Azimuth Capital Boosts Amazon Stake by 23.5% in Second Quarter
Azimuth Capital Investment Management LLC significantly increased its stake in Amazon.com, Inc. (NASDAQ: AMZN) during the second quarter of 2024, boosting its position by 23.5%. According to the company's latest 13F filing with the Securities and Exchange Commission (SEC), Azimuth Capital now owns 130,567 shares of Amazon, worth approximately $31,119,000. This acquisition makes Amazon roughly 1.1% of Azimuth Capital's portfolio, positioning it as the firm's 15th largest holding.
Several other institutional investors also adjusted their positions in Amazon during the quarter. Bank of America Corp DE and The Bank of New York Mellon Corp established new stakes worth $22,218,775,000 and $16,341,405,000, respectively. Invesco Ltd. increased its holdings by 3.3% during the fourth quarter, while Legal & General Group Plc initiated a new position worth about $12,831,376,000. Amundi raised its stake by 14.1% in the first quarter, bringing its total to 61,400,503 shares valued at $12,787,883,000.
Analysts have shown strong support for Amazon, with 56 rating the stock as a Buy and only three recommending Hold. The consensus price target stands at $321.63. Notable updates include Bank of America raising its target price to $320.00, HSBC maintaining a Buy rating with a $310.00 target, and New Street increasing its target to $385. Goldman Sachs added Amazon to its conviction list, citing AWS growth and generative AI exposure as key drivers.
Despite positive sentiment, some analysts warn of potential risks, including the impact of Anthropic investment gains on AWS earnings and rising AI capital expenditures that could pressure free cash flow. Additionally, regulatory challenges in the EU and labor actions at Amazon warehouses add to the uncertainty. Insider activity also highlights some caution, with CEO Matthew S. Garman and Andrew Jassy selling shares in August.