Covea Finance Sells 48,113 Shares of Advanced Micro Devices, Inc. (NASDAQ:AMD)

Covea Finance decreased its position in shares of Advanced Micro Devices, Inc. (NASDAQ:AMD - Free Report) by 64.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 26,090 shares of the semiconductor manufacturer's stock after selling 48,113 shares during the period. Covea Finance's holdings in Advanced Micro Devices were worth $2,680,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Greenline Partners LLC bought a new stake in Advanced Micro Devices in the 4th quarter worth approximately $28,000. Halbert Hargrove Global Advisors LLC purchased a new position in shares of Advanced Micro Devices during the fourth quarter worth approximately $29,000. Mpwm Advisory Solutions LLC bought a new stake in shares of Advanced Micro Devices in the 4th quarter worth approximately $30,000. Summit Securities Group LLC bought a new stake in shares of Advanced Micro Devices in the 4th quarter worth approximately $31,000. Finally, IAG Wealth Partners LLC boosted its stake in shares of Advanced Micro Devices by 74.7% in the 4th quarter. IAG Wealth Partners LLC now owns 276 shares of the semiconductor manufacturer's stock valued at $33,000 after purchasing an additional 118 shares in the last quarter. Institutional investors own 71.34% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. HSBC upgraded shares of Advanced Micro Devices from a "reduce" rating to a "hold" rating in a research report on Tuesday, May 27th. Melius Research set a $110.00 price objective on Advanced Micro Devices in a report on Wednesday, May 7th. Hsbc Global Res raised Advanced Micro Devices from a "moderate sell" rating to a "hold" rating in a research note on Tuesday, May 27th. TD Cowen increased their target price on Advanced Micro Devices from $110.00 to $115.00 and gave the company a "buy" rating in a report on Wednesday, May 7th. Finally, Raymond James Financial restated an "outperform" rating and set a $120.00 price target (down from $150.00) on shares of Advanced Micro Devices in a research report on Wednesday, May 7th. Fifteen investment analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $134.61.

Advanced Micro Devices Trading Up 1.1%

Shares of NASDAQ AMD traded up $1.45 during midday trading on Friday, hitting $128.24. 79,777,415 shares of the company traded hands, compared to its average volume of 41,681,040. Advanced Micro Devices, Inc. has a 12-month low of $76.48 and a 12-month high of $187.28. The firm has a market cap of $207.93 billion, a P/E ratio of 94.29, a P/E/G ratio of 1.66 and a beta of 1.99. The stock has a 50-day moving average price of $108.14 and a 200 day moving average price of $110.87. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.97 and a current ratio of 2.80.

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

Advanced Micro Devices announced that its board has approved a stock repurchase program on Wednesday, May 14th that allows the company to buyback $6.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to buy up to 3.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board of directors believes its stock is undervalued.

Insider Activity

In other news, EVP Mark D. Papermaster sold 17,500 shares of the company's stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $95.47, for a total value of $1,670,725.00. Following the sale, the executive vice president now directly owns 1,713,710 shares of the company's stock, valued at $163,607,893.70. This represents a 1.01% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.06% of the stock is currently owned by company insiders.

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.