Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM) Shares Bought by Magellan Asset Management Ltd

Key Points

• Magellan Asset Management increased its stake in Taiwan Semiconductor Manufacturing Company Ltd. (TSM) by 16.1%, making it the firm's 7th largest position, valued at approximately $299.2 million.
• Taiwan Semiconductor reported a quarterly earnings per share (EPS) of $2.47, surpassing analysts' forecast of $2.13, with a revenue of $30.07 billion, which was also above expectations.
• The company announced a quarterly dividend of $0.6499 per share, which results in an annual yield of 1.1%, while its dividend payout ratio stands at 29.65%.

Magellan Asset Management Ltd grew its stake in Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM - Free Report) by 16.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,802,407 shares of the semiconductor company's stock after acquiring an additional 250,014 shares during the period. Taiwan Semiconductor Manufacturing accounts for about 3.6% of Magellan Asset Management Ltd's investment portfolio, making the stock its 7th biggest position. Magellan Asset Management Ltd's holdings in Taiwan Semiconductor Manufacturing were worth $299,200,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of TSM. Brighton Jones LLC raised its stake in shares of Taiwan Semiconductor Manufacturing by 20.9% in the fourth quarter. Brighton Jones LLC now owns 10,930 shares of the semiconductor company's stock worth $2,159,000 after acquiring an additional 1,892 shares during the last quarter. Heritage Trust Co acquired a new stake in shares of Taiwan Semiconductor Manufacturing during the 4th quarter worth approximately $518,000. Glass Jacobson Investment Advisors llc grew its position in shares of Taiwan Semiconductor Manufacturing by 289.4% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 183 shares of the semiconductor company's stock worth $36,000 after buying an additional 136 shares during the period. Rockefeller Capital Management L.P. grew its position in shares of Taiwan Semiconductor Manufacturing by 8.9% during the 4th quarter. Rockefeller Capital Management L.P. now owns 604,726 shares of the semiconductor company's stock worth $119,386,000 after buying an additional 49,368 shares during the period. Finally, Crux Wealth Advisors acquired a new stake in shares of Taiwan Semiconductor Manufacturing during the 4th quarter worth approximately $1,115,000. 16.51% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

TSM has been the subject of several analyst reports. Needham & Company LLC reiterated a "buy" rating and set a $270.00 price target on shares of Taiwan Semiconductor Manufacturing in a research report on Thursday, July 17th. Citigroup reiterated a "buy" rating on shares of Taiwan Semiconductor Manufacturing in a research report on Thursday, May 22nd. Susquehanna lifted their price target on shares of Taiwan Semiconductor Manufacturing from $255.00 to $265.00 and gave the stock a "positive" rating in a research report on Monday, July 14th. Finally, Barclays reiterated an "overweight" rating and set a $240.00 price target (up previously from $215.00) on shares of Taiwan Semiconductor Manufacturing in a research report on Tuesday, June 3rd. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Taiwan Semiconductor Manufacturing presently has a consensus rating of "Moderate Buy" and a consensus price target of $258.33.

Taiwan Semiconductor Manufacturing Trading Down 0.3%

NYSE TSM traded down $0.71 during trading on Friday, reaching $241.91. 10,540,805 shares of the stock traded hands, compared to its average volume of 12,466,225. The firm has a market cap of $1.25 trillion, a price-to-earnings ratio of 27.58, a price-to-earnings-growth ratio of 1.17 and a beta of 1.19. The stock's 50-day moving average price is $226.40 and its 200 day moving average price is $196.53. The company has a quick ratio of 2.15, a current ratio of 2.37 and a debt-to-equity ratio of 0.18. Taiwan Semiconductor Manufacturing Company Ltd. has a fifty-two week low of $134.25 and a fifty-two week high of $248.28.

Taiwan Semiconductor Manufacturing (NYSE:TSM - Get Free Report) last issued its quarterly earnings data on Thursday, July 17th. The semiconductor company reported $2.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.13 by $0.34. The firm had revenue of $30.07 billion during the quarter, compared to analysts' expectations of $28.50 billion. Taiwan Semiconductor Manufacturing had a net margin of 42.91% and a return on equity of 32.87%. The business's revenue for the quarter was up 44.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.48 earnings per share. Analysts predict that Taiwan Semiconductor Manufacturing Company Ltd. will post 9.2 EPS for the current year.

Taiwan Semiconductor Manufacturing Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 9th. Investors of record on Tuesday, September 16th will be issued a dividend of $0.6499 per share. The ex-dividend date is Tuesday, September 16th. This represents a $2.60 dividend on an annualized basis and a yield of 1.1%. Taiwan Semiconductor Manufacturing's payout ratio is currently 28.16%.

Taiwan Semiconductor Manufacturing Company Profile

Taiwan Semiconductor Manufacturing Company Limited, together with its subsidiaries, manufactures, packages, tests, and sells integrated circuits and other semiconductor devices in Taiwan, China, Europe, the Middle East, Africa, Japan, the United States, and internationally. It provides a range of wafer fabrication processes, including processes to manufacture complementary metal- oxide-semiconductor (CMOS) logic, mixed-signal, radio frequency, embedded memory, bipolar CMOS mixed-signal, and others.