TD Asset Management Inc. Cuts Stake in Torchmark Corporation (TMK)
TD Asset Management Inc. lowered its position in Torchmark Corporation (NYSE:TMK) by 15.4% during the second quarter, Holdings Channel reports. The fund owned 866,580 shares of the insurance provider’s stock after selling 158,103 shares during the period. TD Asset Management Inc.’s holdings in Torchmark Corporation were worth $66,293,000 as of its most recent SEC filing.
Several other hedge funds have also recently modified their holdings of TMK. Creative Planning boosted its stake in shares of Torchmark Corporation by 0.3% in the first quarter. Creative Planning now owns 7,594 shares of the insurance provider’s stock worth $585,000 after buying an additional 25 shares during the last quarter. Mason Street Advisors LLC boosted its stake in shares of Torchmark Corporation by 0.3% in the first quarter. Mason Street Advisors LLC now owns 15,134 shares of the insurance provider’s stock worth $1,166,000 after buying an additional 39 shares during the last quarter. Meeder Asset Management Inc. boosted its stake in shares of Torchmark Corporation by 0.6% in the second quarter. Meeder Asset Management Inc. now owns 10,455 shares of the insurance provider’s stock worth $800,000 after buying an additional 59 shares during the last quarter. Bronfman E.L. Rothschild L.P. boosted 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 worth $187,000 after buying an additional 69 shares during the last quarter. Finally, Mn Services Vermogensbeheer B.V. raised its position in Torchmark Corporation by 3.3% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 3,006 shares of the insurance provider’s stock valued at $217,000 after buying an additional 96 shares during the period. Institutional investors and hedge funds own 74.74% of the company’s stock.
Torchmark Corporation (TMK) opened at 78.98 on Tuesday. Torchmark Corporation has a 52-week low of $60.92 and a 52-week high of $79.53. The firm has a market capitalization of $9.24 billion, a price-to-earnings ratio of 16.97 and a beta of 0.98. The company’s 50-day moving average price is $77.49 and its 200 day moving average price is $76.44.
Torchmark Corporation (NYSE:TMK) last released its earnings results on Wednesday, July 26th. The insurance provider reported $1.19 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.17 by $0.02. Torchmark Corporation had a return on equity of 11.70% and a net margin of 13.96%. The company had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same period last year, the firm earned $1.11 EPS. The business’s revenue for the quarter was up 3.7% on a year-over-year basis. Equities research analysts predict that Torchmark Corporation will post $4.75 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 1st. Investors of record on Wednesday, July 5th were paid a dividend of $0.15 per share. The ex-dividend date was Friday, June 30th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.76%. Torchmark Corporation’s dividend payout ratio (DPR) is presently 12.88%.
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TMK has been the topic of several recent research reports. Keefe, Bruyette & Woods reissued a “hold” rating and set a $75.00 price target on shares of Torchmark Corporation in a research report on Friday, April 21st. Zacks Investment Research raised Torchmark Corporation from a “hold” rating to a “buy” rating and set a $85.00 price target on the stock in a research report on Monday, April 24th. ValuEngine lowered Torchmark Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, May 23rd. Finally, BidaskClub raised Torchmark Corporation from a “hold” rating to a “buy” rating in a research report on Saturday, June 17th. Four analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $73.00.
In related news, Director Robert W. Ingram sold 1,827 shares of Torchmark Corporation stock in a transaction on Friday, July 28th. The stock was sold at an average price of $78.66, for a total transaction of $143,711.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Arvelia Bowie sold 16,875 shares of Torchmark Corporation stock in a transaction 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 disclosure for this sale can be found here. Over the last ninety days, insiders have sold 92,577 shares of company stock valued at $7,256,884. 3.79% of the stock is owned by insiders.
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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