Several Billionaires Just Loaded Up on Amazon Stock
Taking a look at which stocks billionaire hedge funds bought during a quarter is a smart move. One thing it can help you identify is which stock is growing in popularity. Amazon (NASDAQ: AMZN) was one of the most popular stocks of the quarter, and several major funds took stakes in Amazon.
David Tepper at Appaloosa Management nearly doubled his stake in Amazon during Q1, making it the largest position in his fund. Bill Ackman at Pershing Square Capital Management also added nearly 2 million shares in the quarter. Larry Robbins at Glenview Capital Management made Amazon the fourth-largest position in his portfolio and now holds a 6% stake in his fund.
Amazon was clearly a popular pick in Q1, but the stock has risen about 30% since March 31, when all of these funds had to declare their end-of-quarter holdings. Is it still a buy now?
Source Fool.com
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