M&T Bank Corp Reduces Stock Position in Amazon.com, Inc. (NASDAQ:AMZN)

Key Points

• M&T Bank Corp reduced its stake in Amazon.com by 8.1%, selling 203,446 shares in the first quarter, resulting in ownership of 2,295,071 shares valued at approximately $436.66 million.
• Amazon.com reported earnings of $1.68 per share, exceeding estimates, with revenues of $167.70 billion, reflecting a 13.3% year-over-year increase.
• Several research firms have upgraded their target prices for Amazon.com, with Bank of America raising its target to $272.00 and JMP Securities setting a target of $285.00, indicating a consensus rating of "Buy".

M&T Bank Corp trimmed its stake in Amazon.com, Inc. (NASDAQ:AMZN - Free Report) by 8.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,295,071 shares of the e-commerce giant's stock after selling 203,446 shares during the period. Amazon.com comprises approximately 1.6% of M&T Bank Corp's investment portfolio, making the stock its 12th biggest position. M&T Bank Corp's holdings in Amazon.com were worth $436,660,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in shares of Amazon.com by 2.2% in the 4th quarter. Vanguard Group Inc. now owns 823,360,597 shares of the e-commerce giant's stock valued at $180,637,081,000 after buying an additional 17,635,391 shares during the period. FMR LLC lifted its position in Amazon.com by 0.5% in the 4th quarter. FMR LLC now owns 328,464,225 shares of the e-commerce giant's stock valued at $72,061,766,000 after acquiring an additional 1,725,664 shares in the last quarter. Geode Capital Management LLC lifted its position in Amazon.com by 2.5% in the 4th quarter. Geode Capital Management LLC now owns 204,930,426 shares of the e-commerce giant's stock valued at $44,837,256,000 after acquiring an additional 5,015,380 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Amazon.com by 2.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 182,813,905 shares of the e-commerce giant's stock valued at $40,107,544,000 after acquiring an additional 4,087,933 shares in the last quarter. Finally, Norges Bank bought a new position in Amazon.com in the 4th quarter valued at about $27,266,582,000. 72.20% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Amazon.com

In related news, insider Jeffrey P. Bezos sold 2,643,142 shares of the firm's stock in a transaction that occurred on Thursday, July 24th. The shares were sold at an average price of $230.43, for a total transaction of $609,059,211.06. Following the completion of the sale, the insider owned 883,779,901 shares of the company's stock, valued at $203,649,402,587.43. This trade represents a 0.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 25,099,537 shares of company stock worth $5,674,394,548 over the last ninety days. 10.80% of the stock is owned by company insiders.

Amazon.com Stock Up 1.5%

Shares of NASDAQ AMZN traded up $3.07 on Tuesday, reaching $214.72. 12,112,218 shares of the company's stock traded hands, compared to its average volume of 44,828,645. Amazon.com, Inc. has a 12 month low of $158.54 and a 12 month high of $242.52. The business's 50 day simple moving average is $218.42 and its two-hundred day simple moving average is $208.93. The company has a market cap of $2.28 trillion, a price-to-earnings ratio of 32.85, a price-to-earnings-growth ratio of 1.57 and a beta of 1.31. The company has a quick ratio of 0.81, a current ratio of 1.02 and a debt-to-equity ratio of 0.15.

Amazon.com (NASDAQ:AMZN - Get Free Report) last announced its earnings results on Thursday, July 31st. The e-commerce giant reported $1.68 earnings per share for the quarter, beating analysts' consensus estimates of $1.31 by $0.37. The business had revenue of $167.70 billion during the quarter, compared to the consensus estimate of $161.80 billion. Amazon.com had a net margin of 10.54% and a return on equity of 23.84%. The business's revenue for the quarter was up 13.3% on a year-over-year basis. During the same quarter last year, the firm earned $1.26 earnings per share. As a group, equities research analysts forecast that Amazon.com, Inc. will post 6.31 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on AMZN. Cantor Fitzgerald raised their price target on shares of Amazon.com from $260.00 to $280.00 and gave the company an "overweight" rating in a research report on Friday. The Goldman Sachs Group reissued a "buy" rating on shares of Amazon.com in a research report on Friday. Scotiabank lifted their target price on shares of Amazon.com from $250.00 to $275.00 and gave the stock a "sector outperform" rating in a research report on Tuesday, July 22nd. Piper Sandler lifted their target price on shares of Amazon.com from $250.00 to $255.00 and gave the stock an "overweight" rating in a research report on Friday. Finally, Rosenblatt Securities lifted their target price on shares of Amazon.com from $288.00 to $297.00 and gave the stock a "buy" rating in a research report on Friday. One research analyst has rated the stock with a hold rating, forty-seven have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Buy" and an average price target of $262.45.

About Amazon.com

Amazon.com, Inc engages in the retail sale of consumer products, advertising, and subscriptions service through online and physical stores in North America and internationally. The company operates through three segments: North America, International, and Amazon Web Services (AWS). It also manufactures and sells electronic devices, including Kindle, Fire tablets, Fire TVs, Echo, Ring, Blink, and eero; and develops and produces media content.