Top 5 Stocks to Buy Today According to Kerr Neilson’s Platinum Asset Management

2. Microchip Technology Incorporated (NASDAQ:MCHP)

Platinum Asset Management’s Stake Value: $344,378,000

Percentage of Platinum Asset Management’s 13F Portfolio: 9.58%

Number of Hedge Fund Holders: 48

Microchip Technology Incorporated (NASDAQ:MCHP) is an Arizona-based company that designs, develops, and sells semiconductor products for various embedded control applications in the Americas, Europe, and Asia. Kerr Neilson’s Platinum Asset Management boosted its Microchip Technology Incorporated (NASDAQ:MCHP) stake by 102% in Q4 2021, holding about 4 million shares worth $344.3 million, representing 9.58% of the total 13F portfolio. 

On February 3, Microchip Technology Incorporated (NASDAQ:MCHP) declared a $0.253 per share quarterly dividend, a 9.1% increase from its prior dividend of $0.232. The dividend was distributed to shareholders on March 8. The stock delivers a dividend yield of 1.54% as of May 2. 

Mizuho analyst Vijay Rakesh on April 20 lowered the price target on Microchip Technology Incorporated (NASDAQ:MCHP) to $75 from $87 and kept a Neutral rating on the shares heading into Q1 earnings. While semiconductor suppliers could have an in-line March quarter, there are risks of surplus inventory, the analyst informed investors.

According to the database of Insider Monkey, 48 hedge funds were bullish on Microchip Technology Incorporated (NASDAQ:MCHP) in the fourth quarter of 2021, compared to 41 funds in the last quarter. John Overdeck and David Siegel’s Two Sigma Advisors held a significant position in the company, with 2.4 million shares worth $211.6 million.