PNC Financial Services Group Inc. Boosts Stake in Advanced Micro Devices, Inc. $AMD

Key Points

• PNC Financial Services Group increased its AMD stake by 5.6% in the first quarter, buying 21,176 additional shares and bringing its total holding to 398,119 shares valued at about $80.99 million.
• AMD is drawing fresh attention from investors because of its Anthropic partnership, which could involve up to 2GW of Instinct MI450 GPUs and potentially become a major new revenue source.
• The company continues to see strong Wall Street support, with analysts lifting price targets as AMD’s recent earnings beat expectations and revenue rose 37.8% year over year.

PNC Financial Services Group Inc. lifted its stake in shares of Advanced Micro Devices, Inc. (NASDAQ:AMD - Free Report) by 5.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 398,119 shares of the semiconductor manufacturer's stock after buying an additional 21,176 shares during the period. PNC Financial Services Group Inc.'s holdings in Advanced Micro Devices were worth $80,989,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in AMD. Columbia Bank raised its stake in shares of Advanced Micro Devices by 0.7% in the first quarter. Columbia Bank now owns 5,188 shares of the semiconductor manufacturer's stock worth $1,055,000 after purchasing an additional 34 shares during the last quarter. Evolution Wealth Management Inc. boosted its position in Advanced Micro Devices by 11.0% in the first quarter. Evolution Wealth Management Inc. now owns 352 shares of the semiconductor manufacturer's stock valued at $72,000 after buying an additional 35 shares during the last quarter. Focused Wealth Management Inc increased its holdings in Advanced Micro Devices by 2.7% in the 1st quarter. Focused Wealth Management Inc now owns 1,431 shares of the semiconductor manufacturer's stock worth $291,000 after buying an additional 37 shares during the period. James J. Burns & Company LLC increased its holdings in Advanced Micro Devices by 2.3% in the 4th quarter. James J. Burns & Company LLC now owns 1,816 shares of the semiconductor manufacturer's stock worth $389,000 after buying an additional 40 shares during the period. Finally, Private Wealth Management Group LLC raised its position in Advanced Micro Devices by 24.8% during the 1st quarter. Private Wealth Management Group LLC now owns 201 shares of the semiconductor manufacturer's stock worth $41,000 after buying an additional 40 shares during the last quarter. 71.34% of the stock is owned by hedge funds and other institutional investors.

Advanced Micro Devices News Summary

Here are the key news stories impacting Advanced Micro Devices this week:

• Positive Sentiment: Anthropic’s multi-year plan to deploy up to 2GW of AMD Instinct MI450 GPUs could become a major new revenue stream for AMD. AMD and Anthropic Sign Major Chips-and-Investment Deal
• Positive Sentiment: AMD’s planned investment in Anthropic signals a deeper strategic alliance and could help the company win more AI infrastructure customers. AMD to invest up to $5 billion in Anthropic, WSJ Reports
• Positive Sentiment: Analysts are becoming more confident that the Anthropic deal can improve AMD’s long-term revenue outlook and help narrow the gap with Nvidia. AMD Stock Rises as Wells Fargo Gains ‘Further Confidence’ in Revenue after Anthropic Deal
• Neutral Sentiment: AMD also remains in focus ahead of its Aug. 4 earnings report and upcoming AI event, keeping expectations elevated for more customer wins and product updates.

Advanced Micro Devices Price Performance

Advanced Micro Devices stock opened at $552.33 on Thursday. The stock has a market capitalization of $900.63 billion, a P/E ratio of 181.09, a P/E/G ratio of 1.58 and a beta of 2.47. The company's fifty day moving average price is $508.85 and its 200 day moving average price is $337.19. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.96 and a current ratio of 2.72. Advanced Micro Devices, Inc. has a 1 year low of $149.22 and a 1 year high of $584.73.

Advanced Micro Devices (NASDAQ:AMD - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The semiconductor manufacturer reported $1.37 earnings per share for the quarter, topping analysts' consensus estimates of $1.29 by $0.08. Advanced Micro Devices had a net margin of 13.37% and a return on equity of 9.55%. The company had revenue of $10.25 billion during the quarter, compared to analysts' expectations of $9.90 billion. During the same period in the prior year, the business posted $0.96 earnings per share. The firm's revenue for the quarter was up 37.8% on a year-over-year basis. As a group, equities research analysts anticipate that Advanced Micro Devices, Inc. will post 6.25 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Oppenheimer cut shares of Advanced Micro Devices from a "market perform" rating to a "market perform" rating in a research note on Wednesday, May 6th. Morgan Stanley raised their target price on shares of Advanced Micro Devices from $360.00 to $410.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 6th. KeyCorp boosted their target price on shares of Advanced Micro Devices from $530.00 to $725.00 and gave the company an "overweight" rating in a research report on Tuesday, July 14th. Royal Bank Of Canada upped their price target on shares of Advanced Micro Devices from $325.00 to $400.00 and gave the company a "sector perform" rating in a report on Wednesday, May 6th. Finally, Cantor Fitzgerald lifted their price objective on Advanced Micro Devices from $500.00 to $700.00 and gave the company an "overweight" rating in a research note on Monday, June 29th. Two analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Advanced Micro Devices presently has an average rating of "Moderate Buy" and an average target price of $468.65.

Insider Activity

In other Advanced Micro Devices news, CEO Lisa T. Su sold 125,000 shares of the business's stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $460.69, for a total transaction of $57,586,250.00. Following the completion of the sale, the chief executive officer directly owned 2,896,899 shares in the company, valued at approximately $1,334,572,400.31. The trade was a 4.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Forrest Eugene Norrod sold 19,487 shares of the stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $431.40, for a total value of $8,406,691.80. Following the transaction, the executive vice president directly owned 324,527 shares of the company's stock, valued at $140,000,947.80. The trade was a 5.66% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 341,630 shares of company stock worth $152,147,456. Company insiders own 0.50% of the company's stock.

Advanced Micro Devices Profile

Advanced Micro Devices, Inc NASDAQ: AMD is a global semiconductor company that designs and sells microprocessors, graphics processors, chipsets and adaptive computing solutions for a broad set of markets. The company's product portfolio includes consumer and commercial CPUs under the Ryzen and Threadripper brands, data center processors under the EPYC brand, and Radeon graphics processing units for gaming and professional visualization. AMD also offers semi-custom system-on-chip (SoC) products for gaming consoles and other specialized applications, and provides supporting software and platform technologies for OEMs, cloud service providers and end users.

Founded in 1969, AMD has evolved from a supplier of logic chips into a diversified, fabless semiconductor designer.

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