Bank of New York Mellon Corp boosted its position in Torchmark Co. (NYSE:TMK) by 15.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,498,890 shares of the insurance provider’s stock after purchasing an additional 203,149 shares during the period. Bank of New York Mellon Corp’s holdings in Torchmark were worth $122,025,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TMK. Piedmont Investment Advisors LLC acquired a new stake in Torchmark during the 2nd quarter valued at $101,000. Braun Bostich & Associates Inc. grew its holdings in Torchmark by 1,298.9% during the 2nd quarter. Braun Bostich & Associates Inc. now owns 1,287 shares of the insurance provider’s stock valued at $105,000 after buying an additional 1,195 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. grew its holdings in Torchmark by 22,414.3% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,576 shares of the insurance provider’s stock valued at $128,000 after buying an additional 1,569 shares during the last quarter. Bailard Inc. acquired a new stake in Torchmark during the 2nd quarter valued at $214,000. Finally, Welch & Forbes LLC acquired a new stake in Torchmark during the 2nd quarter valued at $246,000. 74.27% of the stock is owned by hedge funds and other institutional investors.
In other news, VP Carol A. Mccoy sold 18,000 shares of the firm’s stock in a transaction on Thursday, September 6th. The stock was sold at an average price of $88.65, for a total transaction of $1,595,700.00. Following the sale, the vice president now owns 113,043 shares in the company, valued at $10,021,261.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bill Leavell sold 187,500 shares of the firm’s stock in a transaction on Wednesday, August 29th. The stock was sold at an average price of $88.10, for a total value of $16,518,750.00. Following the sale, the insider now owns 18,750 shares in the company, valued at approximately $1,651,875. The disclosure for this sale can be found here. Insiders have sold 367,454 shares of company stock worth $32,412,768 in the last 90 days. Insiders own 3.68% of the company’s stock.
TMK stock opened at $86.70 on Wednesday. Torchmark Co. has a 52-week low of $80.34 and a 52-week high of $93.60. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.05 and a current ratio of 0.05. The firm has a market cap of $9.51 billion, a PE ratio of 17.99, a price-to-earnings-growth ratio of 1.01 and a beta of 0.86.
Torchmark (NYSE:TMK) last posted its quarterly earnings data on Wednesday, October 24th. The insurance provider reported $1.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.53 by $0.06. Torchmark had a return on equity of 11.53% and a net margin of 36.42%. The business had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.07 billion. As a group, equities research analysts predict that Torchmark Co. will post 6.13 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 1st. Stockholders of record on Friday, October 5th were issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend 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%.
A number of equities research analysts have commented on the company. Zacks Investment Research cut Torchmark from a “buy” rating to a “hold” rating in a report on Monday, July 16th. SunTrust Banks lowered their target price on Torchmark from $89.00 to $84.00 and set a “hold” rating on the stock in a report on Monday, October 29th. Morgan Stanley increased their target price on Torchmark from $80.00 to $81.00 and gave the company an “underweight” rating in a report on Thursday, July 26th. Finally, Goldman Sachs Group cut Torchmark from a “neutral” rating to a “sell” rating and lowered their target price for the company from $92.00 to $78.00 in a report on Monday, September 10th. Four analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $85.25.
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Torchmark Company Profile
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.
Further Reading: Cost of Capital
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