Kovitz Investment Group Partners LLC Sells 1,225,322 Shares of Advanced Micro Devices, Inc. (NASDAQ:AMD)

Key Points

• Kovitz Investment Group Partners LLC reduced its stake in Advanced Micro Devices (AMD) by 40.6%, now holding approximately 1.79 million shares worth around $184 million.
• Advanced Micro Devices is seeing ongoing activity from institutional investors, with 71.34% of its stock currently held by them.
• Multiple analysts have revised their ratings for AMD recently, with some upgrades reflecting a consensus rating of "Moderate Buy" and a price target of approximately $179.21.

Kovitz Investment Group Partners LLC lessened its holdings in shares of Advanced Micro Devices, Inc. (NASDAQ:AMD - Free Report) by 40.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,791,972 shares of the semiconductor manufacturer's stock after selling 1,225,322 shares during the period. Advanced Micro Devices makes up 0.9% of Kovitz Investment Group Partners LLC's portfolio, making the stock its 24th biggest position. Kovitz Investment Group Partners LLC owned approximately 0.11% of Advanced Micro Devices worth $184,107,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Greenline Partners LLC bought a new stake in Advanced Micro Devices in the 4th quarter valued at approximately $28,000. Farmers & Merchants Trust Co of Chambersburg PA lifted its stake in Advanced Micro Devices by 277.8% in the 1st quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 272 shares of the semiconductor manufacturer's stock valued at $28,000 after acquiring an additional 200 shares in the last quarter. American Capital Advisory LLC lifted its stake in Advanced Micro Devices by 90.3% in the 1st quarter. American Capital Advisory LLC now owns 274 shares of the semiconductor manufacturer's stock valued at $28,000 after acquiring an additional 130 shares in the last quarter. Kozak & Associates Inc. lifted its stake in Advanced Micro Devices by 67.6% in the 1st quarter. Kozak & Associates Inc. now owns 305 shares of the semiconductor manufacturer's stock valued at $29,000 after acquiring an additional 123 shares in the last quarter. Finally, Mpwm Advisory Solutions LLC bought a new stake in Advanced Micro Devices in the 4th quarter valued at approximately $30,000. Institutional investors own 71.34% of the company's stock.

Analysts Set New Price Targets

AMD has been the topic of several research reports. Erste Group Bank upgraded Advanced Micro Devices from a "hold" rating to a "buy" rating in a research note on Wednesday, July 23rd. Cantor Fitzgerald reiterated an "overweight" rating and set a $200.00 price objective on shares of Advanced Micro Devices in a research note on Wednesday, August 6th. Melius Research upgraded Advanced Micro Devices from a "hold" rating to a "strong-buy" rating and upped their price objective for the stock from $110.00 to $175.00 in a research note on Monday, June 23rd. Wells Fargo & Company upped their price objective on Advanced Micro Devices from $120.00 to $185.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. Finally, Rosenblatt Securities reiterated a "buy" rating and set a $200.00 price objective on shares of Advanced Micro Devices in a research note on Friday, June 13th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty-two have assigned a buy rating and four have given a strong buy rating to the company's stock. Based on data from MarketBeat, Advanced Micro Devices presently has a consensus rating of "Moderate Buy" and an average target price of $180.12.

Advanced Micro Devices Stock Performance

NASDAQ AMD traded down $3.47 on Thursday, reaching $180.95. The stock had a trading volume of 66,165,573 shares, compared to its average volume of 69,515,504. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.49 and a quick ratio of 1.81. The firm has a fifty day moving average of $149.48 and a two-hundred day moving average of $119.82. Advanced Micro Devices, Inc. has a 1-year low of $76.48 and a 1-year high of $186.65. The company has a market cap of $293.65 billion, a P/E ratio of 103.99, a price-to-earnings-growth ratio of 2.18 and a beta of 1.94.

Advanced Micro Devices (NASDAQ:AMD - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The semiconductor manufacturer reported $0.48 EPS for the quarter, missing analysts' consensus estimates of $0.54 by ($0.06). The firm had revenue of $7.69 billion during the quarter, compared to analyst estimates of $7.41 billion. Advanced Micro Devices had a net margin of 9.57% and a return on equity of 7.54%. The business's quarterly revenue was up 31.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.69 earnings per share. On average, equities research analysts anticipate that Advanced Micro Devices, Inc. will post 3.87 EPS for the current year.

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

Insiders Place Their Bets

In other news, EVP Mark D. Papermaster sold 17,998 shares of the company's stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $155.03, for a total transaction of $2,790,229.94. Following the completion of 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Paul Darren Grasby sold 10,000 shares of the company's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $173.21, for a total value of $1,732,100.00. Following the sale, the executive vice president owned 125,505 shares of the company's stock, valued at approximately $21,738,721.05. The trade was a 7.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.06% of the company's stock.

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.