5 New Stock Picks of Suraj Parkash Chopra’s Force Hill Capital Management

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1. Microchip Technology Incorporated (NASDAQ:MCHP)

Force Hill Capital Management’s Stake Value: $25,291,000

Percentage of Force Hill Capital Management’s 13F Portfolio: 6.24%

Number of Hedge Fund Holders: 41

Microchip Technology Incorporated (NASDAQ:MCHP) is a new arrival in Force Hill Capital Management’s third quarter portfolio, with the hedge fund buying 164,775 shares of the company, worth $25.2 million, representing 6.24% of the total 13F securities for the period. Microchip Technology Incorporated (NASDAQ:MCHP) is an American company manufacturing microcontrollers, embedded security devices, radio frequency devices, battery management analog devices, and wireless products.

Microchip Technology Incorporated (NASDAQ:MCHP) declared a $0.232 quarterly dividend per share on November 4, which reflects a 6.2% increase from the prior dividend. The dividend was paid on December 3 to shareholders of record on November 17. On November 8, Microchip Technology Incorporated (NASDAQ:MCHP) also announced a $4 billion stock repurchase plan. 

Publishing its third quarter results on November 4, Microchip Technology Incorporated (NASDAQ:MCHP) posted earnings per share of $1.07, beating estimates by $0.01. The $1.65 billion revenue gained almost 26% from the prior-year quarter, exceeding estimates by $138,550. 

Jefferies analyst Mark Lipacis on December 1 raised the price target on Microchip Technology Incorporated (NASDAQ:MCHP) to $109 from $98 and kept a Buy rating on the shares after the company committed to 7% per quarter dividend increases and the immediate launch of share buybacks based on receiving investment grade ratings from Moody’s and Fitch, which it did in mid-November. Microchip Technology Incorporated (NASDAQ:MCHP) is the analyst’s top stock pick in terms of risk/reward.

Kerr Neilson’s Platinum Asset Management is the largest stakeholder of Microchip Technology Incorporated (NASDAQ:MCHP), with a $301.75 million position in the company. Overall, 41 hedge funds were bullish on the stock in the third quarter. 

You can also take a look at 10 New Stock Picks of Brian Higgins’ King Street Capital and 10 Small-Cap Stocks to Buy According to Billionaire Steve Cohen.

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