Wesbanco Bank Inc. Has $85.33 Million Holdings in Amazon.com, Inc. $AMZN

Key Points

• Wesbanco Bank Inc. increased its Amazon stake by 3.1% in the first quarter, adding 12,200 shares to bring its total to 409,707 shares worth about $85.33 million. Amazon is now Wesbanco’s 8th largest holding and makes up roughly 2.4% of its portfolio.
• Amazon continues to draw strong institutional and analyst support, with 72.2% of shares held by institutions and Wall Street maintaining a “Moderate Buy” consensus. Analysts’ average price target stands at $312.79, above the stock’s recent open of $242.67.
• The company reported solid quarterly results, posting EPS of $2.78 versus $1.63 expected and revenue of $181.52 billion, up 16.6% year over year. Recent headlines also point to growth opportunities in satellite internet, AI chips, and strong Prime Day spending.

Wesbanco Bank Inc. grew its stake in Amazon.com, Inc. (NASDAQ:AMZN - Free Report) by 3.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 409,707 shares of the e-commerce giant's stock after purchasing an additional 12,200 shares during the quarter. Amazon.com comprises approximately 2.4% of Wesbanco Bank Inc.'s holdings, making the stock its 8th largest holding. Wesbanco Bank Inc.'s holdings in Amazon.com were worth $85,330,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. MilWealth Group LLC lifted its holdings in Amazon.com by 79.0% during the fourth quarter. MilWealth Group LLC now owns 179 shares of the e-commerce giant's stock worth $41,000 after acquiring an additional 79 shares in the last quarter. Lifetime Wealth Management P.C. bought a new stake in shares of Amazon.com in the fourth quarter worth about $45,000. Elkhorn Partners Limited Partnership increased its holdings in shares of Amazon.com by 900.0% in the fourth quarter. Elkhorn Partners Limited Partnership now owns 200 shares of the e-commerce giant's stock worth $46,000 after acquiring an additional 180 shares in the last quarter. Fairway Wealth LLC raised its position in shares of Amazon.com by 95.6% during the fourth quarter. Fairway Wealth LLC now owns 221 shares of the e-commerce giant's stock worth $51,000 after purchasing an additional 108 shares during the period. Finally, Prudent Man Investment Management Inc. raised its position in shares of Amazon.com by 87.7% during the fourth quarter. Prudent Man Investment Management Inc. now owns 229 shares of the e-commerce giant's stock worth $53,000 after purchasing an additional 107 shares during the period. 72.20% of the stock is currently owned by institutional investors.

Trending Headlines about Amazon.com

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

• Positive Sentiment: Amazon said its Leo satellite network has enough satellites to begin initial broadband service this year, opening a new growth opportunity in satellite internet. Reuters: Amazon to start initial Leo internet service this year as network nears 400 satellites
• Positive Sentiment: Amazon is expanding its AI strategy with custom device chips and broader AWS AI capabilities, which could support future margins and growth. CNBC: Amazon is designing its own AI chips for Echo, Fire TV and future devices
• Positive Sentiment: Prime Day-related reports pointed to strong online shopping demand, reinforcing confidence in Amazon’s retail momentum heading into earnings. Yahoo Finance/Reuters: Online Spending Rises 5.3% on First Day of Amazon’s Prime Day

Insider Buying and Selling at Amazon.com

In other Amazon.com news, CEO Andrew R. Jassy sold 31,352 shares of Amazon.com stock in a transaction on Monday, May 4th. The shares were sold at an average price of $275.00, for a total value of $8,621,800.00. Following the sale, the chief executive officer directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Matthew S. Garman sold 15,467 shares of the business's stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $263.40, for a total transaction of $4,074,007.80. Following the sale, the chief executive officer directly owned 14,159 shares in the company, valued at $3,729,480.60. This trade represents a 52.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 195,774 shares of company stock worth $51,643,704 in the last three months. 8.90% of the stock is currently owned by company insiders.

Amazon.com Stock Performance

NASDAQ:AMZN opened at $242.67 on Friday. The company has a market cap of $2.61 trillion, a P/E ratio of 29.03, a price-to-earnings-growth ratio of 1.81 and a beta of 1.46. Amazon.com, Inc. has a twelve month low of $196.00 and a twelve month high of $278.56. The business has a 50 day moving average price of $254.57 and a two-hundred day moving average price of $234.57. The company has a quick ratio of 1.01, a current ratio of 1.18 and a debt-to-equity ratio of 0.27.

Amazon.com (NASDAQ:AMZN - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The e-commerce giant reported $2.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.63 by $1.15. The company had revenue of $181.52 billion for 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 revenue was up 16.6% compared to the same quarter last year. During the same period last year, the company earned $1.59 earnings per share. As a group, analysts expect that Amazon.com, Inc. will post 7.75 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on AMZN shares. JPMorgan Chase & Co. reiterated a "buy" rating on shares of Amazon.com in a research report on Friday, June 26th. BMO Capital Markets raised their target price on shares of Amazon.com from $310.00 to $315.00 and gave the stock an "outperform" rating in a report on Thursday, April 23rd. China Renaissance lifted their price target on shares of Amazon.com from $300.00 to $326.00 and gave the company a "buy" rating in a research note on Tuesday, May 5th. Arete Research upped their price target on shares of Amazon.com from $301.00 to $310.00 and gave the company a "buy" rating in a report on Monday, May 18th. Finally, Piper Sandler set a $330.00 price objective on shares of Amazon.com in a report on Thursday, June 11th. Fifty-seven investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $312.79.

About Amazon.com

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.