Morgan Stanley Boosts Globe Life (NYSE:GL) Price Target to $127.00

Globe Life (NYSE:GL) had its price objective raised by analysts at Morgan Stanley from $125.00 to $127.00 in a report issued on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s target price would indicate a potential upside of 6.64% from the stock’s current price.

Other analysts have also recently issued reports about the stock. Wells Fargo & Company lifted their target price on shares of Globe Life from $139.00 to $144.00 and gave the company an “overweight” rating in a research note on Thursday. Piper Sandler decreased their price objective on shares of Globe Life from $152.00 to $147.00 and set an “overweight” rating for the company in a report on Friday, May 2nd. Wall Street Zen raised shares of Globe Life from a “hold” rating to a “buy” rating in a report on Friday, May 16th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Globe Life from $145.00 to $160.00 and gave the stock an “overweight” rating in a report on Tuesday, July 8th. Four research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $139.73.

Globe Life Stock Up 0.8%

GL traded up $0.96 on Monday, reaching $119.09. 69,233 shares of the company traded hands, compared to its average volume of 707,411. The stock’s 50 day moving average price is $120.95 and its 200-day moving average price is $121.31. Globe Life has a 52-week low of $85.86 and a 52-week high of $133.76. The company has a market cap of $9.83 billion, a price-to-earnings ratio of 9.70 and a beta of 0.56. 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 (NYSE:GL) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $3.07 EPS for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.17). The company had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.49 billion. Globe Life had a net margin of 18.33% and a return on equity of 21.44%. The business’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same period in the previous year, the firm posted $2.78 earnings per share. On average, sell-side analysts expect that Globe Life will post 13.87 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Frank M. Svoboda sold 6,019 shares of the company’s stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $122.51, for a total transaction of $737,387.69. Following the completion of the transaction, the chief executive officer directly owned 31,298 shares in the company, valued at $3,834,317.98. This represents a 16.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.97% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Globe Life

Several large investors have recently bought and sold shares of the stock. HighTower Advisors LLC raised its stake in shares of Globe Life by 1.9% in the 4th quarter. HighTower Advisors LLC now owns 22,009 shares of the company’s stock valued at $2,454,000 after buying an additional 406 shares in the last quarter. Sequoia Financial Advisors LLC raised its stake in shares of Globe Life by 17.1% in the 4th quarter. Sequoia Financial Advisors LLC now owns 3,048 shares of the company’s stock valued at $340,000 after buying an additional 446 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Globe Life by 32.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 365 shares of the company’s stock valued at $41,000 after buying an additional 90 shares in the last quarter. Avalon Trust Co acquired a new position in shares of Globe Life in the 4th quarter valued at $41,000. Finally, Platinum Investment Management Ltd. acquired a new position in shares of Globe Life in the 4th quarter valued at $45,000. 81.61% of the stock is currently 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.