The Manufacturers Life Insurance Company Acquires 81,611 Shares of Alignment Healthcare, Inc. (NASDAQ:ALHC)

The Manufacturers Life Insurance Company grew its stake in shares of Alignment Healthcare, Inc. (NASDAQ:ALHC) by 63.3% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 210,544 shares of the company’s stock after purchasing an additional 81,611 shares during the period. The Manufacturers Life Insurance Company owned about 0.11% of Alignment Healthcare worth $2,369,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of ALHC. JPMorgan Chase & Co. grew its holdings in Alignment Healthcare by 249.3% during the third quarter. JPMorgan Chase & Co. now owns 288,219 shares of the company’s stock worth $3,407,000 after buying an additional 205,705 shares in the last quarter. Barclays PLC grew its stake in shares of Alignment Healthcare by 144.1% in the 3rd quarter. Barclays PLC now owns 193,446 shares of the company’s stock worth $2,287,000 after acquiring an additional 114,191 shares in the last quarter. US Bancorp DE raised its holdings in shares of Alignment Healthcare by 6,544.2% in the fourth quarter. US Bancorp DE now owns 98,932 shares of the company’s stock valued at $1,113,000 after purchasing an additional 97,443 shares during the last quarter. Franklin Resources Inc. bought a new position in shares of Alignment Healthcare during the fourth quarter valued at about $732,000. Finally, Proficio Capital Partners LLC purchased a new position in Alignment Healthcare during the fourth quarter worth about $184,000. 86.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on ALHC. Robert W. Baird lifted their target price on shares of Alignment Healthcare from $17.00 to $22.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 15th. JPMorgan Chase & Co. upped their price objective on Alignment Healthcare from $14.00 to $17.00 and gave the company a “neutral” rating in a research note on Thursday, March 6th. UBS Group lifted their target price on Alignment Healthcare from $16.00 to $17.00 and gave the stock a “neutral” rating in a research note on Friday, May 2nd. Stephens restated an “overweight” rating and set a $17.00 price target on shares of Alignment Healthcare in a research report on Monday, February 24th. Finally, Barclays lifted their price objective on shares of Alignment Healthcare from $8.00 to $9.00 and gave the stock an “underweight” rating in a research report on Friday, February 28th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $17.17.

Alignment Healthcare Stock Down 1.9 %

ALHC opened at $15.12 on Friday. Alignment Healthcare, Inc. has a 12 month low of $6.66 and a 12 month high of $21.06. The company has a market cap of $2.99 billion, a PE ratio of -19.64 and a beta of 1.32. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 1.82. The company has a 50 day moving average of $17.34 and a 200 day moving average of $14.45.

Alignment Healthcare (NASDAQ:ALHC) last posted its quarterly earnings results on Thursday, May 1st. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.07. Alignment Healthcare had a negative return on equity of 108.69% and a negative net margin of 5.84%. The firm had revenue of $926.93 million during the quarter, compared to analyst estimates of $889.83 million. During the same period last year, the company earned ($0.25) earnings per share. The business’s revenue for the quarter was up 47.5% on a year-over-year basis. On average, sell-side analysts expect that Alignment Healthcare, Inc. will post -0.69 EPS for the current year.

Insider Activity

In other news, insider Christopher J. Joyce sold 25,000 shares of the stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $16.87, for a total value of $421,750.00. Following the transaction, the insider now owns 390,022 shares of the company’s stock, valued at $6,579,671.14. This represents a 6.02 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, President Dawn Christine Maroney sold 30,000 shares of the stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $13.72, for a total value of $411,600.00. Following the completion of the transaction, the president now directly owns 1,576,097 shares in the company, valued at approximately $21,624,050.84. This represents a 1.87 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,181,855 shares of company stock worth $35,166,057. 7.00% of the stock is owned by company insiders.

Alignment Healthcare Company Profile

Alignment Healthcare, Inc, a tech-enabled Medicare advantage company, operates consumer-centric health care platform for seniors in the United States. It provides customized health care designed to meet the needs of a diverse array of seniors through its Medicare advantage plans. The company was founded in 2013 and is based in Orange, California.