Advanced Micro Devices, Inc. (NASDAQ:AMD) Shares Sold by Thornburg Investment Management Inc.

Key Points

• Thornburg Investment Management Inc. reduced its stake in Advanced Micro Devices by 18.4%, now holding 152,484 shares valued at approximately $15.67 million.
• Advanced Micro Devices reported $0.96 earnings per share for their last quarter, exceeding estimates and representing a 35.9% increase in revenue year-over-year.
• The company has initiated a $6.00 billion stock buyback program, indicating management's belief that its shares are undervalued.

Thornburg Investment Management Inc. trimmed its holdings in Advanced Micro Devices, Inc. (NASDAQ:AMD - Free Report) by 18.4% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 152,484 shares of the semiconductor manufacturer's stock after selling 34,350 shares during the period. Thornburg Investment Management Inc.'s holdings in Advanced Micro Devices were worth $15,666,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Greenline Partners LLC acquired a new stake in Advanced Micro Devices during the fourth quarter worth about $28,000. Mpwm Advisory Solutions LLC purchased a new stake in Advanced Micro Devices in the fourth quarter valued at approximately $30,000. Summit Securities Group LLC acquired a new position in Advanced Micro Devices during the fourth quarter worth $31,000. Farmers & Merchants Trust Co of Chambersburg PA boosted its position in shares of Advanced Micro Devices by 277.8% during the first quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 272 shares of the semiconductor manufacturer's stock worth $28,000 after buying an additional 200 shares during the period. Finally, American Capital Advisory LLC grew its stake in shares of Advanced Micro Devices by 90.3% in the first quarter. American Capital Advisory LLC now owns 274 shares of the semiconductor manufacturer's stock valued at $28,000 after buying an additional 130 shares in the last quarter. 71.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Cantor Fitzgerald reiterated an "overweight" rating on shares of Advanced Micro Devices in a research note on Monday, June 9th. Jefferies Financial Group boosted their target price on shares of Advanced Micro Devices from $100.00 to $160.00 in a research note on Wednesday, July 16th. DZ Bank upgraded shares of Advanced Micro Devices from a "hold" rating to a "buy" rating and set a $118.00 target price for the company in a research note on Thursday, May 8th. KeyCorp cut shares of Advanced Micro Devices from an "overweight" rating to a "sector weight" rating in a research report on Tuesday, April 8th. Finally, The Goldman Sachs Group raised shares of Advanced Micro Devices to a "hold" rating and set a $140.00 price target for the company in a research report on Thursday, July 10th. 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 company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $156.61.

Insider Activity at Advanced Micro Devices

In other news, EVP Mark D. Papermaster sold 17,998 shares of the business's stock in a transaction that occurred on 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 owned 1,713,710 shares in the company, valued at $265,676,461.30. The trade was a 1.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.06% of the stock is owned by insiders.

Advanced Micro Devices Trading Up 4.3%

Shares of NASDAQ:AMD opened at $173.66 on Tuesday. The company has a 50 day moving average of $133.42 and a 200-day moving average of $114.81. The firm has a market cap of $281.57 billion, a P/E ratio of 127.69, a P/E/G ratio of 2.20 and a beta of 2.05. Advanced Micro Devices, Inc. has a twelve month low of $76.48 and a twelve month high of $174.70. The company has a current ratio of 2.80, a quick ratio of 1.97 and a debt-to-equity ratio of 0.06.

Advanced Micro Devices (NASDAQ:AMD - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The semiconductor manufacturer reported $0.96 earnings per share for the quarter, topping analysts' consensus estimates of $0.93 by $0.03. The company had revenue of $7.44 billion during the quarter, compared to analyst estimates of $7.10 billion. Advanced Micro Devices had a net margin of 8.03% and a return on equity of 8.30%. The business's revenue for the quarter was up 35.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.62 EPS. As a group, analysts anticipate that Advanced Micro Devices, Inc. will post 3.87 earnings per share for the current fiscal year.

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

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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