Covenant Asset Management LLC Grows Stock Position in Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM)

Covenant Asset Management LLC increased its stake in Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM - Free Report) by 71.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,848 shares of the semiconductor company's stock after purchasing an additional 13,248 shares during the quarter. Taiwan Semiconductor Manufacturing makes up 1.2% of Covenant Asset Management LLC's investment portfolio, making the stock its 23rd largest holding. Covenant Asset Management LLC's holdings in Taiwan Semiconductor Manufacturing were worth $5,287,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Heritage Wealth Advisors boosted its stake in Taiwan Semiconductor Manufacturing by 20.0% in the 4th quarter. Heritage Wealth Advisors now owns 300 shares of the semiconductor company's stock valued at $59,000 after purchasing an additional 50 shares during the period. First Heartland Consultants Inc. lifted its position in shares of Taiwan Semiconductor Manufacturing by 4.2% during the 4th quarter. First Heartland Consultants Inc. now owns 1,236 shares of the semiconductor company's stock valued at $244,000 after acquiring an additional 50 shares during the period. Formidable Asset Management LLC lifted its position in shares of Taiwan Semiconductor Manufacturing by 3.2% during the 4th quarter. Formidable Asset Management LLC now owns 1,606 shares of the semiconductor company's stock valued at $317,000 after acquiring an additional 50 shares during the period. Connecticut Wealth Management LLC lifted its position in shares of Taiwan Semiconductor Manufacturing by 0.7% during the 4th quarter. Connecticut Wealth Management LLC now owns 7,416 shares of the semiconductor company's stock valued at $1,465,000 after acquiring an additional 55 shares during the period. Finally, WealthCollab LLC lifted its position in shares of Taiwan Semiconductor Manufacturing by 6.7% during the 4th quarter. WealthCollab LLC now owns 891 shares of the semiconductor company's stock valued at $176,000 after acquiring an additional 56 shares during the period. Hedge funds and other institutional investors own 16.51% of the company's stock.

Analyst Ratings Changes

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

Taiwan Semiconductor Manufacturing Stock Down 2.1%

Shares of TSM stock traded down $5.20 during trading hours on Friday, reaching $240.40. The company had a trading volume of 16,235,822 shares, compared to its average volume of 14,994,256. Taiwan Semiconductor Manufacturing Company Ltd. has a 12 month low of $133.57 and a 12 month high of $248.28. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.39 and a quick ratio of 2.18. The business has a fifty day simple moving average of $212.72 and a 200-day simple moving average of $193.70. The company has a market cap of $1.25 trillion, a price-to-earnings ratio of 27.41, a price-to-earnings-growth ratio of 1.29 and a beta of 1.29.

Taiwan Semiconductor Manufacturing (NYSE:TSM - Get Free Report) last issued its quarterly earnings results on Thursday, July 17th. The semiconductor company reported $2.47 EPS for the quarter, beating analysts' consensus estimates of $2.13 by $0.34. The company had revenue of $30.07 billion during the quarter, compared to the consensus estimate of $28.50 billion. Taiwan Semiconductor Manufacturing had a return on equity of 34.53% and a net margin of 42.91%. Taiwan Semiconductor Manufacturing's revenue was up 44.4% on a year-over-year basis. During the same period last year, the business posted $1.48 earnings per share. On average, research analysts expect that Taiwan Semiconductor Manufacturing Company Ltd. will post 9.2 earnings per share for the current fiscal year.

Taiwan Semiconductor Manufacturing Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 9th. Stockholders of record on Tuesday, September 16th will be given a $0.6499 dividend. This represents a $2.60 annualized dividend and a dividend yield of 1.08%. The ex-dividend date of this dividend is Tuesday, September 16th. Taiwan Semiconductor Manufacturing's dividend payout ratio (DPR) is presently 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.