Envestnet Asset Management Inc. Sells 766,564 Shares of Globe Life Inc. (NYSE:GL)

Envestnet Asset Management Inc. trimmed its stake in shares of Globe Life Inc. (NYSE:GL) by 91.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 68,236 shares of the company’s stock after selling 766,564 shares during the quarter. Envestnet Asset Management Inc. owned about 0.07% of Globe Life worth $7,480,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Wellington Management Group LLP boosted its position in shares of Globe Life by 37.0% in the first quarter. Wellington Management Group LLP now owns 7,308,014 shares of the company’s stock valued at $735,187,000 after acquiring an additional 1,973,186 shares during the period. BlackRock Inc. boosted its position in shares of Globe Life by 0.9% in the first quarter. BlackRock Inc. now owns 6,520,494 shares of the company’s stock valued at $655,963,000 after acquiring an additional 57,587 shares during the period. FMR LLC boosted its position in shares of Globe Life by 6.3% in the first quarter. FMR LLC now owns 2,689,921 shares of the company’s stock valued at $295,945,000 after acquiring an additional 160,145 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Globe Life by 18.2% in the first quarter. JPMorgan Chase & Co. now owns 2,678,038 shares of the company’s stock valued at $294,639,000 after acquiring an additional 412,639 shares during the period. Finally, Cooke & Bieler LP boosted its position in shares of Globe Life by 53.5% in the second quarter. Cooke & Bieler LP now owns 2,287,036 shares of the company’s stock valued at $250,705,000 after acquiring an additional 797,267 shares during the period. 80.04% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

GL has been the subject of a number of analyst reports. Wells Fargo & Company raised Globe Life from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $122.00 to $137.00 in a research note on Tuesday, October 31st. Raymond James boosted their price target on Globe Life from $138.00 to $160.00 and gave the company a “strong-buy” rating in a research note on Monday, October 23rd. Piper Sandler boosted their price target on Globe Life from $130.00 to $131.00 in a research note on Friday, July 28th. Morgan Stanley boosted their price target on Globe Life from $131.00 to $132.00 and gave the company an “equal weight” rating in a research note on Wednesday. Finally, JPMorgan Chase & Co. boosted their price target on Globe Life from $131.00 to $132.00 and gave the company an “overweight” rating in a research note on Friday, October 6th. Four research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $134.38.

Insider Activity at Globe Life

In related news, CAO Michael Shane Henrie sold 1,325 shares of the company’s stock in a transaction that occurred on Tuesday, August 29th. The stock was sold at an average price of $111.20, for a total value of $147,340.00. Following the sale, the chief accounting officer now directly owns 700 shares in the company, valued at $77,840. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Globe Life news, EVP Robert Brian Mitchell sold 16,217 shares of the stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $111.97, for a total transaction of $1,815,817.49. Following the transaction, the executive vice president now directly owns 36,635 shares in the company, valued at approximately $4,102,020.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Michael Shane Henrie sold 1,325 shares of the stock in a transaction that occurred on Tuesday, August 29th. The stock was sold at an average price of $111.20, for a total value of $147,340.00. Following the transaction, the chief accounting officer now owns 700 shares in the company, valued at $77,840. The disclosure for this sale can be found here. Insiders have sold 57,893 shares of company stock worth $6,639,879 over the last ninety days. Insiders own 4.33% of the company’s stock.

Globe Life Stock Performance

Globe Life stock opened at $118.30 on Friday. The business has a 50 day moving average of $112.81 and a 200-day moving average of $110.85. Globe Life Inc. has a 1 year low of $102.23 and a 1 year high of $123.85. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.06 and a quick ratio of 0.06. The company has a market capitalization of $11.13 billion, a P/E ratio of 12.67 and a beta of 0.78.

Globe Life (NYSE:GL) last released its quarterly earnings data on Wednesday, October 25th. The company reported $2.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.65 by $0.06. Globe Life had a return on equity of 22.60% and a net margin of 16.95%. The company had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.39 billion. During the same quarter in the prior year, the firm posted $2.15 earnings per share. The firm’s revenue was up 6.7% compared to the same quarter last year. On average, equities research analysts predict that Globe Life Inc. will post 10.6 earnings per share for the current year.

Globe Life Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, February 1st. Investors of record on Friday, January 5th will be issued a $0.225 dividend. This represents a $0.90 annualized dividend and a yield of 0.76%. The ex-dividend date is Thursday, January 4th. Globe Life’s payout ratio is presently 9.64%.

Globe Life Profile

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