Salem Investment Counselors Inc. Grows Stock Holdings in Advanced Micro Devices, Inc. (NASDAQ:AMD)

Salem Investment Counselors Inc. grew its holdings in shares of Advanced Micro Devices, Inc. (NASDAQ:AMD) by 51.1% during the first quarter, HoldingsChannel reports. The firm owned 262,344 shares of the semiconductor manufacturer’s stock after purchasing an additional 88,721 shares during the quarter. Advanced Micro Devices accounts for approximately 0.9% of Salem Investment Counselors Inc.’s investment portfolio, making the stock its 23rd largest holding. Salem Investment Counselors Inc.’s holdings in Advanced Micro Devices were worth $26,953,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in AMD. Norges Bank acquired a new stake in shares of Advanced Micro Devices in the fourth quarter worth approximately $2,867,193,000. Toronto Dominion Bank raised its stake in Advanced Micro Devices by 443.3% during the fourth quarter. Toronto Dominion Bank now owns 5,467,956 shares of the semiconductor manufacturer’s stock worth $660,475,000 after purchasing an additional 4,461,609 shares during the period. Kovitz Investment Group Partners LLC boosted its holdings in shares of 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 purchasing an additional 2,889,739 shares during the last quarter. Northern Trust Corp grew its stake in shares of Advanced Micro Devices by 20.1% during 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 buying an additional 2,874,012 shares during the period. Finally, Van ECK Associates Corp grew its stake in shares of Advanced Micro Devices by 23.3% during the 4th quarter. Van ECK Associates Corp now owns 11,859,744 shares of the semiconductor manufacturer’s stock valued at $1,432,538,000 after buying an additional 2,238,866 shares during the period. Institutional investors and hedge funds own 71.34% of the company’s stock.

Insider Buying and Selling

In related news, EVP Mark D. Papermaster sold 17,500 shares of the stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $95.47, for a total value of $1,670,725.00. Following the transaction, the executive vice president now directly owns 1,713,710 shares in the company, valued at $163,607,893.70. This trade represents a 1.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.06% of the stock is currently owned by insiders.

Advanced Micro Devices Stock Performance

Advanced Micro Devices stock opened at $118.50 on Friday. The business has a 50 day moving average of $103.76 and a 200-day moving average of $111.65. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.62 and a quick ratio of 1.83. Advanced Micro Devices, Inc. has a 1 year low of $76.48 and a 1 year high of $187.28. The company has a market capitalization of $192.14 billion, a P/E ratio of 119.70, a P/E/G ratio of 1.11 and a beta of 1.99.

Advanced Micro Devices (NASDAQ:AMD) last released its quarterly earnings results on Tuesday, May 6th. The semiconductor manufacturer reported $0.96 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.03. Advanced Micro Devices had a return on equity of 7.42% and a net margin of 6.36%. The firm had revenue of $7.44 billion for the quarter, compared to analyst estimates of $7.10 billion. During the same quarter in the previous year, the company posted $0.62 EPS. The business’s revenue was up 35.9% on a year-over-year basis. On average, equities research analysts predict that Advanced Micro Devices, Inc. will post 3.87 earnings per share for the current year.

Advanced Micro Devices declared that its board has authorized a share repurchase plan on Wednesday, May 14th that permits the company to buyback $6.00 billion in outstanding 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 typically a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several equities research analysts have commented on AMD shares. Morgan Stanley dropped their price target on Advanced Micro Devices from $137.00 to $121.00 and set an “equal weight” rating for the company in a research note on Wednesday, May 7th. Loop Capital cut their price target on shares of Advanced Micro Devices from $175.00 to $140.00 and set a “buy” rating on the stock in a report on Wednesday, May 7th. UBS Group decreased 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 research note on Wednesday, May 7th. Rosenblatt Securities reissued a “buy” rating and issued a $200.00 price objective on shares of Advanced Micro Devices in a research report on Friday. Finally, Barclays raised their target price on shares of Advanced Micro Devices from $110.00 to $130.00 and gave the company an “overweight” rating in a research note on Friday, May 16th. Fifteen analysts have rated the stock with a hold rating, twenty have assigned a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $133.23.

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.