Morgan Stanley Increases Torchmark (TMK) Price Target to $83.00
Torchmark (NYSE:TMK) had its price objective boosted by Morgan Stanley from $81.00 to $83.00 in a research note published on Tuesday morning. The brokerage currently has an underweight rating on the insurance provider’s stock.
Other research analysts have also recently issued reports about the company. Zacks Investment Research raised Torchmark from a hold rating to a buy rating and set a $98.00 price objective for the company in a research report on Thursday, October 4th. SunTrust Banks decreased their target price on Torchmark from $89.00 to $84.00 and set a hold rating for the company in a research report on Monday, October 29th. Finally, Goldman Sachs Group cut Torchmark from a neutral rating to a sell rating and decreased their target price for the company from $92.00 to $78.00 in a research report on Monday, September 10th. Four investment analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. The stock has an average rating of Hold and an average target price of $85.86.
NYSE:TMK opened at $86.81 on Tuesday. The stock has a market cap of $9.58 billion, a PE ratio of 18.01, a price-to-earnings-growth ratio of 1.02 and a beta of 0.86. Torchmark has a 1 year low of $80.34 and a 1 year high of $93.60. The company has a quick ratio of 0.09, a current ratio of 0.09 and a debt-to-equity ratio of 0.25.
In related news, EVP Robert Brian Mitchell sold 45,000 shares of the company’s stock in a transaction dated Thursday, August 23rd. The stock was sold at an average price of $87.84, for a total value of $3,952,800.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Vern D. Herbel sold 52,500 shares of the company’s stock in a transaction dated Tuesday, August 28th. The shares were sold at an average price of $88.25, for a total value of $4,633,125.00. Following the completion of the sale, the executive vice president now directly owns 52,500 shares of the company’s stock, valued at $4,633,125. The disclosure for this sale can be found here. Over the last three months, insiders sold 379,829 shares of company stock valued at $33,498,056. Insiders own 3.68% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the business. Riverhead Capital Management LLC raised its stake in Torchmark by 28.5% during the 2nd quarter. Riverhead Capital Management LLC now owns 31,038 shares of the insurance provider’s stock valued at $2,527,000 after acquiring an additional 6,877 shares during the last quarter. Cubist Systematic Strategies LLC raised its stake in Torchmark by 69.6% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 28,011 shares of the insurance provider’s stock valued at $2,280,000 after acquiring an additional 11,495 shares during the last quarter. Bank of New York Mellon Corp raised its stake 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 last quarter. Flinton Capital Management LLC raised its stake in Torchmark by 27.5% during the 2nd quarter. Flinton Capital Management LLC now owns 19,648 shares of the insurance provider’s stock valued at $1,600,000 after acquiring an additional 4,240 shares during the last quarter. Finally, Gofen & Glossberg LLC IL purchased a new stake in Torchmark during the 3rd quarter valued at approximately $207,000. 74.17% of the stock is owned by hedge funds and other institutional investors.
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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