Ben Lutek Sells 35,000 Shares of Torchmark Corp. (TMK) Stock
Torchmark Corp. (NYSE:TMK) VP Ben Lutek sold 35,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 9th. The stock was sold at an average price of $66.57, for a total value of $2,329,950.00. Following the transaction, the vice president now owns 43,400 shares of the company’s stock, valued at $2,889,138. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.
Ben Lutek also recently made the following trade(s):
- On Thursday, October 27th, Ben Lutek sold 24,000 shares of Torchmark Corp. stock. The stock was sold at an average price of $63.45, for a total value of $1,522,800.00.
Torchmark Corp. (NYSE:TMK) opened at 70.02 on Monday. Torchmark Corp. has a 52-week low of $48.47 and a 52-week high of $70.22. The firm’s 50-day moving average is $64.31 and its 200 day moving average is $62.12. The stock has a market capitalization of $8.31 billion, a PE ratio of 15.79 and a beta of 0.95.
Torchmark Corp. (NYSE:TMK) last issued its quarterly earnings data on Tuesday, October 25th. The company reported $1.15 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.12 by $0.03. The firm had revenue of $990 million for the quarter, compared to analysts’ expectations of $964.48 million. Torchmark Corp. had a net margin of 14.05% and a return on equity of 11.77%. The company’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.08 earnings per share. On average, equities analysts forecast that Torchmark Corp. will post $4.47 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 1st. Shareholders of record on Friday, January 6th will be paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 0.80%. Torchmark Corp.’s dividend payout ratio is 12.56%.
A number of hedge funds have recently modified their holdings of the company. FMR LLC boosted its stake in Torchmark Corp. by 21.4% in the second quarter. FMR LLC now owns 4,299,373 shares of the company’s stock valued at $265,788,000 after buying an additional 757,907 shares during the period. Victory Capital Management Inc. boosted its stake in Torchmark Corp. by 4,035.5% in the third quarter. Victory Capital Management Inc. now owns 475,786 shares of the company’s stock valued at $30,398,000 after buying an additional 464,281 shares during the period. Bank of Montreal Can bought a new stake in Torchmark Corp. during the second quarter valued at approximately $11,270,000. NN Investment Partners Holdings N.V. boosted its stake in Torchmark Corp. by 11.5% in the second quarter. NN Investment Partners Holdings N.V. now owns 1,745,355 shares of the company’s stock valued at $107,898,000 after buying an additional 179,750 shares during the period. Finally, Boston Partners boosted its stake in Torchmark Corp. by 6.9% in the second quarter. Boston Partners now owns 2,687,021 shares of the company’s stock valued at $166,112,000 after buying an additional 173,190 shares during the period. 75.48% of the stock is currently owned by hedge funds and other institutional investors.
TMK has been the subject of several analyst reports. Credit Suisse Group AG initiated coverage on Torchmark Corp. in a research report on Friday, October 7th. They set a “neutral” rating and a $68.00 price objective for the company. Zacks Investment Research downgraded Torchmark Corp. from a “buy” rating to a “hold” rating in a research report on Tuesday, October 4th. RBC Capital Markets reissued an “underperform” rating and set a $55.00 target price (up previously from $53.00) on shares of Torchmark Corp. in a report on Monday, August 1st. Royal Bank Of Canada boosted their target price on Torchmark Corp. from $53.00 to $55.00 and gave the stock an “underperform” rating in a report on Monday, August 1st. Finally, Deutsche Bank AG boosted their target price on Torchmark Corp. from $56.00 to $59.00 and gave the stock a “hold” rating in a report on Friday, July 29th. Four equities research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $59.90.
About Torchmark Corp.
Torchmark Corporation is an insurance holding company. The Company, through its subsidiaries, provides a range of life and health insurance products and annuities to a broad base of customers. The Company’s segments include life insurance, health insurance, annuities and investment. The life insurance segment offers whole-life insurance and term life insurance.
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