Frank Rimerman Advisors LLC Raises Stock Position in Advanced Micro Devices, Inc. (NASDAQ:AMD)

Key Points

• Frank Rimerman Advisors LLC increased its stake in Advanced Micro Devices (AMD) by 44.8% during the 1st quarter, acquiring an additional 9,703 shares to own a total of 31,381 shares valued at approximately $3.22 million.
• Several institutional investors, including Goldman Sachs and Toronto Dominion Bank, significantly increased their positions in AMD, with Goldman Sachs growing its stake by 169.7% during the same quarter.
• AMD reported $0.48 EPS for the quarter, missing estimates, while revenue rose to $7.69 billion — a 31.7% increase compared to the previous year.

Frank Rimerman Advisors LLC increased its stake in Advanced Micro Devices, Inc. (NASDAQ:AMD - Free Report) by 44.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 31,381 shares of the semiconductor manufacturer's stock after purchasing an additional 9,703 shares during the quarter. Frank Rimerman Advisors LLC's holdings in Advanced Micro Devices were worth $3,224,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. grew its position in shares of Advanced Micro Devices by 169.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 9,855,341 shares of the semiconductor manufacturer's stock valued at $1,012,538,000 after acquiring an additional 6,200,850 shares during the period. Toronto Dominion Bank grew its position in shares of 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 valued at $660,475,000 after acquiring an additional 4,461,609 shares during the period. Kovitz Investment Group Partners LLC grew its position in shares of 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 valued at $364,459,000 after acquiring an additional 2,889,739 shares during the period. Northern Trust Corp grew its position in shares of 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 valued at $2,072,215,000 after acquiring an additional 2,874,012 shares during the period. Finally, Deutsche Bank AG grew its position in shares of Advanced Micro Devices by 27.9% during the 1st quarter. Deutsche Bank AG now owns 10,175,532 shares of the semiconductor manufacturer's stock valued at $1,045,434,000 after acquiring an additional 2,221,905 shares during the period. Hedge funds and other institutional investors own 71.34% of the company's stock.

Advanced Micro Devices Stock Up 0.2%

Shares of AMD stock opened at $172.76 on Friday. The stock has a market cap of $280.36 billion, a P/E ratio of 99.29, a PEG ratio of 2.06 and a beta of 1.94. Advanced Micro Devices, Inc. has a 52 week low of $76.48 and a 52 week high of $182.50. The company has a quick ratio of 1.97, a current ratio of 2.49 and a debt-to-equity ratio of 0.05. The company's fifty day simple moving average is $144.55 and its two-hundred day simple moving average is $118.25.

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

Advanced Micro Devices announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, May 14th that allows the company to buyback $6.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to repurchase up to 3.1% of its stock through open market purchases. Stock buyback plans are often a sign that the company's management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on AMD. Cantor Fitzgerald reissued an "overweight" rating and set a $200.00 price objective on shares of Advanced Micro Devices in a research report on Wednesday. Erste Group Bank raised shares of Advanced Micro Devices from a "hold" rating to a "buy" rating in a research report on Wednesday, July 23rd. Evercore ISI boosted their price objective on shares of Advanced Micro Devices from $144.00 to $188.00 and gave the company an "outperform" rating in a research report on Wednesday. Robert W. Baird cut 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. Finally, HSBC raised shares of Advanced Micro Devices from a "hold" rating to a "buy" rating and set a $200.00 price objective for the company in a research report on Thursday, July 10th. Thirteen research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $178.56.

Insider Activity

In other news, EVP Mark D. Papermaster sold 17,998 shares of the company's stock in a transaction dated 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 directly owned 1,713,710 shares in the company, valued at approximately $265,676,461.30. This represents a 1.04% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate 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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