PNC Financial Services Group Inc. Grows Stock Position in Advanced Micro Devices, Inc. (NASDAQ:AMD)

PNC Financial Services Group Inc. lifted its stake in Advanced Micro Devices, Inc. (NASDAQ:AMD - Free Report) by 4.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 330,842 shares of the semiconductor manufacturer's stock after purchasing an additional 13,530 shares during the period. PNC Financial Services Group Inc.'s holdings in Advanced Micro Devices were worth $33,991,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Toronto Dominion Bank raised its stake in Advanced Micro Devices by 443.3% in the fourth quarter. Toronto Dominion Bank now owns 5,467,956 shares of the semiconductor manufacturer's stock valued at $660,475,000 after buying an additional 4,461,609 shares in the last quarter. Kovitz Investment Group Partners LLC raised its stake in Advanced Micro Devices by 2,265.5% in the fourth quarter. Kovitz Investment Group Partners LLC now owns 3,017,294 shares of the semiconductor manufacturer's stock valued at $364,459,000 after buying an additional 2,889,739 shares in the last quarter. Northern Trust Corp raised its stake in Advanced Micro Devices by 20.1% in the fourth quarter. Northern Trust Corp now owns 17,155,522 shares of the semiconductor manufacturer's stock valued at $2,072,215,000 after buying an additional 2,874,012 shares in the last quarter. GAMMA Investing LLC raised its stake in Advanced Micro Devices by 12,097.8% in the first quarter. GAMMA Investing LLC now owns 2,008,978 shares of the semiconductor manufacturer's stock valued at $206,402,000 after buying an additional 1,992,508 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Advanced Micro Devices by 9.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 21,401,436 shares of the semiconductor manufacturer's stock valued at $2,585,079,000 after buying an additional 1,929,225 shares in the last quarter. 71.34% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

AMD has been the topic of a number of analyst reports. TD Cowen raised their price target on Advanced Micro Devices from $110.00 to $115.00 and gave the company a "buy" rating in a research note on Wednesday, May 7th. Melius upgraded Advanced Micro Devices from a "hold" rating to a "buy" rating and set a $175.00 target price on the stock in a research report on Monday, June 23rd. Piper Sandler set a $270.00 target price on Advanced Micro Devices and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Roth Capital set a $150.00 target price on Advanced Micro Devices and gave the stock a "buy" rating in a research report on Friday, June 13th. Finally, Jefferies Financial Group lifted their target price on Advanced Micro Devices from $100.00 to $160.00 in a research report on Wednesday, July 16th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, twenty-three have given a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $162.94.

Advanced Micro Devices Price Performance

Shares of AMD opened at $171.70 on Monday. Advanced Micro Devices, Inc. has a twelve month low of $76.48 and a twelve month high of $182.50. The stock's 50 day moving average is $138.58 and its two-hundred day moving average is $116.44. The firm has a market capitalization of $278.39 billion, a PE ratio of 126.25, a P/E/G ratio of 2.27 and a beta of 1.94. The company has a current ratio of 2.80, a quick ratio of 1.97 and a debt-to-equity ratio of 0.06.

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

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

Insider Activity at Advanced Micro Devices

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 stock was sold at an average price of $155.03, for a total transaction of $2,790,229.94. Following the sale, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.06% of the stock is 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.

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