Salem Investment Counselors Inc. Has $26.95 Million Stock Holdings in Advanced Micro Devices, Inc. (NASDAQ:AMD)

Salem Investment Counselors Inc. lifted its holdings in shares of Advanced Micro Devices, Inc. (NASDAQ:AMD) by 51.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 262,344 shares of the semiconductor manufacturer’s stock after purchasing an additional 88,721 shares during the quarter. Advanced Micro Devices makes up about 0.9% of Salem Investment Counselors Inc.’s holdings, making the stock its 23rd biggest position. Salem Investment Counselors Inc.’s holdings in Advanced Micro Devices were worth $26,953,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Norges Bank acquired a new stake in shares of Advanced Micro Devices in the fourth quarter worth $2,867,193,000. Toronto Dominion Bank grew its position 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 worth $660,475,000 after purchasing an additional 4,461,609 shares during the last quarter. Kovitz Investment Group Partners LLC increased its holdings in shares of Advanced Micro Devices by 2,265.5% during the 4th quarter. Kovitz Investment Group Partners LLC now owns 3,017,294 shares of the semiconductor manufacturer’s stock worth $364,459,000 after purchasing an additional 2,889,739 shares during the period. Northern Trust Corp raised its position in shares of Advanced Micro Devices by 20.1% during the fourth 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 last quarter. Finally, Van ECK Associates Corp lifted its stake in shares of Advanced Micro Devices by 23.3% in the fourth 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.

Advanced Micro Devices Trading Down 2.2%

Advanced Micro Devices stock opened at $118.50 on Friday. Advanced Micro Devices, Inc. has a one year low of $76.48 and a one year high of $187.28. The stock has a market cap of $192.14 billion, a PE ratio of 119.70, a price-to-earnings-growth ratio of 1.11 and a beta of 1.99. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.83 and a current ratio of 2.62. The stock has a 50-day moving average of $103.76 and a two-hundred day moving average of $111.65.

Advanced Micro Devices (NASDAQ:AMD) 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 6.36% and a return on equity of 7.42%. The firm had revenue of $7.44 billion for the quarter, compared to analyst estimates of $7.10 billion. During the same period in the previous year, the company earned $0.62 earnings per share. The business’s quarterly revenue was up 35.9% compared to the same quarter last year. On average, research analysts anticipate that Advanced Micro Devices, Inc. will post 3.87 EPS for the current fiscal year.

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

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. DZ Bank upgraded Advanced Micro Devices from a “hold” rating to a “buy” rating and set a $118.00 price objective on the stock in a research note on Thursday, May 8th. Benchmark reissued a “buy” rating and set a $170.00 price objective on shares of Advanced Micro Devices in a report on Friday. Susquehanna dropped their target price 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. Jefferies Financial Group downgraded shares of Advanced Micro Devices from a “buy” rating to a “hold” rating and cut their price target for the company from $135.00 to $120.00 in a report on Thursday, March 27th. Finally, Wedbush reaffirmed an “outperform” rating and set a $120.00 price objective (up from $115.00) on shares of Advanced Micro Devices in a research note on Wednesday, May 7th. Fifteen equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $133.23.

Insider Buying and Selling at Advanced Micro Devices

In other news, EVP Mark D. Papermaster sold 17,500 shares of Advanced Micro Devices stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $95.47, for a total value of $1,670,725.00. Following the sale, the executive vice president now owns 1,713,710 shares of the company’s stock, valued at $163,607,893.70. The trade was a 1.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.06% of the stock is owned by company insiders.

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.