Pictet Asset Management Holding SA Sells 1,240 Shares of Globe Life Inc. (NYSE:GL)

Pictet Asset Management Holding SA reduced its holdings in shares of Globe Life Inc. (NYSE:GL) by 5.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,852 shares of the company’s stock after selling 1,240 shares during the period. Pictet Asset Management Holding SA’s holdings in Globe Life were worth $2,214,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in GL. Norges Bank purchased a new position in shares of Globe Life during the 4th quarter valued at about $112,454,000. Raymond James Financial Inc. bought a new stake in Globe Life during the 4th quarter worth approximately $61,238,000. Swedbank AB purchased a new position in Globe Life during the fourth quarter valued at approximately $52,414,000. Proficio Capital Partners LLC boosted its position in shares of Globe Life by 11,153.5% in the fourth quarter. Proficio Capital Partners LLC now owns 445,076 shares of the company’s stock worth $49,635,000 after purchasing an additional 441,121 shares during the period. Finally, State Street Corp increased its stake in shares of Globe Life by 3.4% in the third quarter. State Street Corp now owns 3,545,272 shares of the company’s stock worth $375,480,000 after purchasing an additional 115,432 shares in the last quarter. 81.61% of the stock is currently owned by institutional investors.

Globe Life Price Performance

GL stock opened at $117.30 on Friday. The business has a fifty day moving average of $124.89 and a two-hundred day moving average of $114.70. The stock has a market cap of $9.76 billion, a price-to-earnings ratio of 9.82 and a beta of 0.60. Globe Life Inc. has a 52-week low of $38.95 and a 52-week high of $133.76. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.50.

Globe Life (NYSE:GL) last announced its quarterly earnings data on Wednesday, February 5th. The company reported $3.14 EPS for the quarter, topping analysts’ consensus estimates of $3.12 by $0.02. Globe Life had a return on equity of 22.32% and a net margin of 18.53%. As a group, research analysts anticipate that Globe Life Inc. will post 13.87 earnings per share for the current year.

Globe Life Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Thursday, April 3rd will be paid a dividend of $0.27 per share. This is an increase from Globe Life’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Thursday, April 3rd. This represents a $1.08 annualized dividend and a dividend yield of 0.92%. Globe Life’s dividend payout ratio is 9.04%.

Insiders Place Their Bets

In other news, Director Mark A. Blinn sold 3,000 shares of Globe Life stock in a transaction on Monday, January 6th. The stock was sold at an average price of $113.23, for a total value of $339,690.00. Following the completion of the sale, the director now owns 5,122 shares of the company’s stock, valued at $579,964.06. The trade was a 36.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO James Matthew Darden sold 24,890 shares of the company’s stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $121.52, for a total transaction of $3,024,632.80. Following the transaction, the chief executive officer now directly owns 38,973 shares of the company’s stock, valued at $4,735,998.96. This trade represents a 38.97 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 61,338 shares of company stock valued at $7,239,630. 1.51% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on GL. Evercore ISI raised shares of Globe Life from an “in-line” rating to an “outperform” rating and upped their target price for the stock from $132.00 to $143.00 in a report on Wednesday, January 8th. Jefferies Financial Group increased their target price on Globe Life from $107.00 to $114.00 and gave the stock a “hold” rating in a research report on Tuesday, December 10th. Piper Sandler upped their price target on Globe Life from $140.00 to $152.00 and gave the stock an “overweight” rating in a research note on Wednesday. Keefe, Bruyette & Woods lifted their price target on shares of Globe Life from $137.00 to $145.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Finally, Wells Fargo & Company upped their price objective on Globe Life from $126.00 to $141.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Five equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $138.45.

Globe Life 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.