TD Asset Management Inc Lowers Holdings in Advanced Micro Devices, Inc. (NASDAQ:AMD)

Key Points

• TD Asset Management Inc has reduced its stake in Advanced Micro Devices (AMD) by 6%, now holding approximately 1.24 million shares valued at about $127.37 million.
• Advanced Micro Devices reported $0.96 EPS for the last quarter, exceeding expectations with quarterly revenue of $7.44 billion, marking a year-over-year increase of 35.9%.
• The company announced a stock buyback plan allowing it to repurchase up to $6.00 billion in outstanding shares, indicating a belief that its stock is currently undervalued.

TD Asset Management Inc lessened its holdings in shares of Advanced Micro Devices, Inc. (NASDAQ:AMD - Free Report) by 6.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,239,753 shares of the semiconductor manufacturer's stock after selling 79,005 shares during the quarter. TD Asset Management Inc owned approximately 0.08% of Advanced Micro Devices worth $127,372,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AMD. Greenline Partners LLC bought a new position in shares of Advanced Micro Devices during the fourth quarter valued at $28,000. Mpwm Advisory Solutions LLC purchased a new position in Advanced Micro Devices in the fourth quarter worth about $30,000. Summit Securities Group LLC purchased a new position in Advanced Micro Devices in the fourth quarter worth about $31,000. Farmers & Merchants Trust Co of Chambersburg PA boosted its position in Advanced Micro Devices by 277.8% in the first quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 272 shares of the semiconductor manufacturer's stock worth $28,000 after purchasing an additional 200 shares during the last quarter. Finally, American Capital Advisory LLC boosted its position in Advanced Micro Devices by 90.3% in the first quarter. American Capital Advisory LLC now owns 274 shares of the semiconductor manufacturer's stock worth $28,000 after purchasing an additional 130 shares during the last quarter. 71.34% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Advanced Micro Devices

In related news, EVP Mark D. Papermaster sold 17,998 shares of the business's stock in a transaction 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 completion of the transaction, the executive vice president owned 1,713,710 shares in the company, valued at $265,676,461.30. The trade was a 1.04% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.06% of the stock is currently owned by insiders.

Advanced Micro Devices Trading Up 0.6%

Shares of NASDAQ AMD traded up $1.01 during trading hours on Wednesday, hitting $178.45. 33,191,021 shares of the company traded hands, compared to its average volume of 44,071,938. The stock has a market capitalization of $289.35 billion, a price-to-earnings ratio of 131.38, a price-to-earnings-growth ratio of 2.30 and a beta of 2.05. The company has a current ratio of 2.80, a quick ratio of 1.97 and a debt-to-equity ratio of 0.06. The company's 50 day moving average price is $134.69 and its 200 day moving average price is $115.25. Advanced Micro Devices, Inc. has a 12 month low of $76.48 and a 12 month high of $182.31.

Advanced Micro Devices (NASDAQ:AMD - Get Free Report) last posted its quarterly earnings data 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. Advanced Micro Devices had a return on equity of 8.30% and a net margin of 8.03%. The company had revenue of $7.44 billion during the quarter, compared to analysts' expectations of $7.10 billion. During the same quarter in the previous year, the business earned $0.62 EPS. Advanced Micro Devices's revenue was up 35.9% compared to the same quarter last year. On average, equities research analysts anticipate that Advanced Micro Devices, Inc. will post 3.87 earnings per share for the current fiscal year.

Advanced Micro Devices declared that its board has initiated a share buyback plan on Wednesday, May 14th that allows the company to buyback $6.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to buy up to 3.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's leadership believes its shares are undervalued.

Analyst Ratings Changes

Several research analysts have issued reports on AMD shares. Raymond James Financial reissued an "outperform" rating and issued a $120.00 target price (down from $150.00) on shares of Advanced Micro Devices in a research report on Wednesday, May 7th. HSBC raised Advanced Micro Devices from a "hold" rating to a "buy" rating and set a $200.00 target price on the stock in a research report on Thursday, July 10th. The Goldman Sachs Group raised Advanced Micro Devices to a "hold" rating and set a $140.00 target price on the stock in a research report on Thursday, July 10th. Bank of America lifted their price objective on Advanced Micro Devices from $175.00 to $200.00 and gave the company a "buy" rating in a research report on Tuesday. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Advanced Micro Devices in a research report on Monday, June 9th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-three have assigned a buy rating and five have given a strong buy rating to the stock. According to data from MarketBeat.com, Advanced Micro Devices currently has a consensus rating of "Moderate Buy" and a consensus target price of $162.94.

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.