Pacer Advisors Inc. Lowers Holdings in Advanced Micro Devices, Inc. (NASDAQ:AMD)

Key Points

• Pacer Advisors Inc. reduced its stake in Advanced Micro Devices, Inc. by 17.3%, holding 192,453 shares valued at approximately $19.77 million after selling 40,365 shares in the first quarter.
• Advanced Micro Devices reported a net income of $0.96 earnings per share for its quarterly earnings, outperforming the consensus estimate by $0.03, and showing a 35.9% increase in revenue year-over-year.
• The company's Board of Directors approved a $6 billion share repurchase plan, indicating potential confidence in the stock's valuation, while institutional investors now control 71.34% of the company’s shares.

Pacer Advisors Inc. reduced its stake in shares of Advanced Micro Devices, Inc. (NASDAQ:AMD - Free Report) by 17.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 192,453 shares of the semiconductor manufacturer's stock after selling 40,365 shares during the quarter. Pacer Advisors Inc.'s holdings in Advanced Micro Devices were worth $19,773,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of AMD. Amazon Com Inc. purchased a new stake in Advanced Micro Devices in the first quarter valued at approximately $84,476,000. USAdvisors Wealth Management LLC boosted its stake in Advanced Micro Devices by 74.9% during the 1st quarter. USAdvisors Wealth Management LLC now owns 3,574 shares of the semiconductor manufacturer's stock worth $367,000 after purchasing an additional 1,530 shares during the period. Elefante Mark B boosted its stake in Advanced Micro Devices by 23.2% during the 1st quarter. Elefante Mark B now owns 28,516 shares of the semiconductor manufacturer's stock worth $2,930,000 after purchasing an additional 5,375 shares during the period. Avantax Advisory Services Inc. grew its position in Advanced Micro Devices by 7.0% during the 1st quarter. Avantax Advisory Services Inc. now owns 116,256 shares of the semiconductor manufacturer's stock worth $11,944,000 after purchasing an additional 7,630 shares during the last quarter. Finally, Tempus Wealth Planning LLC increased its stake in Advanced Micro Devices by 2.9% in the first quarter. Tempus Wealth Planning LLC now owns 5,870 shares of the semiconductor manufacturer's stock valued at $603,000 after purchasing an additional 168 shares during the period. 71.34% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Mark D. Papermaster sold 17,998 shares of the business'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 transaction, the executive vice president owned 1,713,710 shares of the company's stock, valued at $265,676,461.30. The trade was a 1.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.06% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

AMD has been the topic of a number of research reports. Robert W. Baird lowered their price target on Advanced Micro Devices from $175.00 to $140.00 and set an "outperform" rating on the stock in a report on Wednesday, May 7th. Dbs Bank downgraded Advanced Micro Devices from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 8th. Jefferies Financial Group boosted their target price on Advanced Micro Devices from $100.00 to $160.00 in a report on Wednesday, July 16th. Wedbush reaffirmed an "outperform" rating and set a $120.00 price target (up from $115.00) on shares of Advanced Micro Devices in a report on Wednesday, May 7th. Finally, Citigroup boosted their price objective on shares of Advanced Micro Devices from $145.00 to $165.00 and gave the company a "neutral" rating in a research note on Friday, July 18th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-three have assigned a buy rating and five have issued a strong buy rating to the company. Based on data from MarketBeat.com, Advanced Micro Devices currently has an average rating of "Moderate Buy" and an average price target of $162.94.

Advanced Micro Devices Price Performance

AMD stock traded up $1.84 on Wednesday, reaching $179.28. The company had a trading volume of 25,291,363 shares, compared to its average volume of 44,009,672. The company's fifty day moving average is $134.69 and its 200 day moving average is $115.25. The company has a market cap of $290.68 billion, a P/E ratio of 131.82, a PEG ratio of 2.30 and a beta of 2.05. 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, Inc. has a 1 year low of $76.48 and a 1 year high of $182.31.

Advanced Micro Devices (NASDAQ:AMD - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The semiconductor manufacturer reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.03. The business had revenue of $7.44 billion for 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 business's revenue was up 35.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.62 earnings per share. On average, research analysts forecast that Advanced Micro Devices, Inc. will post 3.87 earnings per share for the current year.

Advanced Micro Devices declared that its Board of Directors has authorized a stock 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 stock through open market purchases. Stock repurchase plans are generally a sign that the company's board 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.