Advanced Micro Devices, Inc. (NASDAQ:AMD) Stake Cut by State of Michigan Retirement System

State of Michigan Retirement System cut its position in shares of Advanced Micro Devices, Inc. (NASDAQ:AMD - Free Report) by 17.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 803,040 shares of the semiconductor manufacturer's stock after selling 166,500 shares during the quarter. State of Michigan Retirement System's holdings in Advanced Micro Devices were worth $82,504,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Cerity Partners LLC raised its stake in shares of Advanced Micro Devices by 52.6% during the first quarter. Cerity Partners LLC now owns 659,007 shares of the semiconductor manufacturer's stock valued at $67,706,000 after purchasing an additional 227,075 shares in the last quarter. Financial Gravity Asset Management Inc. bought a new stake in shares of Advanced Micro Devices during the first quarter valued at about $35,000. Stonebrook Private Inc. raised its stake in shares of Advanced Micro Devices by 13.5% during the first quarter. Stonebrook Private Inc. now owns 8,491 shares of the semiconductor manufacturer's stock valued at $872,000 after purchasing an additional 1,010 shares in the last quarter. Leavell Investment Management Inc. raised its stake in shares of Advanced Micro Devices by 3.1% during the first quarter. Leavell Investment Management Inc. now owns 10,470 shares of the semiconductor manufacturer's stock valued at $1,076,000 after purchasing an additional 311 shares in the last quarter. Finally, Quotient Wealth Partners LLC raised its stake in shares of Advanced Micro Devices by 24.1% during the first quarter. Quotient Wealth Partners LLC now owns 6,924 shares of the semiconductor manufacturer's stock valued at $711,000 after purchasing an additional 1,344 shares in the last quarter. 71.34% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Advanced Micro Devices news, EVP Mark D. Papermaster sold 17,500 shares of the firm's stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $95.47, for a total value of $1,670,725.00. Following the completion of the transaction, the executive vice president directly owned 1,713,710 shares in the company, valued at $163,607,893.70. This trade represents a 1.01% 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. 0.06% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Roth Capital set a $150.00 target price on Advanced Micro Devices and gave the stock a "buy" rating in a report on Friday, June 13th. Susquehanna decreased their price objective on Advanced Micro Devices from $150.00 to $135.00 and set a "positive" rating for the company in a research report on Thursday, April 24th. Stifel Nicolaus restated a "buy" rating and set a $132.00 price objective on shares of Advanced Micro Devices in a research report on Friday, June 13th. Citigroup raised their price objective on Advanced Micro Devices from $120.00 to $145.00 and gave the stock a "neutral" rating in a research report on Monday. Finally, Melius upgraded Advanced Micro Devices from a "hold" rating to a "buy" rating and set a $175.00 price objective for the company in a research report on Monday, June 23rd. One research analyst has rated the stock with a sell rating, ten have given a hold rating, twenty-three have given a buy rating and five have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $147.00.

Advanced Micro Devices Stock Up 4.2%

Shares of Advanced Micro Devices stock opened at $144.16 on Friday. Advanced Micro Devices, Inc. has a 1 year low of $76.48 and a 1 year high of $187.11. The business has a 50-day moving average of $121.21 and a two-hundred day moving average of $112.07. The company has a market capitalization of $233.74 billion, a P/E ratio of 106.00, a price-to-earnings-growth ratio of 1.79 and a beta of 2.05. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.80 and a quick ratio of 1.97.

Advanced Micro Devices (NASDAQ:AMD - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The semiconductor manufacturer reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.03. The company had revenue of $7.44 billion during the quarter, compared to the consensus estimate of $7.10 billion. Advanced Micro Devices had a return on equity of 8.30% and a net margin of 8.03%. The company'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 company earned $0.62 earnings per share. As a group, equities analysts predict that Advanced Micro Devices, Inc. will post 3.87 EPS for the current year.

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

Advanced Micro Devices 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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