On September 22, 2023, it was reported that Counterpoint Mutual Funds LLC has acquired a new position in Globe Life Inc. (NYSE:GL) during the second quarter, according to its recent filing with the Securities and Exchange Commission. The institutional investor has purchased 1,156 shares of the company’s stock, which are valued at approximately $127,000.
Globe Life (NYSE:GL) recently released its quarterly earnings data on July 26th. The company exceeded expectations by reporting earnings per share (EPS) of $2.61 for the quarter, a $0.04 increase from the consensus estimate of $2.57. Despite this positive performance, the firm’s revenue stood at $1.33 billion during the quarter, falling short of analyst estimates of $1.37 billion.
It is worth noting that Globe Life achieved a return on equity of 21.82% and a net margin of 15.91% during this period, indicating its solid financial standing within the industry. Furthermore, although there was a slight decrease in revenue compared to the same quarter last year (-2.7%), there has been overall growth in this area.
In comparison with the prior year’s figures, Globe Life posted earnings per share (EPS) of $2.07 during the same quarter in question; thus highlighting an improvement over time.
Looking ahead into the current fiscal year, research analysts expect Globe Life Inc.’s earnings per share to be around 10.48, further emphasizing its positive outlook and potential for financial success.
These recent developments showcase Counterpoint Mutual Funds LLC’s interest in investing in Globe Life Inc., suggesting that they have confidence in its growth potential as a reliable and promising investment opportunity.
Investors and industry experts alike can gain valuable insight from these filings and reports when making informed decisions about their investment portfolios and future prospects within the market.
Please note that the information presented is accurate as of September 22, 2023.
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Mixed Support and Uncertainty Surround Globe Life Inc. as Institutional Investors Make Moves
On September 22, 2023, Globe Life Inc. saw a mixture of support and uncertainty from institutional investors. Several institutions either increased or decreased their stakes in the company, showcasing a sense of perplexity in the market. Mendota Financial Group LLC made a new addition to its portfolio by purchasing a position in Globe Life worth $29,000 during the first quarter. Similarly, Sunbelt Securities Inc. also acquired a stake in the company valued at $29,000.
Lindbrook Capital LLC took an interesting approach and significantly boosted its position in Globe Life by 56% during the same period. The firm now owns 273 shares of the company’s stock, worth $30,000 after purchasing an additional 98 shares. AM Squared Ltd followed suit and bought a new position in Globe Life valued at $44,000.
Lastly, ZRC Wealth Management LLC entered the equation as well, purchasing shares worth approximately $55,000 during the first quarter. All these moves collectively translated into hedge funds and other institutional investors owning around 80.04% of Globe Life’s stock.
Further insight into Globe Life comes from several brokerages that have shared their thoughts on the matter. Piper Sandler increased its price target for Globe Life from $130.00 to $131.00 in a research note released on July 28th. Jefferies Financial Group also raised its price objective for the company from $115 to $118 and assigned it a “hold” rating on September 14th.
Meanwhile, Morgan Stanley adjusted its rating on Globe Life as well, moving it from an “underweight” to “equal weight.” It established a target price of $131 for the stock on August 18th. However, StockNews.com presented a different perspective by downgrading Globe Life from a “buy” to “hold” rating on September 16th.
Taking all these analyst opinions into account suggests that the consensus rating for Globe Life is a “Moderate Buy.” Furthermore, Bloomberg data indicates that analysts have set a consensus price target of $128.63 for the company.
In terms of insider trading activities, there have been notable movements within Globe Life. CAO Michael Shane Henrie sold 1,000 shares at an average price of $112.06 on July 31st, resulting in a transaction worth $112,060. Following this sale, Henrie now holds 700 shares in Globe Life valued at approximately $78,442.
Another significant transaction involved EVP Robert Brian Mitchell selling 16,217 shares on August 30th at an average price of $111.97 per share. The total value of this sale amounted to $1,815,817.49. Post-sale, Mitchell now possesses 36,635 shares in Globe Life with an approximate value of $4,102,020.95.
Insiders have collectively sold 33,542 shares in the past three months alone. The total value of these transactions reached $3,770,767. These figures emphasize the level of involvement insiders have had in shaping the company’s stock performance.
Looking specifically at its financials and market position, Globe Life Inc.’s stock opened at $110.07 on September 22nd with a market capitalization of around $10.42 billion. The company boasts a PE ratio of 12.86 and a beta of 0.79.
Over the past 50 days leading up to September 22nd, Globe Life’s average share price stood at $111.97 based on its moving average data recorded during this period. Additionally, its two-hundred day moving average was calculated to be approximately $109.68.
Despite facing certain uncertainties from institutional investors and mixed reviews from brokerages, Globe Life has demonstrated stability with fairly consistent stock prices throughout the year. It remains to be seen how these recent developments will impact the company’s future performance.
