Credit Suisse Group AG began coverage on shares of Torchmark Corp. (NYSE:TMK) in a report released on Friday morning. The firm issued a neutral rating and a $68.00 target price on the stock.
A number of other equities research analysts also recently issued reports on the company. Zacks Investment Research downgraded Torchmark Corp. from a buy rating to a hold rating in a research report on Tuesday, October 4th. Royal Bank Of Canada upped their price objective on Torchmark Corp. from $53.00 to $55.00 and gave the company an underperform rating in a research report on Monday, August 1st. Bank of America Corp. upgraded Torchmark Corp. from an underperform rating to a neutral rating in a research report on Wednesday, June 29th. Goldman Sachs Group Inc. upgraded Torchmark Corp. from a sell rating to a neutral rating and upped their price objective for the company from $54.00 to $60.00 in a research report on Friday, July 15th. Finally, Citigroup Inc. upped their price objective on Torchmark Corp. from $58.00 to $60.00 and gave the company a neutral rating in a research report on Thursday, July 7th. Five investment analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company. The company presently has an average rating of Hold and a consensus price target of $59.17.
Shares of Torchmark Corp. (NYSE:TMK) opened at 64.39 on Friday. The stock has a 50 day moving average price of $64.27 and a 200-day moving average price of $60.67. The company has a market capitalization of $7.71 billion, a price-to-earnings ratio of 14.81 and a beta of 1.06. Torchmark Corp. has a 12 month low of $48.47 and a 12 month high of $65.60.
Torchmark Corp. (NYSE:TMK) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $1.11 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.02. Torchmark Corp. had a return on equity of 12.19% and a net margin of 13.85%. The company earned $992 million during the quarter, compared to analyst estimates of $979.43 million. During the same period in the prior year, the company earned $1.05 earnings per share. The firm’s revenue was up 4.3% on a year-over-year basis. Analysts expect that Torchmark Corp. will post $4.45 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 7th will be paid a $0.14 dividend. The ex-dividend date is Wednesday, October 5th. This represents a $0.56 annualized dividend and a yield of 0.87%. Torchmark Corp.’s dividend payout ratio (DPR) is currently 12.84%.
In other Torchmark Corp. news, CFO Frank M. Svoboda sold 21,250 shares of the stock in a transaction on Monday, August 8th. The stock was sold at an average price of $61.94, for a total transaction of $1,316,225.00. Following the sale, the chief financial officer now owns 92,004 shares of the company’s stock, valued at approximately $5,698,727.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Gary L. Coleman sold 37,500 shares of the stock in a transaction on Friday, July 29th. The shares were sold at an average price of $62.06, for a total value of $2,327,250.00. Following the sale, the chairman now directly owns 625,581 shares in the company, valued at approximately $38,823,556.86. The disclosure for this sale can be found here. 3.96% of the stock is owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in the stock. Norges Bank bought a new stake in shares of Torchmark Corp. during the fourth quarter valued at about $7,663,000. Ngam Advisors L.P. boosted its stake in shares of Torchmark Corp. by 2.0% in the first quarter. Ngam Advisors L.P. now owns 11,180 shares of the company’s stock valued at $606,000 after buying an additional 218 shares during the period. TIAA CREF Investment Management LLC boosted its stake in shares of Torchmark Corp. by 7.3% in the first quarter. TIAA CREF Investment Management LLC now owns 274,372 shares of the company’s stock valued at $14,860,000 after buying an additional 18,728 shares during the period. Teachers Advisors Inc. boosted its stake in shares of Torchmark Corp. by 1.5% in the first quarter. Teachers Advisors Inc. now owns 145,783 shares of the company’s stock valued at $7,896,000 after buying an additional 2,095 shares during the period. Finally, BlackRock Institutional Trust Company N.A. boosted its stake in shares of Torchmark Corp. by 2.7% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 3,326,787 shares of the company’s stock valued at $180,179,000 after buying an additional 86,539 shares during the period. 75.52% of the stock is currently owned by institutional investors and hedge funds.
About Torchmark Corp.