Lockheed Martin Investment Management Co. has reduced its stake in Amazon.com, Inc. (NASDAQ: AMZN) by 24.2% during the second quarter of 2023. According to the company’s latest Form 13F filing with the Securities and Exchange Commission (SEC), Lockheed Martin now holds 137,160 shares of the e-commerce giant after selling 43,800 shares during this period. This reduction positions Amazon as approximately 1.1% of Lockheed Martin’s overall portfolio, ranking it as the 25th largest holding.
At the end of the most recent reporting period, Lockheed Martin Investment Management Co.’s shares in Amazon were valued at about $30.1 million. The move reflects a broader trend among institutional investors, with several hedge funds adjusting their positions in the company.
Brighton Jones LLC increased its holdings in Amazon by 10.9% during the fourth quarter, acquiring an additional 397,007 shares. This brings their total to 4,036,091 shares, valued at approximately $885.5 million. Similarly, Revolve Wealth Partners LLC expanded its stake by 4.1%, now owning 25,045 shares worth around $5.5 million. Bank Pictet & Cie Europe AG grew its position by 2.8%, with its holdings totaling 2,016,869 shares valued at $442.5 million.
Highview Capital Management LLC DE also increased its Amazon holdings by 5.5%, now owning 28,975 shares worth roughly $6.4 million. Additionally, Liberty Square Wealth Partners LLC entered a new position in Amazon valued at about $2.2 million. Overall, institutional investors collectively own about 72.2% of Amazon’s stock.
Insider Trading Activity
In related news, Amazon’s CEO, Douglas J. Herrington, sold 4,784 shares of the company on November 17, 2023. The shares were sold at an average price of $232.71, resulting in a total transaction value of approximately $1.1 million. Following this sale, Herrington retains 498,182 shares in Amazon, valued at around $115.9 million. This sale represents a decrease of 0.95% in his position.
Additionally, Director Keith Brian Alexander sold 900 shares on the same day, at an average price of $233.00, totaling $209,700. After this transaction, Alexander holds 7,170 shares valued at approximately $1.7 million, marking an 11.15% decrease in his stake. In the last 90 days, insiders have sold a total of 82,234 shares worth around $19.1 million, and insiders currently own 9.7% of the company.
Amazon’s Recent Financial Performance
Amazon.com, Inc. recently reported its earnings for the third quarter of 2023 on October 30. The company announced earnings per share (EPS) of $1.95, exceeding analysts’ expectations of $1.57 by $0.38. Amazon achieved a return on equity of 23.84% and a net margin of 10.54%, with quarterly revenue reaching $180.2 billion. This figure surpasses the anticipated $177.5 billion and represents a 13.4% increase compared to the same quarter last year.
Looking ahead, Amazon has set its guidance for Q4 2023 at an EPS of $6.31. Analysts expect the company to report a full-year EPS of $6.31 for the current fiscal year.
Several equities analysts have recently updated their ratings for Amazon. BNP Paribas Exane initiated coverage with an “outperform” rating. The Goldman Sachs Group raised its price target from $240.00 to $275.00 while maintaining a “buy” rating. KeyCorp adjusted its price objective from $300.00 to $303.00, also issuing an “overweight” rating. Canaccord Genuity set a target price of $300.00 and reaffirmed a “buy” rating, while Wedbush reiterated an “outperform” rating with a price target of $340.00.
The stock currently has an average rating of “Moderate Buy” based on input from analysts, with a consensus target price of $295.78.
