Torchmark Co. (TMK) Position Decreased by BlueMountain Capital Management LLC
BlueMountain Capital Management LLC cut its holdings in shares of Torchmark Co. (NYSE:TMK) by 22.1% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 101,859 shares of the insurance provider’s stock after selling 28,970 shares during the quarter. BlueMountain Capital Management LLC owned 0.09% of Torchmark worth $8,292,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Piedmont Investment Advisors LLC acquired a new stake in Torchmark during the 2nd quarter worth about $101,000. Braun Bostich & Associates Inc. boosted its position 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 worth $105,000 after acquiring an additional 1,195 shares during the period. Signaturefd LLC acquired a new stake in Torchmark during the 1st quarter worth about $122,000. Migdal Insurance & Financial Holdings Ltd. boosted its position 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 worth $128,000 after acquiring an additional 1,569 shares during the period. Finally, IBM Retirement Fund acquired a new stake in Torchmark during the 1st quarter worth about $211,000. Hedge funds and other institutional investors own 73.95% of the company’s stock.
In other news, insider Bill Leavell sold 187,500 shares of the firm’s stock in a transaction dated Wednesday, August 29th. The stock was sold at an average price of $88.10, for a total transaction of $16,518,750.00. Following the completion of the sale, the insider now directly owns 18,750 shares of the company’s stock, valued at approximately $1,651,875. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Vern D. Herbel sold 52,500 shares of the firm’s stock in a transaction dated Tuesday, August 28th. The stock was sold at an average price of $88.25, for a total value of $4,633,125.00. Following the sale, the executive vice president now directly owns 52,500 shares of the company’s stock, valued at $4,633,125. The disclosure for this sale can be found here. Insiders have sold a total of 374,790 shares of company stock valued at $32,947,846 over the last ninety days. Company insiders own 3.68% of the company’s stock.
Torchmark (NYSE:TMK) last posted its quarterly earnings results on Wednesday, July 25th. The insurance provider reported $1.51 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.49 by $0.02. Torchmark had a return on equity of 11.23% and a net margin of 36.13%. The company had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.07 billion. During the same period last year, the business earned $1.19 EPS. The business’s quarterly revenue was up 5.4% on a year-over-year basis. research analysts forecast that Torchmark Co. will post 6.07 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 1st. Stockholders of record on Friday, October 5th will be paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 0.73%. The ex-dividend date of this dividend is Thursday, October 4th. Torchmark’s dividend payout ratio (DPR) is presently 13.28%.
A number of equities research analysts have commented on the company. Zacks Investment Research upgraded Torchmark from a “hold” rating to a “buy” rating and set a $92.00 price objective for the company in a research report on Saturday, July 7th. Morgan Stanley raised their price objective on Torchmark from $80.00 to $81.00 and gave the stock an “underweight” rating in a research report on Thursday, July 26th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company. Torchmark presently has a consensus rating of “Hold” and a consensus target price of $85.25.
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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