NORTHSTAR ASSET MANAGEMENT Co has decreased its holdings in Advanced Micro Devices, Inc. (NASDAQ: AMD) by 4.4% during the second quarter of 2023, according to a recent filing with the U.S. Securities and Exchange Commission (SEC). The institutional investor now holds 8,232 shares of the semiconductor company, following the sale of 375 shares during this period. As of the latest report, NorthStar’s stake in AMD is valued at approximately $1,168,000.
Several other institutional investors have also made significant adjustments to their AMD holdings. Vanguard Group Inc. increased its stake by 1.4% in the first quarter, now owning 152,367,351 shares worth $15.65 billion after acquiring an additional 2,157,199 shares. Similarly, Amundi raised its position in AMD by 8.0%, holding 17,829,010 shares valued at $1.68 billion following a purchase of 1,319,064 shares.
Invesco Ltd. and Charles Schwab Investment Management Inc. also expanded their investments. Invesco increased its stake by 4.0%, owning 11,819,012 shares worth $1.21 billion, while Charles Schwab boosted its holdings by 4.6%, now possessing 10,549,100 shares valued at $1.08 billion. Notably, T. Rowe Price Investment Management Inc. raised its stake dramatically by 131.5%, acquiring 10,413,139 shares valued at $1.07 billion.
Institutional investors collectively own 71.34% of Advanced Micro Devices’ stock, highlighting the company’s strong support from major financial players.
AMD Stock Performance and Insider Transactions
On Friday, shares of AMD opened at $252.92, reflecting a 7.6% increase. The company’s market capitalization stands at approximately $410.45 billion, with a price-to-earnings (P/E) ratio of 145.36 and a P/E to growth (P/E/G) ratio of 2.15. Over the past year, AMD’s stock has fluctuated between a low of $76.48 and a high of $253.39.
Recent insider trading activity includes a notable transaction by Executive Vice President Mark D. Papermaster, who sold 16,800 shares on October 15, 2023, for an average price of $224.28, totaling approximately $3.77 million. Following this sale, Papermaster retains 1,714,505 shares, valued at around $384.53 million, representing a 0.97% decrease in ownership.
Additionally, Senior Vice President Ava Hahn sold 2,868 shares on October 6, 2023, at an average price of $226.01, amounting to roughly $648,197. After this transaction, Hahn holds 9,033 shares valued at approximately $2.04 million. In total, insiders have sold 274,118 shares valued at $46.18 million over the last ninety days, with corporate insiders owning just 0.06% of the stock.
Analysts Adjust Price Targets
Analysts have recently revised their price targets for AMD. Evercore ISI increased its target from $188.00 to $240.00 and issued an “outperform” rating on October 7, 2023. Rosenblatt Securities followed suit, raising its target from $200.00 to $250.00 with a “buy” rating.
Mizuho and Barclays also adjusted their price targets upward, with Mizuho setting a target of $275.00 and Barclays reaching $300.00. HSBC has the most ambitious target, increasing its price objective from $185.00 to $310.00 and designating AMD as a “buy” on October 15, 2023.
Market analysts currently rate AMD with a consensus of “Moderate Buy,” reflecting three Strong Buy ratings, twenty-six Buy ratings, ten Hold ratings, and one Sell rating. The average price target across analysts stands at $233.94, indicating positive sentiment towards the company’s future performance.
Advanced Micro Devices, Inc. operates globally as a leading semiconductor company, focusing on data center, client, gaming, and embedded segments. The company is renowned for its x86 microprocessors and graphics processing units (GPUs), alongside various other technological innovations.
As AMD continues to attract institutional investment and receive favorable ratings from analysts, its position in the semiconductor industry appears to be strengthening, making it a stock to watch in the coming months.
