The Texas Permanent School Fund, a public endowment of the State of Texas, has hiked its stake in Tesla Inc TSLA, Amazon.com, Inc. AMZN, and Apple Inc AAPL during the third quarter of 2022, according to its 13-F filing. The $6.2-billion fund increased its stake in Tesla by adding 44,338 shares during the quarter after accounting for a 3-for-1 stock split, to take the value of its holding of the EV maker to $99.96 million.
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Top Buys: Tesla last week reported third-quarter revenue of $21.45 billion, up 56% year-over-year. The total came in shy of analysts' estimate of $21.96 billion. On Monday, Morgan Stanley analysts slashed the price target of the company from $350 to $330 while maintaining an ‘overweight’ rating, according to the Benzinga Analyst Stock Ratings tool. Tesla shares have lost over 44% so far this year.
The endowment has also upped its holding of Amazon by 8.5% in the quarter, taking its valuation to $141 million. The retail giant said on Tuesday that it would soon begin offering Venmo as a new payment option for orders placed on Amazon.com and the Amazon mobile app. Amazon shares have lost over 29% since the beginning of the year.
The fund also hiked its stake in Apple by more than 5%, taking the valuation of its holding to over $295 million, according to the filing.
Top Holdings: According to Whale Wisdom, Tesla, Amazon and Apple were the top buys of the fund during the quarter while Apple, Microsoft Corporation MSFT and Amazon were among the top holdings of the endowment.
Editor's Note: This story was updated to account for a Tesla stock split. We regret the error.
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