5 New Stocks in Kamyar Khajavi’s MIK Capital Portfolio

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

MIK Capital’s Stake Value: $9,443,000

Percentage of MIK Capital’s 13F Portfolio: 4.79%

Number of Hedge Fund Holders: 271

In the second quarter, MIK Capital owned 2,745 shares in Amazon.com, Inc. (NASDAQ:AMZN), amounting to $9.4 million. Out of the hedge funds listed in Insider Monkey’s database, 271 out of 873 held stakes in the company in Q2, up from 243 out of 866 in the previous quarter.

On October 7, Cowen analyst John Blackledge maintained an Outperform rating on the shares while lowering the firm’s price target from $4,400 to $4,300.

In the Q2 2021 investor letter of ClearBridge Investments, the fund mentioned Amazon.com, Inc. (NASDAQ: AMZN). Here is what the fund said:

“The Strategy’s goal of generating strong risk-adjusted performance while investing in companies that can make a positive impact on society and the environment is often supported by holdings that are companies with significant customer bases, making our engagements with them effective platforms for driving change. This is the case with new holding Amazon.com, the leading retail e-commerce site and provider of web hosting and related cloud services that continues to benefit from the migration of commerce from offline to online. We initiated a position in Amazon based on its strength in several areas, including retail, its Amazon Web Services cloud business and advertising; from a valuation perspective, Amazon has become more attractive as profitability has improved and the stock has gone sideways in an up market.

ClearBridge has been holding interactive engagements with Amazon on several ESG issues for several years, including labor and environmental issues, and we have seen improvements over that time. From a sustainability perspective, Amazon has made meaningful ESG commitments and improved labor practices and it faces fewer regulatory issues than many large tech peers. Labor management remains a key focal point and the company has made increased commitments to its labor force, including in December 2018, when Amazon increased its minimum wage standard to $15 an hour in the U.S., well above the federal minimum wage standard. Amazon is also taking steps toward environmental sustainability that would put it ahead of peers if goals are achieved. In June 2019, Amazon set new targets to be carbon neutral by 2040 and to use 100% renewable energy by 2030…” (Click here to see the full text)