BCO Wealth Management Acquires 1,265 Shares in Amazon.com

BCO Wealth Management LLC has acquired a new position in Amazon.com, Inc. (NASDAQ: AMZN) by purchasing 1,265 shares during the second quarter of 2023. This investment is valued at approximately $278,000, making Amazon.com the 29th largest holding in BCO Wealth Management’s portfolio, which constitutes 0.2% of their total investments.

Other institutional investors have also shown significant interest in Amazon.com recently. Notably, Kingstone Capital Partners Texas LLC increased its stake in Amazon by an astonishing 542,733.6%, now holding 132,641,388 shares valued at around $29.1 billion. Additionally, Nuveen LLC acquired a substantial new stake worth $11.67 billion in the first quarter of the year. Goldman Sachs Group Inc. boosted its stake by 21.3%, bringing its total to 57,908,424 shares, valued at approximately $11 billion. Vanguard Group Inc. also grew its holdings by 1.1%, now owning 832,274,556 shares worth about $158.35 billion. Amundi increased its stake by 15.1%, owning 55,337,037 shares valued at around $9.88 billion.

Institutional ownership of Amazon.com stands at 72.20%, indicating strong confidence in the company’s future.

Analyst Ratings and Market Performance

Several research analysts have recently updated their ratings for Amazon.com. HSBC raised its price target from $256.00 to $260.00, assigning the stock a “buy” rating. Morgan Stanley reiterated an “overweight” rating, while BMO Capital Markets increased its target from $270.00 to $280.00, reflecting a positive outlook. BNP Paribas upgraded Amazon from a “hold” to a “strong-buy” rating. Collectively, three analysts have rated the stock as a Strong Buy, while forty-seven have assigned it a Buy rating, with a single Hold rating. The consensus rating stands at “Buy,” with a target price of $266.26 according to MarketBeat data.

On the trading front, Amazon.com shares opened at $215.57 on Thursday, experiencing a slight decline of 0.4%. The company boasts a market capitalization of $2.30 trillion, a price-to-earnings ratio of 32.86, and a P/E/G ratio of 1.43. With a beta of 1.28, Amazon’s stock reflects moderate volatility. The firm’s latest earnings report, released on July 31, 2023, revealed earnings per share of $1.68, exceeding the consensus estimate of $1.31. Revenue for the quarter reached $167.70 billion, surpassing analyst predictions of $161.80 billion, marking a year-over-year increase of 13.3%.

Insider Transactions

In related news, CEO Douglas J. Herrington sold 2,500 shares on October 1, 2023, at an average price of $217.10, totaling approximately $542,750. Following this transaction, Herrington retains 515,507 shares valued at around $111.92 million, reflecting a 0.48% decrease in his position. Chief Financial Officer Brian T. Olsavsky also sold 17,750 shares on August 21, 2023, for about $3.95 million, reducing his holdings by 26.59% to 49,000 shares valued at approximately $10.91 million. Over the last three months, insiders have sold a cumulative total of 10,864,716 shares worth approximately $2.49 billion.

Insiders currently hold 9.70% of Amazon.com’s stock, indicating ongoing confidence from company leadership even as they make personal transactions.

Amazon.com, Inc. operates in the retail sale of consumer products, advertising services, and subscriptions through both online and physical platforms, functioning through three primary segments: North America, International, and Amazon Web Services (AWS). The company also manufactures and sells electronic devices, including the Kindle and Echo, and develops media content.

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