Mn Services Vermogensbeheer B.V. has increased its holdings in Advanced Micro Devices, Inc. (NASDAQ: AMD) by 1.5% during the third quarter of 2023, as revealed in its latest Form 13F filing with the U.S. Securities and Exchange Commission (SEC). The firm now owns a total of 616,696 shares of the semiconductor manufacturer after acquiring an additional 9,400 shares during this period. This investment represents 0.6% of Mn Services’ portfolio, positioning AMD as the firm’s 24th largest investment, valued at approximately $99.8 million.
Several other institutional investors have also adjusted their positions in AMD recently. For instance, Vanguard Group Inc. increased its stake in the company by 1.5% during the second quarter, owning 154,648,859 shares worth nearly $21.9 billion after acquiring an additional 2,281,508 shares. Similarly, State Street Corp raised its holdings by 0.8%, now holding 72,069,259 shares, valued at around $10.2 billion.
Other notable investors include Geode Capital Management LLC, which raised its position by 1.4% to own 36,690,685 shares worth approximately $5.2 billion, and Norges Bank, which purchased a new stake valued at about $3.1 billion. Additionally, Invesco Ltd. boosted its shares by 6.1%, bringing its total to 12,534,569 shares valued at around $1.8 billion. Overall, institutional investors currently own 71.34% of AMD’s stock.
Analyst Ratings and Insider Transactions
Recent analyst reports reflect a positive outlook for AMD. Wells Fargo & Company raised its price target for AMD from $300.00 to $345.00, maintaining an “overweight” rating. Additionally, KGI Securities set a target of $260.00, while DZ Bank upgraded its rating from “hold” to “buy” with a target of $250.00. Overall, two analysts rate the stock as a “Strong Buy,” while twenty-nine recommend a “Buy,” and ten suggest a “Hold,” resulting in an average rating of “Moderate Buy” with a price target of $279.67 according to MarketBeat.com.
Insider transactions have also been notable. On November 14, Mark D. Papermaster, Executive Vice President, sold 17,108 shares at an average price of $240.12, totaling approximately $4.1 million. Following the sale, he retains 1,714,505 shares valued at about $411.7 million. Similarly, CEO Lisa T. Su sold 125,000 shares on December 11 for around $26.9 million, reducing her ownership by 3.67% to 3,277,476 shares valued at approximately $705.1 million. In the past three months, insiders have sold 164,000 shares worth over $36 million, leaving insiders with 0.06% of the stock.
Market Performance and Earnings Outlook
AMD shares opened at $259.68 on November 14, 2023. The stock has experienced significant fluctuations over the past year, with a low of $76.48 and a high of $267.08. AMD’s market capitalization stands at approximately $422.8 billion, and it reports a price-to-earnings ratio of 128.56.
The company recently announced its quarterly earnings on November 4, reporting earnings per share (EPS) of $1.20, surpassing analysts’ expectations of $1.17 by $0.03. Revenue for the quarter reached $9.25 billion, significantly higher than the estimated $8.76 billion, marking a year-over-year increase of 35.6%. Analysts project an EPS of $3.87 for the current fiscal year.
Founded in 1969, Advanced Micro Devices, Inc. has transformed from a logic chip supplier into a diversified global semiconductor company. Its product range includes consumer and commercial CPUs, data center processors, and graphics processing units. AMD continues to play a significant role in various markets, catering to both consumer and enterprise needs with innovative solutions.
In conclusion, AMD’s strong performance and favorable analyst ratings underscore its position in the semiconductor industry as it continues to attract significant institutional investment.
