Tue Sep 17 07:18:50 UTC 2024: ## Levy Wealth Management Group Increases Amazon Stake Amidst Insider Selling

**Seattle, WA – September 17th, 2024** – Levy Wealth Management Group LLC, a prominent investment firm, has increased its holdings in Amazon.com, Inc. (NASDAQ:AMZN) by 1.2% during the second quarter, according to their latest 13F filing with the Securities and Exchange Commission. The firm now owns 8,887 shares of the e-commerce giant, representing a 0.4% portion of their portfolio.

This move by Levy Wealth Management comes as other institutional investors also adjust their Amazon positions. Pettinga Financial Advisors LLC, Pinnacle Wealth Management Advisory Group LLC, Spirit of America Management Corp NY, Moody Lynn & Lieberson LLC, and Yeomans Consulting Group Inc. all increased their holdings in the company during the second quarter. Notably, hedge funds and other institutional investors now own 72.20% of Amazon’s stock.

However, the increased institutional interest in Amazon coincides with insider selling. Notably, company founder Jeff Bezos sold 3,085,116 shares of Amazon stock on July 5th for a total of $617,239,158.12, decreasing his stake to 931,925,277 shares. Amazon CEO Andrew R. Jassy also sold 20,784 shares on August 21st, bringing his total holdings to 2,056,534 shares.

In total, insiders sold 6,104,317 shares of Amazon stock worth $1,220,621,322 over the last quarter, representing 10.80% of the company’s outstanding stock.

Amazon’s stock opened at $184.89 on Tuesday, with a market capitalization of $1.92 trillion. The company’s most recent earnings report, released on August 1st, showed a strong performance, exceeding analyst expectations with earnings per share of $1.23, compared to the consensus estimate of $1.05.

Despite the recent insider selling, the increased institutional investment in Amazon suggests continued confidence in the company’s long-term prospects. However, investors are likely watching closely to see how Amazon navigates the current economic climate and continues to innovate in its core business areas, particularly within e-commerce and cloud computing.

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