Billionaire Bill Ackman Pours $1,351,009,312 in One Dow 30 Stock That Bank of America and Goldman Sachs Are Bullish On

Billionaire and hedge fund manager Bill Ackman is allocating over $1 billion into a high-profile stock recently given bullish ratings by major Wall Street banks.

According to new filings , Pershing Square Capital Management – founded by Ackman in 2004 – has purchased $1.3 billion worth of Amazon (AMZN) stock, an asset that got strong ratings from financial services titans Bank of America (BofA) and Goldman Sachs.

The filings indicate that Pershing bought 5,823,316 shares of AMZN, making the asset 9.3% of its total portfolio. The document also reveals that out of the 12 entries, AMZN was the only stock not present on the firm’s Q1 sheet.

Pershing currently holds over $18.6 billion in assets under its management (AUM), according to data from AUM13F.

Earlier this month, both Bank of America and Goldman Sachs believed the stock was going to rise. At the time, BofA raised its target price for the stock from $265 to $272 while retaining its ‘Buy’ rating.

Meanwhile, Goldman Sachs raised its price target on AMZN to $240 from $220 on the same date while also maintaining its ‘Buy’ rating for the stock.

Other notable assets in Pershing’s portfolio include $2.8 billion worth of the ride-sharing platform Uber (UBER), $2.2 billion worth of the global asset manager Brookfield Corporation (BN), $2 billion worth of tech giant Alphabet (GOOG), $1.2 billion worth of Chipotle (CMG), as well as $1.5 billion worth of Restaurant Brands International (QSR).

AMZ is trading for $230.50 at time of writing, a fractional decrease during the last 24 hours.

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