 28th. Cfra Research raised Globe Life to a "moderate buy" rating in a research note on Friday, July 25th. Piper Sandler cut their target price on Globe Life from $152.00 to $147.00 and set an "overweight" rating on the stock in a research note on Friday, May 2nd. Finally, JPMorgan Chase & Co. lifted their target price on Globe Life from $145.00 to $160.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Two investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Globe Life currently has a consensus rating of "Moderate Buy" and an average target price of $152.00.

Globe Life Stock Down 0.6%

Shares of NYSE:GL traded down $0.87 during mid-day trading on Tuesday, hitting $140.36. 709,300 shares of the company traded hands, compared to its average volume of 758,252. The firm has a market cap of $11.59 billion, a P/E ratio of 11.22 and a beta of 0.56. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.07 and a current ratio of 0.07. Globe Life has a 52-week low of $89.13 and a 52-week high of $144.00. The firm's 50 day simple moving average is $124.91 and its 200 day simple moving average is $123.54.

Globe Life (NYSE:GL - Get Free Report) last announced 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. Globe Life had a return on equity of 21.55% and a net margin of 18.11%. The business had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same period last year, the business posted $2.97 EPS. The company's revenue was up 2.9% on a year-over-year basis. On average, equities analysts anticipate that Globe Life will post 13.87 EPS for the current year.

Insider Transactions at Globe Life

In other news, EVP Michael Clay Majors sold 10,000 shares of the business's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $137.41, for a total transaction of $1,374,100.00. Following the sale, the executive vice president directly owned 47,066 shares in the company, valued at approximately $6,467,339.06. The trade was a 17.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Frank M. Svoboda sold 12,500 shares of the business's stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $141.38, for a total value of $1,767,250.00. Following the sale, the chief executive officer owned 32,747 shares in the company, valued at approximately $4,629,770.86. This represents a 27.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 90,741 shares of company stock valued at $12,471,180. Company insiders own 1.51% of the company's stock.

Hedge Funds Weigh In On Globe Life

Hedge funds have recently modified their holdings of the stock. Global Assets Advisory LLC acquired a new stake in Globe Life during the 2nd quarter valued at $25,000. AdvisorNet Financial Inc increased its holdings in Globe Life by 60.0% during the 2nd quarter. AdvisorNet Financial Inc now owns 224 shares of the company's stock valued at $28,000 after purchasing an additional 84 shares in the last quarter. Assetmark Inc. increased its holdings in Globe Life by 777.8% during the 2nd quarter. Assetmark Inc. now owns 237 shares of the company's stock valued at $29,000 after purchasing an additional 210 shares in the last quarter. TD Private Client Wealth LLC acquired a new stake in Globe Life during the 2nd quarter valued at $39,000. Finally, SouthState Corp acquired a new stake in Globe Life during the 1st quarter valued at $43,000. 81.61% of the stock is owned by institutional investors and hedge funds.

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.