Scotiabank Shows Confidence in Amazon.com with New Coverage
On October 11, 2024, Scotiabank began its coverage of Amazon.com (SNSE:AMZN) with a strong Sector Outperform rating.
Growing Institutional Interest in Amazon
Currently, 6,846 funds and institutions hold positions in Amazon.com, marking an increase of 117 shareholders, or 1.74%, over the previous quarter. The average weight of Amazon in portfolios is now 2.50%, which has risen by 2.19%. Moreover, institutional ownership has grown by 5.67% in the last three months, reaching a total of 7,337,459K shares.
The Vanguard Total Stock Market Index Fund (VTSMX) currently owns 295,886K shares, which equates to 2.82% of the company. This shows a subtle increase from the previous 293,875K shares, reflecting a rise of 0.68%. Additionally, its portfolio allocation in Amazon grew by 4.90% in the last quarter.
Similarly, the Vanguard 500 Index Fund (VFINX) now holds 235,043K shares (2.24% ownership), a jump from last quarter’s 230,356K shares, an increase of 1.99%. Their overall portfolio allocation in Amazon improved by 3.48%.
Geode Capital Management increased its holdings in Amazon to 193,369K shares, which is 1.84% of the company. This represents an increase of 2.86% from the prior filing, with a portfolio increase of 4.66% over the last quarter.
On the other hand, Price T Rowe Associates reported a dip in shares from 189,705K to 181,610K, a decrease of 4.46%. However, they still managed a small rise of 0.13% in their Amazon allocation.
Lastly, J.P. Morgan Chase raised its holdings to 172,868K shares, a 1.65% stake overall, up from 171,742K shares or an increase of 0.65%. Their allocation in Amazon has risen by 4.72% in the last quarter.
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This article first appeared on Fintel.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
