First County Bank CT Reduces Holdings in Amazon.com, Inc.

First County Bank CT has reduced its stake in Amazon.com, Inc. (NASDAQ:AMZN) by 8.7% during the second quarter, as reported in the latest 13F filing submitted to the Securities & Exchange Commission. After selling 2,401 shares during this period, the institutional investor now holds 25,168 shares of the prominent e-commerce company. Amazon.com constitutes approximately 2.5% of First County Bank CT's investment portfolio, making it the eighth largest holding within their asset lineup. As of the close of the most recent reporting period, First County Bank CT's investment in Amazon.com was valued at $4,864,000.

A variety of other institutional investors and hedge funds have also been active in buying and selling shares of AMZN. Notably, Annex Advisory Services LLC increased its stake in Amazon.com by 12.7% in the first quarter, acquiring an additional 19,478 shares and bringing its total ownership to 172,590 shares valued at $31,132,000. Similarly, Riverview Trust Co boosted its holdings by 2.9%, which translates to owning 19,261 shares worth approximately $3,474,000 following an additional purchase of 534 shares. Additionally, Fermata Advisors LLC expanded its position by 12.4%, possessing 16,292 shares valued at $2,939,000 after acquiring 1,799 more shares during the last quarter.

In the same vein, Bourne Lent Asset Management Inc. raised its position in Amazon.com by 2.3%, owning 26,190 shares valued at $4,724,000 after adding 600 shares. Lastly, Retirement Planning Group LLC increased its stake by a significant 29.6%, now holding 10,109 shares valued at around $1,823,000 after purchasing 2,311 shares. Overall, institutional investors and hedge funds hold 72.20% of Amazon.com's stock.

Analyst Ratings for Amazon

Several research firms have provided their insight regarding AMZN. Scotiabank initiated coverage on Amazon.com, giving it a “sector outperform” rating and setting a price target of $245.00. Similarly, Royal Bank of Canada reaffirmed its “outperform” rating with a price target of $215.00. Wedbush also retained an “outperform” rating with a target price of $225.00. Pivotal Research has begun coverage with a “buy” rating and a price target of $260.00. Moreover, Sanford C. Bernstein raised their target price on Amazon from $210.00 to $215.00, maintaining an “outperform” rating. Among the analysts, two have assigned a hold rating, forty-two have issued buy ratings, and one has given a strong buy rating. Based on market assessments, Amazon.com currently has an average rating of “Moderate Buy” along with an average price target of $236.78.

Insider Transactions at Amazon

In additional company news, SVP David Zapolsky executed a sale involving 2,190 shares of Amazon stock on September 24. This transaction occurred at an average selling price of $195.00, amounting to a total of $427,050.05. As a result of this sale, Zapolsky retains ownership of 62,420 shares valued at $12,171,900, indicating no change in his ownership percentage. This transaction was detailed in a filing with the SEC. In another development, CEO Andrew R. Jassy sold 20,784 shares on August 21 at an average price of $180.77, resulting in proceeds of $3,757,123.68. After this sale, Jassy continues to own 2,056,534 shares valued at $371,759,651.18, again reflecting no change in ownership percentage. Over the past ninety days, insiders have sold a total of 54,355 shares worth $9,877,423, and currently, insiders own 10.80% of the company’s stock.

Current Stock Performance of Amazon

As of Friday, Amazon's shares opened at $187.83. The company maintains a current ratio of 1.10, a quick ratio of 0.88, and a debt-to-equity ratio of 0.23. Amazon.com has a market capitalization of $1.95 trillion with a price-to-earnings ratio of 52.61, a PEG ratio of 1.38, and a beta of 1.14. The stock’s 50-day moving average stands at $183.50, while the 200-day moving average is $183.56. During the last year, Amazon's shares have experienced a low of $118.35 and a high of $201.20.

Amazon.com, Inc. last reported its earnings on August 1, announcing $1.23 earnings per share (EPS), exceeding analysts' projections of $1.05 by $0.18. The company displayed a return on equity of 21.39% and a net margin of 7.35%. The reported revenue for the quarter was $147.98 billion, slightly below the consensus view of $148.63 billion. Analysts broadly anticipate that Amazon.com will generate 4.85 earnings per share for the current fiscal year.

Overview of Amazon.com, Inc.

Amazon.com, Inc. engages in the retail sale of consumer goods, advertising, and subscription services, both online and in physical outlets across North America and worldwide. The company operates through three primary segments: North America, International, and Amazon Web Services (AWS). Additionally, Amazon manufactures and sells electronic devices such as Kindle e-readers, Fire tablets, Fire TVs, Echo, Ring, and Blink, while also developing and producing various media content.

Amazon, Shares, Finance