Bank of New York Mellon Corp Buys 2,316,777 Shares of Alignment Healthcare, Inc. $ALHC

Key Points

• Bank of New York Mellon increased its stake in Alignment Healthcare by 232.5% in the first quarter, adding 2.32 million shares and bringing its total holdings to 3.31 million shares valued at about $58.4 million.
• Alignment Healthcare reported better-than-expected Q1 results, posting EPS of $0.05 versus the $0.01 estimate and revenue of $1.24 billion versus $1.22 billion expected. Revenue jumped 33.3% year over year.
• Despite the strong results, the stock was down 3.7% to $20.00, while analysts maintained a generally positive outlook with a “Moderate Buy” consensus and a $24.30 average price target.

Bank of New York Mellon Corp lifted its position in shares of Alignment Healthcare, Inc. (NASDAQ:ALHC - Free Report) by 232.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,313,110 shares of the company's stock after acquiring an additional 2,316,777 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.60% of Alignment Healthcare worth $58,377,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of ALHC. Royal Bank of Canada raised its stake in shares of Alignment Healthcare by 92.6% during the first quarter. Royal Bank of Canada now owns 92,379 shares of the company's stock valued at $1,720,000 after acquiring an additional 44,413 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Alignment Healthcare by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,557 shares of the company's stock worth $1,109,000 after purchasing an additional 2,594 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Alignment Healthcare by 79.1% in the first quarter. Goldman Sachs Group Inc. now owns 972,715 shares of the company's stock worth $18,112,000 after purchasing an additional 429,703 shares during the last quarter. Woodline Partners LP acquired a new stake in Alignment Healthcare in the first quarter valued at $2,142,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Alignment Healthcare by 16.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 307,655 shares of the company's stock valued at $5,729,000 after purchasing an additional 44,452 shares during the period. Institutional investors own 86.19% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ALHC. Wall Street Zen raised Alignment Healthcare from a "hold" rating to a "buy" rating in a research report on Saturday, May 9th. Raymond James Financial set a $22.00 price target on Alignment Healthcare in a research note on Thursday, May 7th. Weiss Ratings upgraded Alignment Healthcare from a "sell (d-)" rating to a "hold (c-)" rating in a research report on Thursday, May 7th. KeyCorp reaffirmed an "overweight" rating on shares of Alignment Healthcare in a research note on Wednesday, June 10th. Finally, Barclays reduced their target price on Alignment Healthcare from $19.00 to $16.00 and set an "equal weight" rating on the stock in a report on Tuesday, May 26th. Six research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $24.30.

Alignment Healthcare Stock Down 3.7%

Shares of NASDAQ:ALHC opened at $20.00 on Friday. Alignment Healthcare, Inc. has a 1 year low of $11.63 and a 1 year high of $25.12. The company has a debt-to-equity ratio of 1.56, a current ratio of 1.58 and a quick ratio of 1.58. The business's 50-day moving average is $19.49 and its 200-day moving average is $19.88. The company has a market capitalization of $4.13 billion, a price-to-earnings ratio of 222.22, a P/E/G ratio of 2.80 and a beta of 1.05.

Alignment Healthcare (NASDAQ:ALHC - Get Free Report) last released its earnings results on Thursday, April 30th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of $0.01 by $0.04. The business had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.22 billion. Alignment Healthcare had a return on equity of 11.50% and a net margin of 0.47%.The firm's revenue was up 33.3% on a year-over-year basis. During the same quarter last year, the firm posted ($0.05) earnings per share. Equities research analysts predict that Alignment Healthcare, Inc. will post 0.2 earnings per share for the current year.

Insider Activity at Alignment Healthcare

In other Alignment Healthcare news, CEO John E. Kao sold 298,000 shares of Alignment Healthcare stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $20.36, for a total value of $6,067,280.00. Following the completion of the sale, the chief executive officer directly owned 1,386,766 shares of the company's stock, valued at approximately $28,234,555.76. The trade was a 17.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Hyong Kim sold 35,951 shares of the firm's stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $19.86, for a total value of $713,986.86. Following the completion of the sale, the insider owned 331,750 shares of the company's stock, valued at approximately $6,588,555. This represents a 9.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 1,039,951 shares of company stock worth $19,976,967 over the last ninety days. 5.20% of the stock is owned by corporate insiders.

About Alignment Healthcare

Alignment Healthcare, Inc NASDAQ: ALHC is a health care company specializing in value-based care for Medicare Advantage beneficiaries. The company leverages an integrated care model that combines in-home clinical services, telehealth capabilities and digital health tools to manage chronic conditions, improve outcomes and enhance patient experience.

At the core of Alignment Healthcare's approach is a proprietary technology platform that aggregates real-time clinical and claims data to support preventive care, risk stratification and personalized care plans.

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