Azimuth Capital Investment Management LLC Purchases 26,635 Shares of Advanced Micro Devices, Inc. (NASDAQ:AMD)

Key Points

• Azimuth Capital Investment Management LLC increased its stake in Advanced Micro Devices (AMD) by 49.7%, acquiring an additional 26,635 shares to hold a total of 80,249 shares worth approximately $8.25 million.
• Several other firms also boosted their holdings or initiated positions in AMD, with 71.34% of the company's stock currently owned by institutional investors.
• Analysts have mixed sentiments about AMD, with a consensus rating of "Moderate Buy" and an average price target of $180.12, indicating a potential upside from current trading levels.

Azimuth Capital Investment Management LLC raised its holdings in shares of Advanced Micro Devices, Inc. (NASDAQ:AMD - Free Report) by 49.7% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 80,249 shares of the semiconductor manufacturer's stock after acquiring an additional 26,635 shares during the quarter. Azimuth Capital Investment Management LLC's holdings in Advanced Micro Devices were worth $8,245,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in AMD. Brighton Jones LLC grew its stake in shares of 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 in the last quarter. Revolve Wealth Partners LLC grew its stake in shares of 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 in the last quarter. Bank Pictet & Cie Europe AG boosted its position in Advanced Micro Devices by 12.7% during 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. Main Street Financial Solutions LLC boosted its position in Advanced Micro Devices by 3.9% during the fourth quarter. Main Street Financial Solutions LLC now owns 2,598 shares of the semiconductor manufacturer's stock worth $314,000 after purchasing an additional 98 shares during the period. Finally, Farringdon Capital Ltd. bought a new position in Advanced Micro Devices during the fourth quarter worth $226,000. 71.34% of the stock is owned by institutional investors.

Insider Activity

In related news, EVP Paul Darren Grasby sold 10,000 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $173.21, for a total value of $1,732,100.00. Following the sale, the executive vice president directly owned 125,505 shares in the company, valued at $21,738,721.05. This represents a 7.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Mark D. Papermaster sold 17,998 shares of the company'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 value of $2,790,229.94. Following the completion of 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 disclosure for this sale can be found here. Insiders own 0.06% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on AMD. Dbs Bank cut shares of Advanced Micro Devices from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 8th. Wall Street Zen raised shares of Advanced Micro Devices from a "sell" rating to a "hold" rating in a research report on Monday, May 12th. Loop Capital reduced their price objective on shares of Advanced Micro Devices from $175.00 to $140.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Stifel Nicolaus lifted their price objective on shares of Advanced Micro Devices from $161.00 to $190.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Finally, Robert W. Baird reduced their price objective on shares of Advanced Micro Devices from $175.00 to $140.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating, twenty-two have given a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $180.12.

Advanced Micro Devices Trading Down 1.9%

Shares of NASDAQ:AMD traded down $3.44 during midday trading on Friday, hitting $177.51. 51,411,840 shares of the stock were exchanged, compared to its average volume of 70,300,688. The stock has a market capitalization of $288.07 billion, a price-to-earnings ratio of 102.02, a P/E/G ratio of 2.10 and a beta of 1.94. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.81 and a current ratio of 2.49. The business's 50-day moving average price is $150.71 and its 200 day moving average price is $120.28. Advanced Micro Devices, Inc. has a 12 month low of $76.48 and a 12 month high of $186.65.

Advanced Micro Devices (NASDAQ:AMD - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The semiconductor manufacturer reported $0.48 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.06). The firm had revenue of $7.69 billion for the quarter, compared to the consensus estimate of $7.41 billion. Advanced Micro Devices had a return on equity of 7.54% and a net margin of 9.57%. The business's revenue for the quarter was up 31.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.69 earnings per share. Analysts predict that Advanced Micro Devices, Inc. will post 3.87 earnings per share for the current year.

Advanced Micro Devices announced that its Board of Directors has approved a stock buyback plan on Wednesday, May 14th that authorizes the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to purchase 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.

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.