On September 10, 2023, it was reported that Abbot Financial Management Inc. has acquired a new stake in Advanced Micro Devices, Inc. (NASDAQ:AMD) during the first quarter of this year. According to the company’s 13F filing with the Securities & Exchange Commission, Abbot Financial Management Inc. now holds 2,583 shares of AMD’s stock, valued at approximately $253,000.
This acquisition by Abbot Financial Management Inc. indicates their confidence in Advanced Micro Devices as an attractive investment opportunity in the semiconductor industry. Advanced Micro Devices is a well-known manufacturer of semiconductors and has been making strides in recent years.
In its most recent quarterly earnings report on August 1st, Advanced Micro Devices announced earnings per share (EPS) of $0.58 for the quarter. This exceeded analysts’ consensus estimates of $0.57 by $0.01, showcasing the company’s financial strength and performance.
The company also reported revenue of $5.36 billion for the quarter, surpassing analysts’ expectations of $5.32 billion. However, it is worth noting that this revenue figure represents an 18.2% decrease compared to the same quarter last year.
Despite this decline in revenue, Advanced Micro Devices has demonstrated positive return on equity of 5.69%. This further emphasizes its financial stability and ability to generate returns for investors.
Analysts have expressed their opinions on Advanced Micro Devices’ prospects as an investment option. Mizuho raised their price target for AMD shares from $90.00 to $140.00 in a research note on June 14th, while Raymond James increased their price target from $110.00 to $145.00 on the same date.
Citigroup upgraded their rating for Advanced Micro Devices from “neutral” to “buy” and raised their price target from $120.00 to $136.00 in a research note on August 2nd. StockNews.com initiated coverage on AMD with a “sell” rating on August 17th.
Overall, Advanced Micro Devices has received positive feedback from research analysts, with one analyst rating the stock as a sell, seven as hold, twenty-two as buy, and one as strong buy. According to data from Bloomberg.com, Advanced Micro Devices has a consensus rating of “Moderate Buy” and an average price target of $135.19.
This acquisition by Abbot Financial Management Inc. along with the positive earnings report and research analysts’ ratings indicate that Advanced Micro Devices continues to be an attractive investment option within the semiconductor industry. Investors will likely monitor the company closely for further developments and growth opportunities in the coming quarters.
Large Investors Make Modifications to Holdings of AMD Stock, Insider Sells off Shares
In recent news surrounding Advanced Micro Devices (AMD), a number of large investors have made modifications to their holdings of the semiconductor manufacturer’s stock. UMB Bank n.a., for example, has seen a 1.4% increase in its position during the first quarter, now owning 7,569 shares valued at $742,000 after purchasing an additional 108 shares. Liberty One Investment Management LLC also lifted its position by 5.0%, now possessing 2,247 shares worth $220,000 after purchasing an additional 108 shares.
Capital Advisory Group Advisory Services LLC and Continuum Advisory LLC have both experienced increases in their positions as well. Capital Advisory Group Advisory Services LLC’s position was lifted by 2.9%, resulting in them currently owning 3,939 shares valued at $386,000 after purchasing an additional 112 shares. Similarly, Continuum Advisory LLC saw a lift of 2.1%, increasing their position to 5,452 shares worth $466,000 after acquiring an additional 113 shares. Octavia Wealth Advisors LLC also had a modest increase of 2.3%, bringing their total ownership to 5,123 shares valued at $502,000 after obtaining an additional 114 shares.
These changes have led to institutional investors holding approximately 68.43% of AMD’s stock.
Furthermore, there have been notable insider sell-offs within the company. EVP Paul Darren Grasby recently sold off 14,942 shares in a transaction on August 30th at an average price of $106.21 per share, totaling to be $1,586,989.82 in value. Following this transaction completion, Grasby now owns approximately 103,663 shares of AMD’s stock with a value of around $11