Forsta AP Fonden Reduces Holdings in Advanced Micro Devices, Inc. (NASDAQ:AMD)

Key Points

• Forsta AP Fonden reduced its stake in Advanced Micro Devices (NASDAQ:AMD) by 7.8%, now holding 380,561 shares worth approximately $39 million.
• The company's recent quarterly earnings report revealed $0.48 earnings per share, falling short of expectations, despite a 31.7% year-over-year revenue increase to $7.69 billion.
• Advanced Micro Devices' Board of Directors announced a $6.00 billion share buyback program, indicating confidence in the company's valuation.

Forsta AP Fonden cut its holdings in shares of Advanced Micro Devices, Inc. (NASDAQ:AMD - Free Report) by 7.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 380,561 shares of the semiconductor manufacturer's stock after selling 32,400 shares during the quarter. Forsta AP Fonden's holdings in Advanced Micro Devices were worth $39,099,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in AMD. Savvy Advisors Inc. grew its position in shares of Advanced Micro Devices by 18.0% in the first quarter. Savvy Advisors Inc. now owns 9,377 shares of the semiconductor manufacturer's stock valued at $963,000 after purchasing an additional 1,429 shares in the last quarter. LaSalle St. Investment Advisors LLC boosted its stake in Advanced Micro Devices by 32.5% in the 1st quarter. LaSalle St. Investment Advisors LLC now owns 5,502 shares of the semiconductor manufacturer's stock worth $565,000 after purchasing an additional 1,349 shares during the period. Brilliance Asset Management Ltd. bought a new position in Advanced Micro Devices in the 1st quarter worth about $603,000. AlphaCore Capital LLC grew its holdings in Advanced Micro Devices by 67.9% during the 1st quarter. AlphaCore Capital LLC now owns 7,239 shares of the semiconductor manufacturer's stock valued at $744,000 after buying an additional 2,927 shares in the last quarter. Finally, Fayez Sarofim & Co increased its position in shares of Advanced Micro Devices by 10.7% during the first quarter. Fayez Sarofim & Co now owns 20,712 shares of the semiconductor manufacturer's stock valued at $2,128,000 after buying an additional 2,010 shares during the period. 71.34% of the stock is owned by hedge funds and other institutional investors.

Advanced Micro Devices Trading Up 0.2%

Shares of NASDAQ:AMD traded up $0.36 during trading on Friday, reaching $172.76. 68,723,246 shares of the company traded hands, compared to its average volume of 66,889,100. The company has a current ratio of 2.49, a quick ratio of 1.97 and a debt-to-equity ratio of 0.05. Advanced Micro Devices, Inc. has a 52-week low of $76.48 and a 52-week high of $182.50. The firm has a market capitalization of $280.36 billion, a price-to-earnings ratio of 99.29, a P/E/G ratio of 2.06 and a beta of 1.94. The business's fifty day moving average is $144.55 and its 200-day moving average is $118.25.

Advanced Micro Devices (NASDAQ:AMD - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The semiconductor manufacturer reported $0.48 EPS for the quarter, missing analysts' consensus estimates of $0.54 by ($0.06). The firm had revenue of $7.69 billion for the quarter, compared to the consensus estimate of $7.41 billion. Advanced Micro Devices had a net margin of 9.57% and a return on equity of 7.54%. The company's quarterly revenue was up 31.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.69 earnings per share. As a group, analysts forecast that Advanced Micro Devices, Inc. will post 3.87 EPS for the current year.

Advanced Micro Devices announced that its Board of Directors has authorized a share buyback program on Wednesday, May 14th that allows the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to repurchase up to 3.1% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's board believes its shares are undervalued.

Insider Buying and Selling at Advanced Micro Devices

In related news, EVP Mark D. Papermaster sold 17,998 shares of the firm's stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $155.03, for a total value of $2,790,229.94. Following the sale, the executive vice president directly owned 1,713,710 shares of the company's stock, valued at $265,676,461.30. This trade represents a 1.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.06% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on AMD. Robert W. Baird cut their price objective on shares of Advanced Micro Devices from $175.00 to $140.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. Bank of America raised their price target on shares of Advanced Micro Devices from $175.00 to $200.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. Dbs Bank lowered shares of Advanced Micro Devices from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 8th. Barclays increased their price objective on Advanced Micro Devices from $130.00 to $200.00 and gave the stock an "overweight" rating in a research report on Wednesday. Finally, Citigroup boosted their target price on Advanced Micro Devices from $145.00 to $165.00 and gave the stock a "neutral" rating in a research report on Friday, July 18th. Thirteen equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $178.56.

Advanced Micro Devices Company Profile

Advanced Micro Devices, Inc operates as a semiconductor company worldwide. It operates through Data Center, Client, Gaming, and Embedded segments. The company offers x86 microprocessors and graphics processing units (GPUs) as an accelerated processing unit, chipsets, data center, and professional GPUs; and embedded processors, and semi-custom system-on-chip (SoC) products, microprocessor and SoC development services and technology, data processing unites, field programmable gate arrays (FPGA), and adaptive SoC products.