Covenant Asset Management LLC Has $9.27 Million Stock Holdings in Advanced Micro Devices, Inc. (NASDAQ:AMD)

Covenant Asset Management LLC increased its stake in Advanced Micro Devices, Inc. (NASDAQ:AMD - Free Report) by 22.3% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 56,477 shares of the semiconductor manufacturer's stock after buying an additional 10,313 shares during the quarter. Advanced Micro Devices comprises 1.5% of Covenant Asset Management LLC's portfolio, making the stock its 8th largest position. Covenant Asset Management LLC's holdings in Advanced Micro Devices were worth $9,267,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cherrydale Wealth Management LLC raised its holdings in shares of Advanced Micro Devices by 4.7% during the second quarter. Cherrydale Wealth Management LLC now owns 1,305 shares of the semiconductor manufacturer's stock worth $212,000 after acquiring an additional 58 shares in the last quarter. Christopher J. Hasenberg Inc grew its position in Advanced Micro Devices by 12.0% in the third quarter. Christopher J. Hasenberg Inc now owns 560 shares of the semiconductor manufacturer's stock worth $97,000 after acquiring an additional 60 shares in the last quarter. Delta Financial Group Inc. increased its stake in shares of Advanced Micro Devices by 5.0% during the 2nd quarter. Delta Financial Group Inc. now owns 1,325 shares of the semiconductor manufacturer's stock worth $215,000 after purchasing an additional 63 shares during the last quarter. Trivant Custom Portfolio Group LLC raised its holdings in shares of Advanced Micro Devices by 0.3% during the 2nd quarter. Trivant Custom Portfolio Group LLC now owns 24,629 shares of the semiconductor manufacturer's stock valued at $3,995,000 after purchasing an additional 65 shares in the last quarter. Finally, Wealth Effects LLC lifted its stake in shares of Advanced Micro Devices by 0.7% in the 3rd quarter. Wealth Effects LLC now owns 9,419 shares of the semiconductor manufacturer's stock valued at $1,545,000 after purchasing an additional 65 shares during the last quarter. 71.34% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Lisa T. Su sold 80,000 shares of the company's stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $143.87, for a total value of $11,509,600.00. Following the completion of the sale, the chief executive officer now owns 3,566,762 shares in the company, valued at approximately $513,150,048.94. This represents a 2.19 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Forrest Eugene Norrod sold 40,540 shares of the business's stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $141.67, for a total value of $5,743,301.80. Following the transaction, the executive vice president now owns 293,347 shares of the company's stock, valued at $41,558,469.49. The trade was a 12.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.73% of the company's stock.

Analysts Set New Price Targets

AMD has been the topic of several analyst reports. Barclays lowered their target price on shares of Advanced Micro Devices from $180.00 to $170.00 and set an "overweight" rating on the stock in a research report on Wednesday, October 30th. Evercore ISI boosted their target price on Advanced Micro Devices from $193.00 to $198.00 and gave the stock an "outperform" rating in a report on Wednesday, October 30th. StockNews.com cut Advanced Micro Devices from a "hold" rating to a "sell" rating in a research report on Wednesday, July 31st. Piper Sandler reissued an "overweight" rating and issued a $180.00 price target (down previously from $200.00) on shares of Advanced Micro Devices in a research report on Wednesday, October 30th. Finally, Truist Financial dropped their target price on shares of Advanced Micro Devices from $162.00 to $156.00 and set a "hold" rating on the stock in a report on Wednesday, July 31st. One analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $192.79.

Advanced Micro Devices Price Performance

AMD traded up $0.86 during trading on Friday, hitting $138.35. The company's stock had a trading volume of 21,743,273 shares, compared to its average volume of 55,010,801. The company has a quick ratio of 1.78, a current ratio of 2.50 and a debt-to-equity ratio of 0.03. The stock has a market capitalization of $224.52 billion, a price-to-earnings ratio of 123.74, a price-to-earnings-growth ratio of 1.93 and a beta of 1.71. The firm's 50 day moving average price is $153.95 and its two-hundred day moving average price is $154.70. Advanced Micro Devices, Inc. has a 12 month low of $116.37 and a 12 month high of $227.30.

Advanced Micro Devices (NASDAQ:AMD - Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The semiconductor manufacturer reported $0.92 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.92. Advanced Micro Devices had a net margin of 7.52% and a return on equity of 6.62%. The business had revenue of $6.82 billion for the quarter, compared to the consensus estimate of $6.71 billion. During the same quarter in the prior year, the company earned $0.53 EPS. The firm's quarterly revenue was up 17.6% on a year-over-year basis. Sell-side analysts forecast that Advanced Micro Devices, Inc. will post 2.53 earnings per share for the current fiscal year.

Advanced Micro Devices Profile

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.