Cornerstone Capital Management Holdings LLC. decreased its stake in shares of Torchmark Corporation (NYSE:TMK) by 1.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,306 shares of the insurance provider’s stock after selling 294 shares during the period. Cornerstone Capital Management Holdings LLC.’s holdings in Torchmark Corporation were worth $1,486,000 as of its most recent filing with the SEC.
A number of other hedge funds have also made changes to their positions in the stock. Bronfman E.L. Rothschild L.P. increased its stake in shares of Torchmark Corporation by 2.9% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,427 shares of the insurance provider’s stock valued at $187,000 after buying an additional 69 shares during the last quarter. Ameritas Investment Partners Inc. acquired a new stake in shares of Torchmark Corporation during the first quarter valued at $205,000. Dai Ichi Life Insurance Company Ltd acquired a new stake in shares of Torchmark Corporation during the first quarter valued at $206,000. Aull & Monroe Investment Management Corp acquired a new stake in shares of Torchmark Corporation during the first quarter valued at $206,000. Finally, Warren Averett Asset Management LLC acquired a new stake in shares of Torchmark Corporation during the first quarter valued at $207,000. 74.66% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Torchmark Corporation (NYSE:TMK) opened at 77.24 on Friday. The company has a market cap of $9.04 billion, a P/E ratio of 16.78 and a beta of 1.00. The stock has a 50 day moving average price of $75.90 and a 200-day moving average price of $75.49. Torchmark Corporation has a 1-year low of $57.49 and a 1-year high of $79.53.
Torchmark Corporation (NYSE:TMK) last posted its quarterly earnings data on Wednesday, April 19th. The insurance provider reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.01. Torchmark Corporation had a return on equity of 11.56% and a net margin of 14.04%. The firm had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the prior year, the business earned $1.10 EPS. The business’s revenue for the quarter was up 4.7% compared to the same quarter last year. Analysts predict that Torchmark Corporation will post $4.70 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 1st. Shareholders of record on Wednesday, July 5th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 0.78%. The ex-dividend date of this dividend is Friday, June 30th. Torchmark Corporation’s dividend payout ratio is 13.02%.
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Several brokerages have weighed in on TMK. Zacks Investment Research raised Torchmark Corporation from a “hold” rating to a “buy” rating and set a $84.00 target price on the stock in a research note on Monday, June 12th. ValuEngine raised Torchmark Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and issued a $75.00 price objective on shares of Torchmark Corporation in a research note on Friday, April 21st. Five investment analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company’s stock. Torchmark Corporation currently has a consensus rating of “Hold” and an average price target of $67.33.
In other Torchmark Corporation news, VP Ben Lutek sold 26,250 shares of the company’s stock in a transaction on Monday, April 24th. The stock was sold at an average price of $77.03, for a total transaction of $2,022,037.50. Following the transaction, the vice president now owns 30,550 shares of the company’s stock, valued at approximately $2,353,266.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Chairman Gary L. Coleman sold 37,500 shares of the company’s stock in a transaction on Friday, April 21st. The stock was sold at an average price of $75.93, for a total value of $2,847,375.00. Following the transaction, the chairman now directly owns 666,875 shares in the company, valued at approximately $50,635,818.75. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 72,750 shares of company stock worth $5,555,033. Company insiders own 3.79% of the company’s stock.
About Torchmark Corporation
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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