Skandinaviska Enskilda Banken AB publ Decreases Stock Holdings in Advanced Micro Devices, Inc. (NASDAQ:AMD)

Key Points

• Skandinaviska Enskilda Banken AB publ reduced its holdings in Advanced Micro Devices (AMD) by 35.3%, now owning 433,995 shares valued at $44.59 million, after selling 236,377 shares in Q1.
• Advanced Micro Devices reported $7.44 billion in revenue for the last quarter, exceeding analysts' expectations and marking a 35.9% year-over-year increase.
• The company's Board of Directors has authorized a stock buyback plan of up to $6 billion, indicating a belief that shares are currently undervalued.

Skandinaviska Enskilda Banken AB publ cut its stake in shares of Advanced Micro Devices, Inc. (NASDAQ:AMD - Free Report) by 35.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 433,995 shares of the semiconductor manufacturer's stock after selling 236,377 shares during the period. Skandinaviska Enskilda Banken AB publ's holdings in Advanced Micro Devices were worth $44,589,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Norges Bank bought a new stake in Advanced Micro Devices in the 4th quarter valued at about $2,867,193,000. Toronto Dominion Bank raised its stake in Advanced Micro Devices by 443.3% in the 4th quarter. Toronto Dominion Bank now owns 5,467,956 shares of the semiconductor manufacturer's stock valued at $660,475,000 after acquiring an additional 4,461,609 shares during the period. Kovitz Investment Group Partners LLC raised its stake in Advanced Micro Devices by 2,265.5% in the 4th quarter. Kovitz Investment Group Partners LLC now owns 3,017,294 shares of the semiconductor manufacturer's stock valued at $364,459,000 after acquiring an additional 2,889,739 shares during the period. Northern Trust Corp raised its stake in Advanced Micro Devices by 20.1% in the 4th quarter. Northern Trust Corp now owns 17,155,522 shares of the semiconductor manufacturer's stock valued at $2,072,215,000 after acquiring an additional 2,874,012 shares during the period. Finally, GAMMA Investing LLC raised its stake in Advanced Micro Devices by 12,097.8% in the 1st quarter. GAMMA Investing LLC now owns 2,008,978 shares of the semiconductor manufacturer's stock valued at $206,402,000 after acquiring an additional 1,992,508 shares during the period. 71.34% of the stock is currently owned by institutional investors.

Advanced Micro Devices Trading Up 2.7%

AMD stock traded up $4.35 during trading on Friday, hitting $166.47. The company had a trading volume of 53,186,893 shares, compared to its average volume of 46,238,572. Advanced Micro Devices, Inc. has a 52-week low of $76.48 and a 52-week high of $174.05. The company has a 50 day simple moving average of $132.24 and a 200-day simple moving average of $114.51. The firm has a market capitalization of $269.91 billion, a P/E ratio of 122.40, a PEG ratio of 2.14 and a beta of 2.05. 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 (NASDAQ:AMD - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The semiconductor manufacturer reported $0.96 earnings per share for the quarter, beating analysts' consensus estimates of $0.93 by $0.03. Advanced Micro Devices had a net margin of 8.03% and a return on equity of 8.30%. The company had revenue of $7.44 billion during the quarter, compared to analyst estimates of $7.10 billion. During the same quarter last year, the business posted $0.62 EPS. The firm's revenue for the quarter was up 35.9% on a year-over-year basis. As a group, research analysts forecast that Advanced Micro Devices, Inc. will post 3.87 earnings per share for the current fiscal year.

Advanced Micro Devices announced that its Board of Directors has authorized a stock buyback program on Wednesday, May 14th that permits the company to repurchase $6.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to purchase up to 3.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Hsbc Global Res raised Advanced Micro Devices from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 10th. UBS Group cut their price objective on Advanced Micro Devices from $155.00 to $150.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Erste Group Bank raised Advanced Micro Devices from a "hold" rating to a "buy" rating in a report on Wednesday. Seaport Res Ptn raised Advanced Micro Devices to a "strong-buy" rating in a report on Wednesday, April 30th. Finally, Sanford C. Bernstein boosted their price objective on Advanced Micro Devices from $95.00 to $140.00 and gave the stock a "market perform" rating in a report on Monday. Eleven investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and five have assigned a strong buy rating to the company's stock. According to MarketBeat, Advanced Micro Devices currently has a consensus rating of "Moderate Buy" and a consensus price target of $154.68.

Insider Buying and Selling at Advanced Micro Devices

In other Advanced Micro Devices news, EVP Mark D. Papermaster sold 17,998 shares of the company's stock in a transaction 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 completion of the sale, the executive vice president directly owned 1,713,710 shares in the company, valued at approximately $265,676,461.30. This represents a 1.04% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate 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.