Drive Wealth Management LLC Sells 3,660 Shares of Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM)

Key Points

• Drive Wealth Management LLC reduced its holdings in Taiwan Semiconductor Manufacturing Company by 41.8%, owning only 5,094 shares after selling 3,660 during the first quarter.
• Despite the reduction in holdings by some investors, other firms have increased their positions significantly, with City Holding Co. boosting its stake by 238% during the same period.
• TSMC reported a strong earnings performance, with a net margin of 42.91% and an EPS of $2.47, surpassing analysts' expectations for the quarter.

Drive Wealth Management LLC cut its holdings in shares of Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM - Free Report) by 41.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,094 shares of the semiconductor company's stock after selling 3,660 shares during the period. Drive Wealth Management LLC's holdings in Taiwan Semiconductor Manufacturing were worth $849,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Firetrail Investments PTY Ltd. raised its position in Taiwan Semiconductor Manufacturing by 3.6% in the first quarter. Firetrail Investments PTY Ltd. now owns 110,192 shares of the semiconductor company's stock worth $18,490,000 after acquiring an additional 3,824 shares in the last quarter. Caliber Wealth Management LLC KS acquired a new stake in Taiwan Semiconductor Manufacturing in the 1st quarter worth about $220,000. Westover Capital Advisors LLC lifted its stake in shares of Taiwan Semiconductor Manufacturing by 24.4% in the 1st quarter. Westover Capital Advisors LLC now owns 18,315 shares of the semiconductor company's stock valued at $3,040,000 after purchasing an additional 3,597 shares in the last quarter. Assetmark Inc. lifted its stake in shares of Taiwan Semiconductor Manufacturing by 7.4% in the 1st quarter. Assetmark Inc. now owns 414,011 shares of the semiconductor company's stock valued at $68,726,000 after purchasing an additional 28,577 shares in the last quarter. Finally, Navellier & Associates Inc. raised its holdings in shares of Taiwan Semiconductor Manufacturing by 7.9% during the 1st quarter. Navellier & Associates Inc. now owns 1,185 shares of the semiconductor company's stock valued at $209,000 after buying an additional 87 shares during the period. 16.51% of the stock is owned by institutional investors and hedge funds.

Taiwan Semiconductor Manufacturing Stock Performance

TSM traded down $3.21 during trading on Monday, reaching $242.39. 7,018,332 shares of the company were exchanged, compared to its average volume of 15,566,625. Taiwan Semiconductor Manufacturing Company Ltd. has a 52 week low of $133.57 and a 52 week high of $248.28. The stock has a market cap of $1.26 trillion, a P/E ratio of 27.63, a PEG ratio of 1.18 and a beta of 1.29. The firm has a 50 day moving average of $217.47 and a 200 day moving average of $194.66. The company has a current ratio of 2.39, a quick ratio of 2.18 and a debt-to-equity ratio of 0.22.

Taiwan Semiconductor Manufacturing (NYSE:TSM - Get Free Report) last announced its quarterly earnings data on Thursday, July 17th. The semiconductor company reported $2.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.13 by $0.34. The firm 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%. The business's revenue for the quarter was up 44.4% on a year-over-year basis. During the same period in the prior year, the business earned $1.48 EPS. On average, sell-side analysts forecast that Taiwan Semiconductor Manufacturing Company Ltd. will post 9.2 EPS for the current fiscal year.

Taiwan Semiconductor Manufacturing Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 9th. Shareholders of record on Tuesday, September 16th will be issued a dividend of $0.6499 per share. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $2.60 annualized dividend and a yield of 1.07%. Taiwan Semiconductor Manufacturing's dividend payout ratio is presently 29.65%.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Needham & Company LLC restated a "buy" rating and set a $270.00 price objective on shares of Taiwan Semiconductor Manufacturing in a report on Thursday, July 17th. Susquehanna raised 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. Barclays reissued an "overweight" rating and set a $240.00 price target (up from $215.00) on shares of Taiwan Semiconductor Manufacturing in a research report on Tuesday, June 3rd. Finally, Citigroup reissued a "buy" rating on shares of Taiwan Semiconductor Manufacturing in a research report on Thursday, May 22nd. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $258.33.

About Taiwan Semiconductor Manufacturing

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.