BlueMountain Capital Management LLC grew its holdings in shares of Torchmark Corporation (NYSE:TMK) by 99.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 38,259 shares of the insurance provider’s stock after acquiring an additional 19,085 shares during the quarter. BlueMountain Capital Management LLC’s holdings in Torchmark Corporation were worth $2,927,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of TMK. Bronfman E.L. Rothschild L.P. raised its stake in Torchmark Corporation by 2.9% during the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,427 shares of the insurance provider’s stock worth $187,000 after acquiring an additional 69 shares in the last quarter. Global X Management Co. LLC raised its stake in Torchmark Corporation by 539.3% during the first quarter. Global X Management Co. LLC now owns 2,506 shares of the insurance provider’s stock worth $193,000 after acquiring an additional 2,114 shares in the last quarter. Ameritas Investment Partners Inc. acquired a new position in Torchmark Corporation during the first quarter worth about $205,000. Dai Ichi Life Insurance Company Ltd acquired a new position in Torchmark Corporation during the first quarter worth about $206,000. Finally, Cleararc Capital Inc. acquired a new position in Torchmark Corporation during the first quarter worth about $208,000. 71.94% of the stock is owned by hedge funds and other institutional investors.
In related news, Chairman Gary L. Coleman sold 37,500 shares of the firm’s stock in a transaction dated Friday, July 28th. The stock was sold at an average price of $78.57, for a total transaction of $2,946,375.00. Following the transaction, the chairman now directly owns 666,875 shares of the company’s stock, valued at approximately $52,396,368.75. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Roger C. Smith sold 30,000 shares of the firm’s stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $78.55, for a total value of $2,356,500.00. Following the transaction, the insider now directly owns 65,685 shares in the company, valued at $5,159,556.75. The disclosure for this sale can be found here. Over the last three months, insiders have sold 137,821 shares of company stock worth $10,837,593. 3.79% of the stock is currently owned by insiders.
Shares of Torchmark Corporation (NYSE TMK) opened at 77.22 on Friday. The stock’s 50 day moving average price is $77.65 and its 200 day moving average price is $76.97. Torchmark Corporation has a 12-month low of $62.86 and a 12-month high of $79.90. The company has a market capitalization of $8.98 billion, a PE ratio of 16.61 and a beta of 0.98.
Torchmark Corporation (NYSE:TMK) last announced its quarterly earnings data on Wednesday, July 26th. The insurance provider reported $1.19 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.17 by $0.02. The company had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $1.03 billion. Torchmark Corporation had a return on equity of 11.55% and a net margin of 13.96%. Torchmark Corporation’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same period last year, the firm posted $1.11 EPS. On average, equities research analysts forecast that Torchmark Corporation will post $4.75 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 1st. Investors of record on Friday, October 6th will be issued a dividend of $0.15 per share. The ex-dividend date is Thursday, October 5th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.78%. Torchmark Corporation’s dividend payout ratio is 12.88%.
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Several research analysts have commented on the company. ValuEngine downgraded Torchmark Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, May 23rd. BidaskClub downgraded Torchmark Corporation from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Zacks Investment Research downgraded Torchmark Corporation from a “buy” rating to a “hold” rating in a research note on Thursday, June 15th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and set a $78.00 target price on shares of Torchmark Corporation in a research note on Thursday, August 3rd. Four research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $73.00.
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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