Sumitomo Insurance Buys $68M Worth of Amazon Shares

Sumitomo Life Insurance Co., a Japanese insurance company, has acquired a significant stake in Amazon.com Inc. (NASDAQ:AMZN) shares. According to its most recent disclosure with the Securities and Exchange Commission, Sumitomo bought 286,577 shares of Amazon's stock in the second quarter.

The value of these shares is approximately $68.3 million. This purchase makes up about 1.1% of Sumitomo Life Insurance Co.'s investment portfolio, ranking Amazon as its eleventh biggest position.

This move follows a trend among hedge funds and institutional investors buying and selling Amazon's shares. Other notable buyers include Silvant Capital Management LLC, Northstar Financial Companies Inc., and Gryphon Financial Partners LLC.