Magellan Asset Management Ltd Acquires 1,401,346 Shares of Amazon.com, Inc. (NASDAQ:AMZN)

Magellan Asset Management Ltd raised its holdings in shares of Amazon.com, Inc. (NASDAQ:AMZN) by 43.8% during the first quarter, HoldingsChannel.com reports. The firm owned 4,601,385 shares of the e-commerce giant’s stock after buying an additional 1,401,346 shares during the period. Amazon.com accounts for 4.1% of Magellan Asset Management Ltd’s portfolio, making the stock its 8th biggest position. Magellan Asset Management Ltd’s holdings in Amazon.com were worth $475,277,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. St. James Investment Advisors LLC increased its position in shares of Amazon.com by 97.7% during the fourth quarter. St. James Investment Advisors LLC now owns 344 shares of the e-commerce giant’s stock worth $29,000 after purchasing an additional 170 shares in the last quarter. Laurel Wealth Planning LLC increased its position in shares of Amazon.com by 1,900.0% in the 2nd quarter. Laurel Wealth Planning LLC now owns 320 shares of the e-commerce giant’s stock valued at $34,000 after acquiring an additional 304 shares during the period. Sanctuary Wealth Management L.L.C. acquired a new position in shares of Amazon.com in the 4th quarter valued at $37,000. Swaine & Leidel Wealth Services LLC acquired a new position in shares of Amazon.com in the 1st quarter valued at $38,000. Finally, Ruedi Wealth Management Inc. acquired a new position in shares of Amazon.com in the 4th quarter valued at $40,000. 57.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Canaccord Genuity Group upped their target price on Amazon.com from $160.00 to $170.00 and gave the company a “buy” rating in a research report on Friday, August 4th. Sanford C. Bernstein increased their price target on Amazon.com from $140.00 to $155.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 19th. JPMorgan Chase & Co. increased their price target on Amazon.com from $145.00 to $180.00 and gave the stock an “overweight” rating in a research report on Friday, August 4th. Morgan Stanley increased their price target on Amazon.com from $150.00 to $175.00 and gave the stock an “overweight” rating in a research report on Friday, August 4th. Finally, Credit Suisse Group increased their price target on Amazon.com from $176.00 to $189.00 and gave the stock an “outperform” rating in a research report on Friday, August 4th. Three research analysts have rated the stock with a hold rating and forty-seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $160.87.

Insider Buying and Selling at Amazon.com

In other Amazon.com news, VP Shelley Reynolds sold 3,100 shares of Amazon.com stock in a transaction on Monday, August 21st. The shares were sold at an average price of $133.87, for a total value of $414,997.00. Following the transaction, the vice president now directly owns 119,780 shares in the company, valued at $16,034,948.60. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Amazon.com news, CEO Douglas J. Herrington sold 50,000 shares of the company’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $141.00, for a total transaction of $7,050,000.00. Following the transaction, the chief executive officer now directly owns 510,301 shares in the company, valued at $71,952,441. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Shelley Reynolds sold 3,100 shares of the company’s stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $133.87, for a total transaction of $414,997.00. Following the transaction, the vice president now owns 119,780 shares in the company, valued at $16,034,948.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,365,829 shares of company stock worth $49,002,857. 12.30% of the stock is owned by company insiders.

Amazon.com Stock Performance

Shares of AMZN stock opened at $137.85 on Friday. The stock has a market capitalization of $1.42 trillion, a PE ratio of 108.54, a P/E/G ratio of 1.82 and a beta of 1.24. The firm has a 50 day moving average of $133.60 and a two-hundred day moving average of $117.10. Amazon.com, Inc. has a 52 week low of $81.43 and a 52 week high of $143.63. The company has a quick ratio of 0.70, a current ratio of 0.95 and a debt-to-equity ratio of 0.37.

Amazon.com (NASDAQ:AMZN) last announced its quarterly earnings results on Thursday, August 3rd. The e-commerce giant reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.29. Amazon.com had a net margin of 2.43% and a return on equity of 9.14%. The firm had revenue of $134.38 billion during the quarter, compared to analysts’ expectations of $131.54 billion. On average, research analysts predict that Amazon.com, Inc. will post 2.23 EPS for the current fiscal year.

About Amazon.com

Amazon.com, Inc engages in the retail sale of consumer products and subscriptions through online and physical stores in North America and internationally. It operates through three segments: North America, International, and Amazon Web Services (AWS). The company's products offered through its stores include merchandise and content purchased for resale; and products offered by third-party sellers.