Riverhead Capital Management LLC boosted its holdings in shares of Torchmark Corporation (NYSE:TMK) by 1.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 26,141 shares of the insurance provider’s stock after purchasing an additional 481 shares during the period. Riverhead Capital Management LLC’s holdings in Torchmark Corporation were worth $2,000,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in TMK. Vanguard Group Inc. increased its holdings in shares of Torchmark Corporation by 4.0% during the first quarter. Vanguard Group Inc. now owns 11,918,414 shares of the insurance provider’s stock worth $918,194,000 after buying an additional 458,913 shares in the last quarter. BlackRock Inc. increased its holdings in shares of Torchmark Corporation by 2,764.7% during the first quarter. BlackRock Inc. now owns 7,478,138 shares of the insurance provider’s stock worth $576,118,000 after buying an additional 7,217,094 shares in the last quarter. State Street Corp increased its holdings in shares of Torchmark Corporation by 2.6% during the first quarter. State Street Corp now owns 5,852,059 shares of the insurance provider’s stock worth $450,848,000 after buying an additional 150,546 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec increased its holdings in shares of Torchmark Corporation by 1.2% during the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,023,143 shares of the insurance provider’s stock worth $156,033,000 after buying an additional 23,100 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Torchmark Corporation by 11.9% during the first quarter. Goldman Sachs Group Inc. now owns 1,196,767 shares of the insurance provider’s stock worth $92,199,000 after buying an additional 127,185 shares in the last quarter. Hedge funds and other institutional investors own 71.94% of the company’s stock.
In other Torchmark Corporation news, Chairman Gary L. Coleman sold 37,500 shares of the business’s stock in a transaction on Friday, July 28th. The shares were sold at an average price of $78.57, for a total value of $2,946,375.00. Following the completion of the sale, the chairman now directly owns 666,875 shares of the company’s stock, valued at $52,396,368.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Vern D. Herbel sold 27,500 shares of the business’s stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $78.62, for a total transaction of $2,162,050.00. Following the completion of the sale, the executive vice president now directly owns 56,943 shares of the company’s stock, valued at $4,476,858.66. The disclosure for this sale can be found here. Insiders sold 137,821 shares of company stock valued at $10,837,593 over the last three months. 3.79% of the stock is currently owned by insiders.
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Torchmark Corporation (NYSE:TMK) opened at 76.93 on Friday. The firm has a market capitalization of $8.95 billion, a P/E ratio of 16.55 and a beta of 0.98. The stock’s 50 day moving average is $77.70 and its 200 day moving average is $76.97. Torchmark Corporation has a one year low of $62.86 and a one year high of $79.90.
Torchmark Corporation (NYSE:TMK) last posted its quarterly earnings results on Wednesday, July 26th. The insurance provider reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.02. The business had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.03 billion. Torchmark Corporation had a net margin of 13.96% and a return on equity of 11.55%. The firm’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same period in the previous year, the firm posted $1.11 earnings per share. On average, equities research analysts predict that Torchmark Corporation will post $4.75 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 1st. Shareholders of record on Friday, October 6th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 0.78%. The ex-dividend date of this dividend is Thursday, October 5th. Torchmark Corporation’s dividend payout ratio is presently 12.88%.
Several brokerages have recently issued reports on TMK. Zacks Investment Research upgraded shares of Torchmark Corporation from a “hold” rating to a “buy” rating and set a $86.00 price target for the company in a report on Thursday. BidaskClub downgraded shares of Torchmark Corporation from a “buy” rating to a “hold” rating in a report on Saturday, August 19th. Barclays PLC upped their price target on shares of Torchmark Corporation from $65.00 to $67.00 and gave the stock an “underweight” rating in a report on Friday, August 11th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and set a $78.00 price target on shares of Torchmark Corporation in a report on Thursday, August 3rd. Four research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. Torchmark Corporation currently has a consensus rating of “Hold” and an average price target of $73.00.
Torchmark Corporation Company Profile
Torchmark Corporation (Torchmark) is an insurance holding company. The Company, through its subsidiaries, provides a range of life and health insurance products and annuities to a base of customers. The Company’s segments include life insurance, health insurance, annuities and investment. The life insurance segment includes traditional and interest-sensitive whole life insurance as well as term life insurance.
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