Quilter 13F: Cuts Advanced Micro Devices (AMD) Stake by $49M
Key Points
- Quilter cut its position in Advanced Micro Devices, Inc. by 80,337 shares to end with 663,518 shares worth about $405.9 million.
- The chipmaker recently traded around $552.70, up roughly 38.5% above its 200-day moving average ahead of November earnings.
- Wall Street maintains a strong buy consensus on the stock with a mean price target of $637.61 across 50 analyst opinions.
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Quilter lowered its position in Advanced Micro Devices, Inc. AMD by 80,337 shares during the quarter. According to a Form 13F filing with the Securities and Exchange Commission on October 21, 2026, the reduction left the firm with 663,518 shares valued at approximately $405.9 million. The prior holding stood at 743,855 shares.
AMD
Advanced Micro Devices, Inc.
What Changed in Quilter's Advanced Micro Devices, Inc. Position
The 10.8% decrease trimmed Quilter's investment in the semiconductor giant during the period. Based on the filing date, Advanced Micro Devices, Inc. closed at $552.72 on October 21, 2026.
Advanced Micro Devices, Inc. Stock Down 1.0%
The shares recently traded around $552.70 as of October 22, 2026, which is about equal to the filing-day close and roughly 38.5% above the 200-day moving average of $399.08. The stock sits below its 52-week high of $658.52 while maintaining strong upward momentum over the past year.
Recent Earnings
Advanced Micro Devices, Inc. posted $41.3 billion in trailing twelve-month revenue, alongside a net profit margin of 15.6% and a return on equity of 10.2%. The company operates across data center, client, gaming, and embedded semiconductor markets. Its next round of financial results is scheduled for release on November 3, 2026.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
21 analysts raised price targets.
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EPS & revenue
EPS beat estimates by 4.8%. Revenue beat estimates by 2.6%.
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Profit surprise
EBITDA missed by 4 percent. Operating income missed by 32 percent.
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Pre-earnings setup
Expectations were about average.
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Analyst signal
3 upgrades, 2 downgrades, 21 target raises.
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Earnings quality
Gross margin up 2.6 points. Operating margin up 3.6 points. Positive free cash flow.
Earnings Call Summary
AMD reported outstanding first quarter results with $10.3 billion in revenue, up 38 percent year over year. Data center revenue surged 57 percent driven by strong demand for EPYC server CPUs and Instinct GPUs. Management emphasized that Agentic AI and inference workloads are driving substantially higher CPU demand than expected, requiring more compute than prior models. Free cash flow nearly tripled to $2.6 billion, and operating margin expanded to 25 percent, showing strong operational leverage as the business scales into AI infrastructure.
Guidance AMD guided next quarter revenue to about $11.2 billion, up 46 percent year over year. Management raised full year data center CPU growth forecast to over 70 percent, driven by strong Agentic AI demand. They also raised the long-term server CPU market size forecast to over $120 billion by 2030, from $60 billion announced in November.
Slightly positive report. The quarter was acceptable, but the forward setup is not strong.
Insider Buying and Selling at Advanced Micro Devices, Inc.
Company insiders completed several transactions prior to the filing. Chief Financial Officer Jean X Hu sold 15,000 shares on August 25, 2026, valued at about $7.1 million. Chief Executive Officer Lisa T Su sold 95,000 shares on September 10, 2026, worth roughly $48.1 million. Officer Forrest Eugene Norrod sold 17,261 shares on September 15, 2026, for about $8.7 million, followed by an additional sale of 17,262 shares on October 15, 2026, valued at approximately $9.3 million.
Analysts Set New Price Targets
Wall Street firms updated their views on the chip designer ahead of the filing. On October 5, 2026, Stifel maintained a buy rating while lifting its price target from $635.00 to $700.00. Citigroup kept a buy rating on October 6, 2026, raising its target from $575.00 to $800.00. Mizuho maintained an outperform rating on October 6, 2026, moving its target from $580.00 to $705.00. Wedbush reiterated an outperform rating with a $600.00 target on October 20, 2026. Susquehanna maintained a positive rating with a $620.00 target on October 21, 2026. The stock carries a consensus strong buy rating from analysts with a mean price target of $637.61.
About Advanced Micro Devices, Inc.
Advanced Micro Devices, Inc. designs and builds high-performance processors, graphics chips, and adaptive computing technologies used in personal computers, data centers, and video game consoles. Headquartered in Santa Clara, California and led by CEO Dr. Lisa T. Su, the company competes across demanding technology sectors where institutional holders frequently adjust exposure based on rapid sector growth.
Bottom Line
Investors are watching for the upcoming earnings report on November 3, 2026, to gauge whether demand in the data center and client segments continues to support the company's valuation. Institutional filings like this one offer a retrospective view of how major asset managers position themselves ahead of corporate results.
Related Filing Alerts
Source: Quilter's 13F filing on $AMD (Oct 21, 2026). 13F filings show holdings as of the end of the reporting quarter and may not reflect the fund's current position. Written by software, not financial advice. How we make alerts