Independent Advisor Alliance Sells 13,254 Shares of Advanced Micro Devices, Inc. (NASDAQ:AMD)

Key Points

• Independent Advisor Alliance reduced its stake in Advanced Micro Devices (AMD) by 4.3%, owning 292,200 shares valued at approximately $30 million.
• Advanced Micro Devices reported earnings per share of $0.48 for the last quarter, missing estimates by $0.06, although revenue was up 31.7% year-over-year at $7.69 billion.
• The company announced a stock buyback plan of $6 billion, indicating the board's belief that shares are currently undervalued, while institutional investors own 71.34% of the company’s stock.

Independent Advisor Alliance reduced its holdings in Advanced Micro Devices, Inc. (NASDAQ:AMD - Free Report) by 4.3% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 292,200 shares of the semiconductor manufacturer's stock after selling 13,254 shares during the quarter. Advanced Micro Devices makes up about 1.0% of Independent Advisor Alliance's portfolio, making the stock its 16th largest holding. Independent Advisor Alliance's holdings in Advanced Micro Devices were worth $30,021,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC grew its holdings in Advanced Micro Devices by 178.2% in the fourth quarter. Brighton Jones LLC now owns 45,956 shares of the semiconductor manufacturer's stock worth $5,551,000 after purchasing an additional 29,438 shares during the period. Revolve Wealth Partners LLC grew its holdings in Advanced Micro Devices by 2.9% in the fourth quarter. Revolve Wealth Partners LLC now owns 8,283 shares of the semiconductor manufacturer's stock worth $1,001,000 after purchasing an additional 234 shares during the period. Bank Pictet & Cie Europe AG grew its holdings in Advanced Micro Devices by 12.7% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 264,574 shares of the semiconductor manufacturer's stock worth $31,958,000 after purchasing an additional 29,825 shares during the period. Glass Jacobson Investment Advisors llc grew its holdings in Advanced Micro Devices by 49.0% in the fourth quarter. Glass Jacobson Investment Advisors llc now owns 365 shares of the semiconductor manufacturer's stock worth $44,000 after purchasing an additional 120 shares during the period. Finally, Nicolet Bankshares Inc. grew its holdings in Advanced Micro Devices by 56.4% in the fourth quarter. Nicolet Bankshares Inc. now owns 3,523 shares of the semiconductor manufacturer's stock worth $426,000 after purchasing an additional 1,271 shares during the period. 71.34% of the stock is currently owned by institutional investors and hedge funds.

Advanced Micro Devices Trading Up 1.5%

Advanced Micro Devices stock traded up $2.67 during mid-day trading on Tuesday, reaching $174.95. 52,223,903 shares of the company traded hands, compared to its average volume of 69,126,600. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.49 and a quick ratio of 1.81. The firm's 50 day moving average price is $146.86 and its 200 day moving average price is $118.91. The firm has a market capitalization of $283.92 billion, a price-to-earnings ratio of 100.55, a P/E/G ratio of 1.99 and a beta of 1.94. Advanced Micro Devices, Inc. has a 52-week low of $76.48 and a 52-week high of $182.50.

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

Advanced Micro Devices declared that its board has initiated a stock buyback plan on Wednesday, May 14th that authorizes the company to buyback $6.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to reacquire up to 3.1% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Bank of America raised their price objective on shares of Advanced Micro Devices from $175.00 to $200.00 and gave the company a "buy" rating in a research note on Tuesday, July 29th. Loop Capital dropped their price target on shares of Advanced Micro Devices from $175.00 to $140.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. TD Cowen raised their price target on shares of Advanced Micro Devices from $165.00 to $195.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Stifel Nicolaus raised their price target on shares of Advanced Micro Devices from $161.00 to $190.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Finally, Melius raised shares of Advanced Micro Devices from a "hold" rating to a "buy" rating and set a $175.00 price target on the stock in a research report on Monday, June 23rd. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty-two have issued a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $179.21.

Insider Transactions at Advanced Micro Devices

In related news, EVP Paul Darren Grasby sold 10,000 shares of the stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $173.21, for a total transaction of $1,732,100.00. Following the sale, the executive vice president directly owned 125,505 shares of the company's stock, valued at approximately $21,738,721.05. This represents a 7.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Mark D. Papermaster sold 17,998 shares of the stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $155.03, for a total transaction of $2,790,229.94. Following the sale, the executive vice president directly owned 1,713,710 shares in the company, valued at $265,676,461.30. This trade represents a 1.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.06% of the stock is owned by corporate insiders.

About Advanced Micro Devices

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.