California Public Employees Retirement System Purchases 41,254 Shares of Torchmark Co. (TMK)
California Public Employees Retirement System grew its position in shares of Torchmark Co. (NYSE:TMK) by 12.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 384,927 shares of the insurance provider’s stock after purchasing an additional 41,254 shares during the quarter. California Public Employees Retirement System’s holdings in Torchmark were worth $31,337,000 as of its most recent SEC filing.
Several other hedge funds have also recently made changes to their positions in the company. Millennium Management LLC boosted its stake in shares of Torchmark by 305.0% during the second quarter. Millennium Management LLC now owns 302,176 shares of the insurance provider’s stock valued at $24,600,000 after purchasing an additional 227,566 shares in the last quarter. Tower Research Capital LLC TRC lifted its stake in shares of Torchmark by 17.0% in the second quarter. Tower Research Capital LLC TRC now owns 4,587 shares of the insurance provider’s stock worth $374,000 after acquiring an additional 667 shares during the period. Marshall Wace LLP acquired a new position in shares of Torchmark in the second quarter worth approximately $4,474,000. Vident Investment Advisory LLC lifted its stake in shares of Torchmark by 5.6% in the second quarter. Vident Investment Advisory LLC now owns 39,416 shares of the insurance provider’s stock worth $3,209,000 after acquiring an additional 2,093 shares during the period. Finally, Paloma Partners Management Co lifted its stake in shares of Torchmark by 40.7% in the second quarter. Paloma Partners Management Co now owns 26,826 shares of the insurance provider’s stock worth $2,184,000 after acquiring an additional 7,760 shares during the period. 73.65% of the stock is currently owned by hedge funds and other institutional investors.
TMK has been the topic of a number of recent analyst reports. Goldman Sachs Group lowered Torchmark from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $92.00 to $78.00 in a research note on Monday, September 10th. Morgan Stanley lifted their price objective on Torchmark from $80.00 to $81.00 and gave the stock an “underweight” rating in a research note on Thursday, July 26th. Finally, Zacks Investment Research lowered Torchmark from a “buy” rating to a “hold” rating in a research note on Monday, July 16th. Four investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $84.63.
Torchmark (NYSE:TMK) last posted its quarterly earnings data on Wednesday, July 25th. The insurance provider reported $1.51 EPS for the quarter, topping the Zacks’ consensus estimate of $1.49 by $0.02. The company had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.07 billion. Torchmark had a return on equity of 11.23% and a net margin of 36.13%. The firm’s quarterly revenue was up 5.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.19 earnings per share. equities analysts predict that Torchmark Co. will post 6.07 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 1st. Investors of record on Friday, October 5th will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 0.74%. The ex-dividend date is Thursday, October 4th. Torchmark’s dividend payout ratio is currently 13.28%.
In other Torchmark news, insider John Henry Rogers, Jr. sold 1,875 shares of Torchmark stock in a transaction that occurred on Thursday, September 20th. The stock was sold at an average price of $88.16, for a total value of $165,300.00. Following the completion of the sale, the insider now directly owns 1,875 shares in the company, valued at $165,300. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Carol A. Mccoy sold 18,000 shares of Torchmark stock in a transaction that occurred on Thursday, September 6th. The stock was sold at an average price of $88.65, for a total value of $1,595,700.00. Following the completion of the sale, the vice president now owns 113,043 shares of the company’s stock, valued at $10,021,261.95. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 369,615 shares of company stock worth $32,604,043. 3.68% of the stock is owned by insiders.
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.
Recommended Story: What are the reasons investors use put options?
Want to see what other hedge funds are holding TMK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Torchmark Co. (NYSE:TMK).
Receive News & Ratings for Torchmark Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Torchmark and related companies with MarketBeat.com's FREE daily email newsletter.