Bank of New York Mellon Corp lifted its position in Torchmark Co. (NYSE:TMK) by 15.7% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,498,890 shares of the insurance provider’s stock after purchasing an additional 203,149 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.33% of Torchmark worth $122,025,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. FMR LLC boosted its position in shares of Torchmark by 3.2% in the 2nd quarter. FMR LLC now owns 2,420,116 shares of the insurance provider’s stock valued at $197,022,000 after purchasing an additional 75,235 shares during the period. Caisse DE Depot ET Placement DU Quebec raised its stake in Torchmark by 1.0% during the 2nd quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,967,908 shares of the insurance provider’s stock valued at $160,207,000 after acquiring an additional 19,800 shares during the last quarter. Boston Partners raised its stake in Torchmark by 2.0% during the 2nd quarter. Boston Partners now owns 1,562,482 shares of the insurance provider’s stock valued at $127,202,000 after acquiring an additional 30,116 shares during the last quarter. Acadian Asset Management LLC purchased a new stake in Torchmark during the 2nd quarter valued at approximately $96,784,000. Finally, SPF Beheer BV raised its stake in Torchmark by 2.0% during the 2nd quarter. SPF Beheer BV now owns 912,142 shares of the insurance provider’s stock valued at $74,257,000 after acquiring an additional 17,509 shares during the last quarter. 74.27% of the stock is owned by hedge funds and other institutional investors.
Several analysts have commented on the company. Goldman Sachs Group downgraded Torchmark from a “neutral” rating to a “sell” rating and reduced their price objective for the company from $92.00 to $78.00 in a research note on Monday, September 10th. Zacks Investment Research raised Torchmark from a “hold” rating to a “buy” rating and set a $98.00 price objective for the company in a research note on Thursday, October 4th. Morgan Stanley upped their price objective on Torchmark from $80.00 to $81.00 and gave the company an “underweight” rating in a research note on Thursday, July 26th. Finally, SunTrust Banks reduced their price objective on Torchmark from $89.00 to $84.00 and set a “hold” rating for the company in a research note on Monday, October 29th. Four equities research analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. Torchmark has an average rating of “Hold” and a consensus target price of $85.25.
In other news, EVP Vern D. Herbel sold 52,500 shares of the stock in a transaction that occurred on Tuesday, August 28th. The stock was sold at an average price of $88.25, for a total transaction of $4,633,125.00. Following the completion of the transaction, the executive vice president now directly owns 52,500 shares of the company’s stock, valued at approximately $4,633,125. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Robert Brian Mitchell sold 45,000 shares of the stock in a transaction that occurred on Thursday, August 23rd. The stock was sold at an average price of $87.84, for a total value of $3,952,800.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 367,454 shares of company stock valued at $32,412,768. Company insiders own 3.68% of the company’s stock.
TMK opened at $86.70 on Wednesday. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.15. The company has a market cap of $9.51 billion, a price-to-earnings ratio of 17.99, a P/E/G ratio of 1.01 and a beta of 0.86. Torchmark Co. has a 52 week low of $80.34 and a 52 week high of $93.60.
Torchmark (NYSE:TMK) last posted its quarterly earnings data on Wednesday, October 24th. The insurance provider reported $1.59 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.53 by $0.06. The firm had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.07 billion. Torchmark had a return on equity of 11.53% and a net margin of 36.42%. On average, equities research analysts expect that Torchmark Co. will post 6.13 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, November 1st. Stockholders of record on Friday, October 5th were paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 0.74%. The ex-dividend date of this dividend was Thursday, October 4th. Torchmark’s dividend payout ratio (DPR) is 13.28%.
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Torchmark Corporation, through its subsidiaries, provides various life and health insurance products, and annuities in the United States, Canada, and New Zealand. It operates through four segments: Life Insurance, Supplemental Health Insurance, Annuities, and Investments. The Life Insurance segment offers traditional and interest-sensitive whole life and term life insurance, and other life insurance.
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