Advanced Micro Devices, Inc. (NASDAQ:AMD) Shares Sold by Marietta Investment Partners LLC

Key Points

• Marietta Investment Partners LLC significantly reduced its stake in Advanced Micro Devices, Inc. by 59.0% during the first quarter, now holding only 3,840 shares valued at $395,000 as of its last SEC filing.
• Institutional investors own approximately 71.34% of AMD's stock, with several hedge funds like Toronto Dominion Bank and Kovitz Investment Group Partners increasing their positions by large margins.
• AMD announced a $6.00 billion stock repurchase plan, which suggests that the board believes the company's stock is undervalued, alongside reporting a 35.9% year-over-year revenue increase in its last earnings results.

Marietta Investment Partners LLC cut its stake in Advanced Micro Devices, Inc. (NASDAQ:AMD - Free Report) by 59.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,840 shares of the semiconductor manufacturer's stock after selling 5,530 shares during the period. Marietta Investment Partners LLC's holdings in Advanced Micro Devices were worth $395,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Toronto Dominion Bank increased its position in Advanced Micro Devices by 443.3% during the 4th quarter. Toronto Dominion Bank now owns 5,467,956 shares of the semiconductor manufacturer's stock worth $660,475,000 after purchasing an additional 4,461,609 shares in the last quarter. Kovitz Investment Group Partners LLC increased its position in Advanced Micro Devices by 2,265.5% during the 4th quarter. Kovitz Investment Group Partners LLC now owns 3,017,294 shares of the semiconductor manufacturer's stock worth $364,459,000 after purchasing an additional 2,889,739 shares in the last quarter. Northern Trust Corp increased its position in Advanced Micro Devices by 20.1% during the 4th quarter. Northern Trust Corp now owns 17,155,522 shares of the semiconductor manufacturer's stock worth $2,072,215,000 after purchasing an additional 2,874,012 shares in the last quarter. GAMMA Investing LLC increased its position in Advanced Micro Devices by 12,097.8% during the 1st quarter. GAMMA Investing LLC now owns 2,008,978 shares of the semiconductor manufacturer's stock worth $206,402,000 after purchasing an additional 1,992,508 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Advanced Micro Devices by 9.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 21,401,436 shares of the semiconductor manufacturer's stock worth $2,585,079,000 after purchasing an additional 1,929,225 shares in the last quarter. 71.34% of the stock is owned by institutional investors and hedge funds.

Advanced Micro Devices Price Performance

NASDAQ AMD opened at $166.47 on Friday. Advanced Micro Devices, Inc. has a 52 week low of $76.48 and a 52 week high of $174.05. The company has a current ratio of 2.80, a quick ratio of 1.97 and a debt-to-equity ratio of 0.06. The stock has a market cap of $269.91 billion, a price-to-earnings ratio of 122.40, a price-to-earnings-growth ratio of 2.14 and a beta of 2.05. The company has a 50-day moving average price of $132.24 and a two-hundred day moving average price of $114.51.

Advanced Micro Devices (NASDAQ:AMD - Get Free Report) last posted its earnings results on Tuesday, May 6th. The semiconductor manufacturer reported $0.96 EPS for the quarter, topping the consensus estimate of $0.93 by $0.03. Advanced Micro Devices had a net margin of 8.03% and a return on equity of 8.30%. The firm had revenue of $7.44 billion during the quarter, compared to analysts' expectations of $7.10 billion. During the same quarter in the prior year, the firm earned $0.62 EPS. Advanced Micro Devices's quarterly revenue was up 35.9% on a year-over-year basis. Analysts forecast that Advanced Micro Devices, Inc. will post 3.87 EPS for the current year.

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

Analyst Ratings Changes

A number of research firms recently issued reports on AMD. Sanford C. Bernstein increased their target price on shares of Advanced Micro Devices from $95.00 to $140.00 and gave the stock a "market perform" rating in a research report on Monday, July 21st. Benchmark reissued a "buy" rating and set a $170.00 price target on shares of Advanced Micro Devices in a research report on Friday, June 13th. Erste Group Bank raised Advanced Micro Devices from a "hold" rating to a "buy" rating in a research report on Wednesday. Stifel Nicolaus reissued a "buy" rating and set a $132.00 price target on shares of Advanced Micro Devices in a research report on Friday, June 13th. Finally, Loop Capital reduced their price target on 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. Eleven research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and five have assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $154.68.

Insider Buying and Selling

In other news, EVP Mark D. Papermaster sold 17,998 shares of the stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $155.03, for a total value 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 $265,676,461.30. This trade represents a 1.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company 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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