5 Best Dividend Contenders to Buy in 2021

2. Microchip Technology Incorporated (NASDAQ: MCHP)

Number of Hedge Fund Holders: 42
Number of Years of Consecutive Dividend Increases: 18
Dividend Yield: 1.1%

Microchip Technology Incorporated (NASDAQ: MCHP) is a leading tech company that manufactures semiconductor products for a range of embedded control applications in the US and internationally. The company ranks 2nd on our list of the best dividend contenders to buy in 2021.

KeyBanc’s John Vinh has raised the price target on Microchip Technology Incorporated (NASDAQ: MCHP) shares from $180 to $185 this July while retaining the firm’s Overweight rating on the stock.

In the fiscal fourth quarter of 2021, Microchip Technology Incorporated (NASDAQ: MCHP) had an EPS of $1.85, beating estimates by $0.11. The company’s revenue was $1.47 billion, up 10.61% year over year and also beating estimates by $10.85 million. Microchip Technology Incorporated (NASDAQ: MCHP) has gained about 34.62% in the past year.

By the end of the first quarter of 2021, 42 hedge funds out of the 866 tracked by Insider Monkey held stakes in Microchip Technology Incorporated (NASDAQ: MCHP) worth roughly $962 million. This is compared to 45 hedge funds in the previous quarter with stakes worth approximately $961 million.