Northwestern Mutual Investment Management Company LLC cut its stake in shares of Torchmark Corporation (NYSE:TMK) by 80.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,286 shares of the insurance provider’s stock after selling 17,852 shares during the quarter. Northwestern Mutual Investment Management Company LLC’s holdings in Torchmark Corporation were worth $265,000 at the end of the most recent reporting period.
Other large investors also recently made changes to their positions in the company. Global X Management Co. LLC grew its stake in shares of Torchmark Corporation by 539.3% during the 1st quarter. Global X Management Co. LLC now owns 2,506 shares of the insurance provider’s stock valued at $193,000 after acquiring an additional 2,114 shares during the period. Ameritas Investment Partners Inc. bought a new position in shares of Torchmark Corporation during the 1st quarter valued at approximately $205,000. Dai Ichi Life Insurance Company Ltd bought a new position in shares of Torchmark Corporation during the 1st quarter valued at approximately $206,000. Cleararc Capital Inc. bought a new position in shares of Torchmark Corporation during the 1st quarter valued at approximately $208,000. Finally, Bronfman E.L. Rothschild L.P. grew its stake in shares of Torchmark Corporation by 21.2% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 2,942 shares of the insurance provider’s stock valued at $225,000 after acquiring an additional 515 shares during the period. Institutional investors own 71.93% of the company’s stock.
In other news, VP Arvelia Bowie sold 16,875 shares of Torchmark Corporation stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $78.45, for a total value of $1,323,843.75. Following the sale, the vice president now directly owns 17,941 shares of the company’s stock, valued at $1,407,471.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert W. Ingram sold 1,827 shares of Torchmark Corporation stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $78.66, for a total value of $143,711.82. The disclosure for this sale can be found here. Over the last three months, insiders sold 137,821 shares of company stock worth $10,837,593. 3.79% of the stock is owned by corporate insiders.
Torchmark Corporation (TMK) opened at 77.89 on Wednesday. The company has a 50-day moving average price of $77.58 and a 200-day moving average price of $76.95. The stock has a market capitalization of $9.06 billion, a PE ratio of 16.75 and a beta of 0.98. Torchmark Corporation has a 12-month low of $62.86 and a 12-month high of $79.90.
Torchmark Corporation (NYSE:TMK) last issued its quarterly earnings data on Wednesday, July 26th. The insurance provider reported $1.19 EPS for the quarter, beating the consensus estimate of $1.17 by $0.02. Torchmark Corporation had a return on equity of 11.55% and a net margin of 13.96%. The company had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same period last year, the company earned $1.11 earnings per share. Torchmark Corporation’s quarterly revenue was up 3.7% compared to the same quarter last year. Analysts expect that Torchmark Corporation will post $4.75 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 1st. Shareholders of record on Friday, October 6th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 0.77%. The ex-dividend date of this dividend is Thursday, October 5th. Torchmark Corporation’s payout ratio is currently 12.88%.
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A number of brokerages recently issued reports on TMK. Zacks Investment Research downgraded Torchmark Corporation from a “buy” rating to a “hold” rating in a research note on Monday. BidaskClub downgraded Torchmark Corporation from a “buy” rating to a “hold” rating in a research note on Saturday, August 19th. Barclays PLC boosted their price objective on Torchmark Corporation from $65.00 to $67.00 and gave the company an “underweight” rating in a research note on Friday, August 11th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and issued a $78.00 price target on shares of Torchmark Corporation in a report on Thursday, August 3rd. Four analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $73.00.
Torchmark Corporation Profile
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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