Pictet Asset Management Ltd. Increases Position in Torchmark Corporation (TMK)
Pictet Asset Management Ltd. boosted its stake in shares of Torchmark Corporation (NYSE:TMK) by 0.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 108,008 shares of the insurance provider’s stock after buying an additional 200 shares during the period. Pictet Asset Management Ltd. owned 0.09% of Torchmark Corporation worth $8,155,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently modified their holdings of TMK. Bronfman E.L. Rothschild L.P. increased 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 valued at $187,000 after buying an additional 69 shares in the last quarter. Global X Management Co. LLC increased its stake in shares of Torchmark Corporation by 539.3% in the first quarter. Global X Management Co. LLC now owns 2,506 shares of the insurance provider’s stock valued at $193,000 after buying an additional 2,114 shares in the last quarter. Ameritas Investment Partners Inc. purchased a new stake in shares of Torchmark Corporation during the first quarter valued at approximately $205,000. Aull & Monroe Investment Management Corp purchased a new stake in shares of Torchmark Corporation during the first quarter valued at approximately $206,000. Finally, Dai Ichi Life Insurance Company Ltd purchased a new stake in shares of Torchmark Corporation during the first quarter valued at approximately $206,000. Institutional investors own 74.84% of the company’s stock.
Torchmark Corporation (NYSE:TMK) opened at 78.86 on Wednesday. Torchmark Corporation has a 1-year low of $61.92 and a 1-year high of $79.90. The firm’s 50-day moving average price is $78.11 and its 200-day moving average price is $76.78. The firm has a market cap of $9.17 billion, a P/E ratio of 16.96 and a beta of 0.98.
Torchmark Corporation (NYSE:TMK) last released its quarterly earnings results on Wednesday, July 26th. The insurance provider reported $1.19 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.17 by $0.02. Torchmark Corporation had a net margin of 13.96% and a return on equity of 11.55%. The company had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the prior year, the firm earned $1.11 earnings per share. Torchmark Corporation’s revenue was up 3.7% on a year-over-year basis. Equities research analysts anticipate that Torchmark Corporation will post $4.75 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, August 1st. Investors of record on Wednesday, July 5th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 0.76%. The ex-dividend date was Friday, June 30th. Torchmark Corporation’s payout ratio is currently 12.88%.
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TMK has been the subject of several research reports. Zacks Investment Research upgraded Torchmark Corporation from a “hold” rating to a “buy” rating and set a $85.00 target price for the company in a research note on Monday, April 24th. ValuEngine upgraded Torchmark Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. BidaskClub upgraded Torchmark Corporation from a “hold” rating to a “buy” rating in a research note on Saturday, June 17th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and issued a $75.00 target price on shares of Torchmark Corporation in a research note on Friday, May 26th. Four investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $73.33.
In other Torchmark Corporation news, EVP Vern D. Herbel sold 27,500 shares of the company’s stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $78.62, for a total value of $2,162,050.00. Following the sale, the executive vice president now owns 56,943 shares in the company, valued at $4,476,858.66. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider John Henry Rogers, Jr. sold 1,875 shares of the company’s stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $79.25, for a total transaction of $148,593.75. Following the completion of the sale, the insider now owns 1,875 shares in the company, valued at approximately $148,593.75. The disclosure for this sale can be found here. Over the last three months, insiders sold 120,077 shares of company stock valued at $9,418,934. 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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