Advanced Micro Devices, Inc. (NASDAQ:AMD) Shares Sold by King Luther Capital Management Corp

Key Points

• King Luther Capital Management Corp reduced its stake in Advanced Micro Devices by 7.9%, now holding 43,233 shares valued at approximately $4.44 million.
• Several hedge funds have significantly increased their positions in AMD, including Brighton Jones LLC, which raised its stake by 178.2% in the fourth quarter.
• Advanced Micro Devices reported $0.48 earnings per share for the latest quarter, falling short of analysts' estimates, despite a revenue increase of 31.7% year over year.

King Luther Capital Management Corp lowered its stake in shares of Advanced Micro Devices, Inc. (NASDAQ:AMD - Free Report) by 7.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 43,233 shares of the semiconductor manufacturer's stock after selling 3,685 shares during the quarter. King Luther Capital Management Corp's holdings in Advanced Micro Devices were worth $4,442,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Brighton Jones LLC boosted its position 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 valued at $5,551,000 after buying an additional 29,438 shares during the last quarter. Revolve Wealth Partners LLC boosted its position 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 valued at $1,001,000 after buying an additional 234 shares during the last quarter. Bank Pictet & Cie Europe AG boosted its position 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 valued at $31,958,000 after buying an additional 29,825 shares during the last quarter. Advisors Capital Management LLC boosted its position in Advanced Micro Devices by 1.0% in the fourth quarter. Advisors Capital Management LLC now owns 50,596 shares of the semiconductor manufacturer's stock valued at $6,112,000 after buying an additional 488 shares during the last quarter. Finally, Synovus Financial Corp boosted its position in Advanced Micro Devices by 24.7% in the fourth quarter. Synovus Financial Corp now owns 42,099 shares of the semiconductor manufacturer's stock valued at $5,085,000 after buying an additional 8,330 shares during the last quarter. Institutional investors and hedge funds own 71.34% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on AMD shares. Dbs Bank lowered Advanced Micro Devices from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 8th. TD Cowen upped their price objective on Advanced Micro Devices from $165.00 to $195.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. JPMorgan Chase & Co. upped their price objective on Advanced Micro Devices from $120.00 to $180.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 6th. UBS Group upped their price objective on Advanced Micro Devices from $150.00 to $210.00 and gave the stock a "buy" rating in a research report on Monday, July 28th. Finally, Raymond James Financial upped their price objective on Advanced Micro Devices from $120.00 to $200.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 6th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty-two have given a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $179.21.

Advanced Micro Devices Stock Down 0.3%

Shares of AMD opened at $172.28 on Tuesday. Advanced Micro Devices, Inc. has a 52-week low of $76.48 and a 52-week high of $182.50. The company has a market capitalization of $279.58 billion, a PE ratio of 99.01, a price-to-earnings-growth ratio of 2.07 and a beta of 1.94. The stock has a fifty day simple moving average of $145.71 and a two-hundred day simple moving average of $118.52. The company has a quick ratio of 1.81, a current ratio of 2.49 and a debt-to-equity ratio of 0.05.

Advanced Micro Devices (NASDAQ:AMD - Get Free Report) last issued its earnings results 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). Advanced Micro Devices had a return on equity of 7.54% and a net margin of 9.57%. The company had revenue of $7.69 billion during the quarter, compared to analyst estimates of $7.41 billion. During the same period last year, the business earned $0.69 earnings per share. The firm's revenue was up 31.7% compared to the same quarter last year. As a group, equities analysts forecast that Advanced Micro Devices, Inc. will post 3.87 EPS for the current year.

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

Insider Buying and Selling at Advanced Micro Devices

In other news, EVP Mark D. Papermaster sold 17,998 shares of the stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $155.03, for a total transaction of $2,790,229.94. Following the completion of the transaction, the executive vice president directly owned 1,713,710 shares in the company, valued at approximately $265,676,461.30. This represents a 1.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.06% of the company's stock.

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.

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