Empirical Capital Management LLC Acquires $3.36 Million Stake in Advanced Micro Devices, Inc.

Empirical Capital Management LLC has taken a new position in Advanced Micro Devices, Inc. (NASDAQ:AMD - Free Report), as disclosed in the firm’s recent 13F filing with the Securities and Exchange Commission (SEC). In the third quarter, the fund acquired 20,500 shares of the semiconductor company's stock, amounting to approximately $3,364,000. This investment represents 2.4% of Empirical Capital's overall portfolio, making it the firm's 13th largest holding.

Recent Activity by Other Investors

Several other hedge funds and institutional investors have also made changes to their stakes in Advanced Micro Devices. For instance, Kovitz Investment Group Partners LLC increased its position by an impressive 66.1% during the same quarter. After purchasing an additional 50,739 shares, Kovitz now holds a total of 127,555 shares valued at about $20,929,000.

Vienna Asset Management LLC similarly boosted its investment by 47.5%, acquiring 6,151 additional shares to reach a total of 19,100 shares, amounting to $3,134,000. Wahed Invest LLC also increased its holdings by 4.3%, now owning 38,855 shares worth approximately $6,375,000 after acquiring 1,600 shares in the last quarter.

Weaver Consulting Group lifted its stake by 6.4%, owning 2,077 shares now valued at $341,000 following the purchase of 125 additional shares. Notably, Weiss Asset Management LP made a significant increase of 1,626.6%, bringing its total shares to 47,791 worth about $7,842,000 after adding 45,023 shares during the quarter. Overall, institutional investors collectively own 71.34% of Advanced Micro Devices' stock.

Insider Transactions

In related news, there has been insider movement at Advanced Micro Devices. EVP Forrest Eugene Norrod sold 40,540 shares on November 5th, at an average price of $141.67, totaling $5,743,301.80. After this transaction, Norrod now owns 293,347 shares valued at approximately $41,558,469.49.

Further, CEO Lisa T. Su sold 80,000 shares on November 6th, with the shares trading at an average price of $143.87, resulting in a total value of $11,509,600. Following this sale, Su retains 3,566,762 shares in the company, valued at about $513,150,048.94. Insiders currently own around 0.73% of the total stock.

Analyst Ratings Updates

Various research firms have recently commented on Advanced Micro Devices. UBS Group lowered its price target from $210.00 to $205.00 while maintaining a “buy” rating on the stock. Benchmark also reiterated a “buy” rating with a target price of $200.00. Additionally, Cantor Fitzgerald restated its “overweight” rating with a target price set at $180.00.

Piper Sandler also reiterated an “overweight” rating but adjusted its price target down from $200.00 to $180.00. Mizuho cut its target price from $185.00 to $180.00 while maintaining an “outperform” rating. Currently, one analyst has given a sell rating on AMD, three have recommended holding, while twenty-eight analysts rate the stock as a buy, and one as a strong buy. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $191.59.

Current Stock Performance

As of Friday, AMD stock opened at $141.36, representing a 1.8% decline. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.50, and a quick ratio of 1.78. With a market capitalization of $229.40 billion, the stock has a price-to-earnings ratio of 127.35 and a PEG ratio of 1.96. The fifty-day moving average price stands at $150.65 while the two-hundred day moving average is $153.57. Advanced Micro Devices has experienced a fifty-two week low of $116.38 and a high of $227.30.

Advanced Micro Devices last reported quarterly earnings on October 29th, revealing an EPS of $0.92 that aligned with analysts’ expectations. The company recorded a net margin of 7.52% and a return on equity of 6.62%. Its revenue for the quarter amounted to $6.82 billion, surpassing the expected $6.71 billion. This represents a year-over-year revenue increase of 17.6%. Analysts predict that Advanced Micro Devices will post EPS of 2.54 for the current year.

About Advanced Micro Devices

Advanced Micro Devices, Inc. is a global semiconductor company that operates through several segments including Data Center, Client, Gaming, and Embedded. The firm develops and manufactures x86 microprocessors, graphics processing units (GPUs), chipsets, embedded processors, and semi-custom system-on-chip products.

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