Amazon.com, Inc. $AMZN Stock Holdings Cut by State of Michigan Retirement System

Key Points

• State of Michigan Retirement System cut its Amazon stake by 10% in the first quarter, selling 299,900 shares and retaining 2.70 million shares worth approximately $563 million. Amazon remains the retirement system’s fourth-largest holding, representing about 3% of its portfolio.
• Wall Street remains broadly bullish on AMZN: 57 analysts rate the stock a Buy and three rate it a Hold, with a consensus price target of $312.91. Recent targets range from $310 to $340.
• Amazon reported first-quarter earnings of $2.78 per share and revenue of $181.52 billion, beating estimates and increasing revenue 16.6% year over year. Meanwhile, insiders sold shares worth about $37.7 million over the past quarter, primarily through pre-arranged trading plans.

State of Michigan Retirement System reduced its position in shares of Amazon.com, Inc. (NASDAQ:AMZN) by 10.0% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,703,120 shares of the e-commerce giant's stock after selling 299,900 shares during the quarter. Amazon.com accounts for approximately 3.0% of State of Michigan Retirement System's holdings, making the stock its 4th biggest position. State of Michigan Retirement System's holdings in Amazon.com were worth $562,979,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in AMZN. TFR Capital LLC. lifted its position in Amazon.com by 8.0% during the first quarter. TFR Capital LLC. now owns 43,877 shares of the e-commerce giant's stock valued at $9,138,000 after purchasing an additional 3,240 shares in the last quarter. Sfam LLC increased its position in Amazon.com by 3.4% in the first quarter. Sfam LLC now owns 1,224 shares of the e-commerce giant's stock worth $255,000 after buying an additional 40 shares in the last quarter. Citizens National Bank Trust Department raised its stake in shares of Amazon.com by 2.1% in the first quarter. Citizens National Bank Trust Department now owns 73,798 shares of the e-commerce giant's stock worth $15,370,000 after buying an additional 1,520 shares during the period. Bedel Financial Consulting Inc. raised its stake in shares of Amazon.com by 1.5% in the first quarter. Bedel Financial Consulting Inc. now owns 14,091 shares of the e-commerce giant's stock worth $2,935,000 after buying an additional 211 shares during the period. Finally, First Growth Capital LLC lifted its position in shares of Amazon.com by 3.2% during the 1st quarter. First Growth Capital LLC now owns 2,669 shares of the e-commerce giant's stock valued at $562,000 after buying an additional 82 shares in the last quarter. Institutional investors own 72.20% of the company's stock.

Amazon.com News Summary

Here are the key news stories impacting Amazon.com this week:

• Positive Sentiment: Options data and several analyst/commentary pieces suggest traders expect a post-earnings move higher, and multiple firms remain bullish on AMZN heading into the July 30 report. Ahead of Amazon Earnings, Here's What Barchart Data Says Comes Next for AMZN Stock
• Positive Sentiment: India eased e-commerce export rules, which is a win for Amazon’s international marketplace ambitions and could support long-term growth. India relaxes e-commerce investment rules for exports in win for Amazon
• Positive Sentiment: Several bullish research notes continue to frame AWS, custom silicon, and Amazon’s AI buildout as long-term growth drivers, with some investors arguing the capex surge should ultimately strengthen Amazon’s competitive moat. Amazon: Why The CapEx Surge Makes Me More Bullish, Not Less

Wall Street Analyst Weigh In

AMZN has been the subject of a number of recent analyst reports. China Renaissance upped their price target on shares of Amazon.com from $300.00 to $326.00 and gave the stock a "buy" rating in a research report on Tuesday, May 5th. Stifel Nicolaus set a $319.00 price objective on Amazon.com and gave the stock a "buy" rating in a research note on Thursday, April 30th. TD Cowen restated a "buy" rating and set a $340.00 target price (down from $350.00) on shares of Amazon.com in a research report on Wednesday, July 8th. Arete Research lifted their price target on Amazon.com from $301.00 to $310.00 and gave the stock a "buy" rating in a research report on Monday, May 18th. Finally, Jefferies Financial Group reissued a "buy" rating on shares of Amazon.com in a research note on Thursday, June 18th. Fifty-seven equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $312.91.

Insider Activity at Amazon.com

In other Amazon.com news, CEO Matthew S. Garman sold 15,467 shares of the company's stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $263.40, for a total value of $4,074,007.80. Following the transaction, the chief executive officer owned 14,159 shares of the company's stock, valued at $3,729,480.60. This represents a 52.21% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Andrew R. Jassy sold 31,352 shares of the stock in a transaction on Monday, May 4th. The stock was sold at an average price of $275.00, for a total value of $8,621,800.00. Following the completion of the sale, the chief executive officer owned 2,175,766 shares in the company, valued at approximately $598,335,650. The trade was a 1.42% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 140,425 shares of company stock worth $37,715,464 over the last quarter. 8.90% of the stock is owned by insiders.

Amazon.com Stock Performance

Shares of NASDAQ:AMZN opened at $232.11 on Monday. The company has a current ratio of 1.18, a quick ratio of 1.01 and a debt-to-equity ratio of 0.27. Amazon.com, Inc. has a 12 month low of $196.00 and a 12 month high of $278.56. The company has a market capitalization of $2.50 trillion, a price-to-earnings ratio of 27.76, a PEG ratio of 1.74 and a beta of 1.46. The firm's 50-day moving average is $248.26 and its 200 day moving average is $236.34.

Amazon.com (NASDAQ:AMZN - Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The e-commerce giant reported $2.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.63 by $1.15. The business had revenue of $181.52 billion during the quarter, compared to the consensus estimate of $177.28 billion. Amazon.com had a net margin of 12.22% and a return on equity of 19.92%. The firm's quarterly revenue was up 16.6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.59 earnings per share. Research analysts predict that Amazon.com, Inc. will post 7.75 EPS for the current year.

Amazon.com Company Profile

Amazon.com, Inc is a diversified technology and retail company best known for its e-commerce marketplace and broad portfolio of consumer and enterprise services. Founded by Jeff Bezos in 1994 and headquartered in Seattle, Washington, the company launched as an online bookseller and expanded into a global retail platform that sells products directly to consumers and provides a marketplace for third-party sellers. Over time Amazon has grown beyond retail into areas including cloud computing, digital media, devices and logistics.

Key businesses and offerings include Amazon's online marketplace and fulfillment services, the Amazon Prime membership program (which bundles expedited shipping with streaming and other benefits), Amazon Web Services (AWS) which supplies on-demand cloud computing and storage to businesses and public-sector customers, and a range of content and advertising services such as Prime Video and Amazon Advertising.

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