Maloon Powers Pitre Higgins & Dennehy Adds Amazon to Portfolio

Maloon Powers Pitre Higgins & Dennehy LLC has added Amazon.com, Inc. (NASDAQ:AMZN) to its investment portfolio, acquiring 13,039 shares during the second quarter. The transaction, valued at approximately $3,108,000, represents about 1.1% of the fund’s total holdings, making Amazon its 22nd largest position.

Amazon’s stock has attracted significant institutional interest recently. Bank of America Corp DE and The Bank of New York Mellon Corp both initiated substantial positions in the second quarter, worth $22,218,775,000 and $16,341,405,000, respectively. Invesco Ltd. increased its stake by 3.3% in the fourth quarter, while Legal & General Group Plc and Amundi also expanded their holdings, with Amundi boosting its position by 14.1% during the first quarter.

Institutional investors now own 72.20% of Amazon’s shares. The company’s stock opened at $251.52 on Monday, with a 12-month range of $196.00 to $287.20. Amazon reported strong second-quarter earnings, surpassing estimates with $5.75 in earnings per share (EPS) and revenue of $200.61 billion, a 19.6% year-over-year increase.

Analysts have largely maintained a positive outlook on Amazon, with several firms adjusting their price targets upward. Raymond James Financial set a target of $390.00, while Evercore and New Street also issued bullish ratings. However, some concerns remain regarding profitability and regulatory risks, particularly surrounding AWS earnings and potential EU cloud regulations.