Geode Capital Management LLC Increases Holdings in Globe Life Inc. (NYSE:GL)

Geode Capital Management LLC boosted its stake in Globe Life Inc. (NYSE:GL - Free Report) by 3.5% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,618,764 shares of the company's stock after acquiring an additional 89,299 shares during the period. Geode Capital Management LLC owned 3.12% of Globe Life worth $276,994,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GL. D. E. Shaw & Co. Inc. boosted its holdings in shares of Globe Life by 398.7% in the second quarter. D. E. Shaw & Co. Inc. now owns 1,074,628 shares of the company's stock valued at $88,420,000 after acquiring an additional 859,146 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Globe Life by 104.3% in the second quarter. Bank of New York Mellon Corp now owns 1,611,294 shares of the company's stock valued at $132,577,000 after purchasing an additional 822,638 shares during the period. Millennium Management LLC boosted its holdings in Globe Life by 177.0% in the 2nd quarter. Millennium Management LLC now owns 1,279,818 shares of the company's stock valued at $105,303,000 after purchasing an additional 817,760 shares in the last quarter. Nuance Investments LLC increased its position in Globe Life by 155.6% during the 3rd quarter. Nuance Investments LLC now owns 1,138,978 shares of the company's stock worth $120,629,000 after purchasing an additional 693,346 shares during the period. Finally, Pzena Investment Management LLC raised its stake in shares of Globe Life by 146.3% during the 2nd quarter. Pzena Investment Management LLC now owns 930,378 shares of the company's stock worth $76,552,000 after buying an additional 552,634 shares in the last quarter. 81.61% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on GL. Morgan Stanley upped their price objective on Globe Life from $110.00 to $120.00 and gave the stock an "equal weight" rating in a report on Thursday, October 24th. Piper Sandler upped their price target on shares of Globe Life from $118.00 to $130.00 and gave the stock an "overweight" rating in a research note on Friday, October 25th. Wells Fargo & Company raised their price objective on shares of Globe Life from $108.00 to $117.00 and gave the company an "overweight" rating in a research note on Thursday, October 10th. TD Cowen began coverage on shares of Globe Life in a research report on Wednesday, October 9th. They set a "buy" rating and a $150.00 target price on the stock. Finally, Raymond James lifted their price target on shares of Globe Life from $160.00 to $188.00 and gave the company a "strong-buy" rating in a research report on Tuesday, October 15th. Five research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Globe Life has an average rating of "Moderate Buy" and a consensus target price of $127.10.

Insider Activity

In related news, CEO Frank M. Svoboda sold 14,340 shares of the stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $108.80, for a total transaction of $1,560,192.00. Following the transaction, the chief executive officer now directly owns 16,396 shares in the company, valued at approximately $1,783,884.80. This represents a 46.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 1.51% of the company's stock.

Globe Life Price Performance

GL stock traded up $0.91 on Friday, reaching $105.42. The company had a trading volume of 697,102 shares, compared to its average volume of 1,461,002. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.05 and a current ratio of 0.05. The company's fifty day moving average is $108.06 and its 200 day moving average is $98.21. The company has a market cap of $8.85 billion, a P/E ratio of 8.92 and a beta of 0.81. Globe Life Inc. has a 1 year low of $38.95 and a 1 year high of $132.00.

Globe Life (NYSE:GL - Get Free Report) last issued its quarterly earnings data on Wednesday, October 23rd. The company reported $3.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.06 by $0.43. Globe Life had a return on equity of 22.91% and a net margin of 19.04%. The business had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.46 billion. During the same period in the prior year, the business earned $2.71 earnings per share. The business's revenue was up 5.1% on a year-over-year basis. On average, research analysts forecast that Globe Life Inc. will post 12.31 earnings per share for the current year.

Globe Life Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Monday, January 6th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, January 6th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.91%. Globe Life's dividend payout ratio (DPR) is presently 8.12%.

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.