Principal Financial Group Inc. Trims Stake in Advanced Micro Devices, Inc. (NASDAQ:AMD)

Principal Financial Group Inc. trimmed its stake in shares of Advanced Micro Devices, Inc. (NASDAQ:AMD - Free Report) by 22.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,858,864 shares of the semiconductor manufacturer's stock after selling 527,802 shares during the quarter. Principal Financial Group Inc. owned 0.12% of Advanced Micro Devices worth $190,980,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AMD. Brighton Jones LLC grew its position in shares of Advanced Micro Devices by 178.2% during the 4th quarter. Brighton Jones LLC now owns 45,956 shares of the semiconductor manufacturer's stock valued at $5,551,000 after purchasing an additional 29,438 shares in the last quarter. Revolve Wealth Partners LLC grew its position in shares of Advanced Micro Devices by 2.9% during the 4th quarter. Revolve Wealth Partners LLC now owns 8,283 shares of the semiconductor manufacturer's stock valued at $1,001,000 after purchasing an additional 234 shares in the last quarter. Bank Pictet & Cie Europe AG grew its position in shares of Advanced Micro Devices by 12.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 264,574 shares of the semiconductor manufacturer's stock valued at $31,958,000 after purchasing an additional 29,825 shares in the last quarter. Keybank National Association OH grew its position in shares of Advanced Micro Devices by 3.4% during the 4th quarter. Keybank National Association OH now owns 65,226 shares of the semiconductor manufacturer's stock valued at $7,879,000 after purchasing an additional 2,173 shares in the last quarter. Finally, Triad Wealth Partners LLC purchased a new position in shares of Advanced Micro Devices during the 4th quarter valued at $326,000. 71.34% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on AMD. Susquehanna reduced their price target on shares of Advanced Micro Devices from $150.00 to $135.00 and set a "positive" rating for the company in a research report on Thursday, April 24th. UBS Group dropped their price objective on shares of Advanced Micro Devices from $155.00 to $150.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Wedbush reaffirmed an "outperform" rating and set a $120.00 price objective (up from $115.00) on shares of Advanced Micro Devices in a report on Wednesday, May 7th. TD Cowen lifted their price objective on shares of Advanced Micro Devices from $110.00 to $115.00 and gave the stock a "buy" rating in a report on Wednesday, May 7th. Finally, Robert W. Baird dropped 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 report on Wednesday, May 7th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty-two have issued a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $138.74.

Advanced Micro Devices Trading Down 0.4%

Shares of NASDAQ:AMD traded down $0.59 during midday trading on Friday, hitting $137.93. 28,645,993 shares of the stock traded hands, compared to its average volume of 42,055,866. The stock has a market capitalization of $223.64 billion, a PE ratio of 101.42, a P/E/G ratio of 1.78 and a beta of 2.05. The business's 50 day moving average is $117.84 and its two-hundred day moving average is $111.51. The company has a quick ratio of 1.97, a current ratio of 2.80 and a debt-to-equity ratio of 0.06. Advanced Micro Devices, Inc. has a one year low of $76.48 and a one year high of $187.28.

Advanced Micro Devices (NASDAQ:AMD - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The semiconductor manufacturer reported $0.96 EPS for the quarter, beating the consensus estimate of $0.93 by $0.03. The firm had revenue of $7.44 billion during the quarter, compared to the consensus estimate of $7.10 billion. Advanced Micro Devices had a net margin of 8.03% and a return on equity of 8.30%. The company's quarterly revenue was up 35.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.62 earnings per share. As a group, 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 approved a stock repurchase plan on Wednesday, May 14th that permits the company to buyback $6.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to purchase up to 3.1% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's management believes its stock is undervalued.

Insider Activity at Advanced Micro Devices

In other news, EVP Mark D. Papermaster sold 17,500 shares of the company's stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $95.47, for a total transaction of $1,670,725.00. Following the completion of the transaction, the executive vice president directly owned 1,713,710 shares of the company's stock, valued at approximately $163,607,893.70. This represents a 1.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company 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.