Scotia Capital Inc. Sells 33,477 Shares of Advanced Micro Devices, Inc. (NASDAQ:AMD)

Key Points

• Scotia Capital Inc. reduced its holdings in Advanced Micro Devices, Inc. by 17.8%, selling 33,477 shares and ending up with 154,370 shares valued at approximately $15.86 million.
• Advanced Micro Devices announced a $6 billion stock buyback plan, suggesting the board believes its shares are currently undervalued.
• Analysts have set a consensus price target of $162.94 for AMD, indicating a positive outlook with multiple buy ratings amidst a Moderate Buy consensus.

Scotia Capital Inc. cut its holdings in shares of Advanced Micro Devices, Inc. (NASDAQ:AMD - Free Report) by 17.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 154,370 shares of the semiconductor manufacturer's stock after selling 33,477 shares during the quarter. Scotia Capital Inc.'s holdings in Advanced Micro Devices were worth $15,860,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Toronto Dominion Bank lifted its holdings in shares of Advanced Micro Devices by 443.3% during the 4th 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 during the last quarter. Nicolet Bankshares Inc. raised its stake in shares of Advanced Micro Devices by 56.4% in the 4th quarter. Nicolet Bankshares Inc. now owns 3,523 shares of the semiconductor manufacturer's stock valued at $426,000 after acquiring an additional 1,271 shares in the last quarter. Bank Pictet & Cie Europe AG raised its stake in shares of Advanced Micro Devices by 12.7% in 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 acquiring an additional 29,825 shares in the last quarter. Heritage Trust Co bought a new position in shares of Advanced Micro Devices in the 4th quarter valued at approximately $804,000. Finally, Valicenti Advisory Services Inc. raised its stake in shares of Advanced Micro Devices by 4.0% in the 1st quarter. Valicenti Advisory Services Inc. now owns 76,826 shares of the semiconductor manufacturer's stock valued at $7,893,000 after acquiring an additional 2,944 shares in the last quarter. 71.34% of the stock is currently owned by institutional investors and hedge funds.

Advanced Micro Devices Trading Down 1.9%

Shares of AMD traded down $3.40 during trading hours on Tuesday, hitting $173.38. The company had a trading volume of 20,031,186 shares, compared to its average volume of 44,565,320. The firm has a market cap of $281.12 billion, a P/E ratio of 127.09, a P/E/G ratio of 2.27 and a beta of 1.94. The stock's 50 day moving average price is $139.91 and its 200 day moving average price is $116.83. 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 52-week low of $76.48 and a 52-week high of $182.50.

Advanced Micro Devices (NASDAQ:AMD - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The semiconductor manufacturer reported $0.96 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.93 by $0.03. The company 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%. Advanced Micro Devices's revenue was up 35.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.62 EPS. On average, research analysts predict that Advanced Micro Devices, Inc. will post 3.87 EPS for the current year.

Advanced Micro Devices announced that its Board of Directors 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 purchase up to 3.1% of its stock through open market purchases. Stock buyback plans are often an indication that the company's management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on AMD shares. Wedbush reissued an "outperform" rating and issued a $120.00 price objective (up from $115.00) on shares of Advanced Micro Devices in a research note on Wednesday, May 7th. The Goldman Sachs Group raised Advanced Micro Devices to a "hold" rating and set a $140.00 price target on the stock in a research report on Thursday, July 10th. Sanford C. Bernstein lifted their price target on Advanced Micro Devices from $95.00 to $140.00 and gave the stock a "market perform" rating in a research report on Monday, July 21st. Loop Capital dropped their price target on Advanced Micro Devices from $175.00 to $140.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Finally, Seaport Res Ptn raised Advanced Micro Devices to a "strong-buy" rating in a research report on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, twenty-three have assigned a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $162.94.

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 value of $2,790,229.94. Following the sale, the executive vice president directly 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 document filed with the SEC, which is available through the SEC website. 0.06% of the stock is currently owned by corporate insiders.

Advanced Micro Devices Company 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.