5 Best Stocks To Buy For The Next 3 Months

2. Amazon.com, Inc. (NASDAQ:AMZN)

Number of Hedge Fund Holders: 240

In July 2022, Amazon.com, Inc. (NASDAQ:AMZN) agreed to acquire One Medical (NASDAQ:ONEM), a primary care platform that operates on a membership basis, for $18 per share. On February 22, Amazon.com, Inc. (NASDAQ:AMZN) completed the acquisition for a total cost of $3.9 billion. The company’s Q4 2022 revenue of $149.2 billion climbed 8.6% year-over-year, topping Wall Street estimates by $3.43 billion.

On February 14, Loop Capital analyst, Rob Sanderson, reiterated a Buy rating and a $140 price target on Amazon.com, Inc. (NASDAQ:AMZN), following its Q4 results earlier this month. 

According to Insider Monkey’s fourth quarter database, 240 hedge funds held stakes in Amazon.com, Inc. (NASDAQ:AMZN), compared to 269 funds in the earlier quarter. Harris Associates is a prominent stakeholder of the company, with 19.3 million shares worth $1.6 billion. 

Diamond Hill Large Cap Strategy made the following comment about Amazon.com, Inc. (NASDAQ:AMZN) in its Q4 2022 investor letter:

“At Amazon.com, Inc. (NASDAQ:AMZN), recessionary and inflationary headwinds drove weaker demand and higher costs for its AWS (Amazon Web Services) and retail businesses. While over investment in the retail business during the pandemic and continued growth of investments in AWS could lead to near-term pressure on profitability, we believe Amazon’s competitive advantages will continue to grow and that the business has the potential to grow much faster than the overall economy in the coming years.”

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