Insider Selling: Torchmark Co. (TMK) Chairman Sells 24,500 Shares of Stock
Torchmark Co. (NYSE:TMK) Chairman Gary L. Coleman sold 24,500 shares of Torchmark stock in a transaction that occurred on Monday, August 27th. The stock was sold at an average price of $88.58, for a total value of $2,170,210.00. Following the completion of the sale, the chairman now directly owns 661,797 shares in the company, valued at approximately $58,621,978.26. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.
NYSE:TMK opened at $88.25 on Wednesday. The company has a market capitalization of $9.96 billion, a price-to-earnings ratio of 16.17, a PEG ratio of 1.11 and a beta of 0.93. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.05 and a current ratio of 0.05. Torchmark Co. has a 1 year low of $74.48 and a 1 year high of $93.60.
Torchmark (NYSE:TMK) last released its earnings results on Wednesday, July 25th. The insurance provider reported $1.51 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.49 by $0.02. The firm had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $1.07 billion. Torchmark had a return on equity of 11.23% and a net margin of 36.13%. The company’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.19 EPS. equities analysts expect that Torchmark Co. will post 6.07 earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. increased its position in shares of Torchmark by 3.3% during the 1st quarter. BlackRock Inc. now owns 7,995,059 shares of the insurance provider’s stock valued at $672,943,000 after purchasing an additional 256,203 shares during the last quarter. FMR LLC increased its position in shares of Torchmark by 3.2% during the 2nd quarter. FMR LLC now owns 2,420,116 shares of the insurance provider’s stock valued at $197,022,000 after purchasing an additional 75,235 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec increased its position in shares of Torchmark by 1.0% during the 2nd quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,967,908 shares of the insurance provider’s stock valued at $160,207,000 after purchasing an additional 19,800 shares during the last quarter. Boston Partners increased its position in shares of Torchmark by 2.0% during the 2nd quarter. Boston Partners now owns 1,562,482 shares of the insurance provider’s stock valued at $127,202,000 after purchasing an additional 30,116 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in Torchmark by 15.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,498,890 shares of the insurance provider’s stock valued at $122,025,000 after acquiring an additional 203,149 shares during the period. 73.79% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts have issued reports on TMK shares. Zacks Investment Research raised Torchmark from a “hold” rating to a “buy” rating and set a $92.00 price objective on the stock in a research note on Saturday, July 7th. Morgan Stanley lifted their price objective on Torchmark from $80.00 to $81.00 and gave the stock an “underweight” rating in a research note on Thursday, July 26th. Finally, ValuEngine downgraded Torchmark from a “buy” rating to a “hold” rating in a research note on Thursday, May 3rd. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $85.25.
Torchmark Corporation, through its subsidiaries, provides various life and health insurance products, and annuities in the United States, Canada, and New Zealand. It operates through four segments: Life Insurance, Supplemental Health Insurance, Annuities, and Investments. The Life Insurance segment offers traditional and interest-sensitive whole life and term life insurance, and other life insurance.
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