Bank of America Boosts Stake in Amazon to Nearly $18 Billion
Bank of America Corp DE recently increased its stake in Amazon.com Inc. (NASDAQ:AMZN) by purchasing an additional 25,781 shares during the first quarter. The institutional investor now owns 84,181,341 shares of the e-commerce giant's stock, making it the company's 11th largest position, accounting for approximately 1.3% of its investment portfolio.
The value of Bank of America Corp DE's Amazon.com holdings stands at $17,532,448,000, representing a significant portion of the company's investments. Other large investors also increased their positions in Amazon.com during the quarter, including Vanguard Group Inc., State Street Corp, and Geode Capital Management LLC.
Amazon.com has been performing well, with strong Q2 results contributing to its long-term growth prospects. The company reported $200.6 billion in revenue for the quarter, a 19.6% increase from the same period last year. Analysts' estimates and institutional interest remain favorable, with Erste Group raising its FY2027 EPS forecast to $10.36.
However, Amazon.com's performance may be impacted by market-wide risk and competition in the technology sector. The company's stock price has been affected by recent events, including Jeff Bezos' sale of roughly $350 million worth of shares through a pre-arranged 10b5-1 plan.