Microchip Technology Incorporated (NASDAQ:MCHP) is Coho Partners Ltd.’s 7th Largest Position

Coho Partners Ltd. cut its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 11.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,443,144 shares of the semiconductor company’s stock after selling 184,893 shares during the period. Microchip Technology comprises about 4.2% of Coho Partners Ltd.’s holdings, making the stock its 7th largest holding. Coho Partners Ltd. owned about 0.27% of Microchip Technology worth $115,870,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MCHP. Pathway Financial Advisers LLC acquired a new stake in shares of Microchip Technology during the first quarter worth about $39,000. Richardson Capital Management LLC purchased a new stake in Microchip Technology in the 1st quarter valued at approximately $45,000. Versant Capital Management Inc boosted its holdings in Microchip Technology by 148.8% in the 2nd quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock valued at $48,000 after purchasing an additional 317 shares in the last quarter. Wolff Wiese Magana LLC boosted its holdings in Microchip Technology by 55.2% in the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after purchasing an additional 218 shares in the last quarter. Finally, GoalVest Advisory LLC boosted its holdings in Microchip Technology by 49.8% in the 1st quarter. GoalVest Advisory LLC now owns 602 shares of the semiconductor company’s stock valued at $54,000 after purchasing an additional 200 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the transaction, the chief financial officer now directly owns 33,257 shares in the company, valued at approximately $2,710,445.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.07% of the stock is currently owned by company insiders.

Microchip Technology Price Performance

NASDAQ MCHP opened at $75.27 on Thursday. Microchip Technology Incorporated has a 12 month low of $68.75 and a 12 month high of $100.57. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08. The firm has a market capitalization of $40.38 billion, a PE ratio of 21.69 and a beta of 1.52. The company’s 50 day simple moving average is $78.13 and its 200 day simple moving average is $85.90.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same quarter last year, the business earned $1.56 earnings per share. The business’s revenue for the quarter was down 45.8% on a year-over-year basis. As a group, equities research analysts forecast that Microchip Technology Incorporated will post 1.73 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were given a $0.454 dividend. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Thursday, August 22nd. This represents a $1.82 annualized dividend and a yield of 2.41%. Microchip Technology’s payout ratio is 52.16%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on MCHP shares. StockNews.com raised Microchip Technology from a “sell” rating to a “hold” rating in a research note on Thursday, October 17th. JPMorgan Chase & Co. lowered their price target on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Piper Sandler upgraded Microchip Technology from a “neutral” rating to an “overweight” rating and increased their target price for the company from $90.00 to $100.00 in a report on Friday, August 16th. Mizuho set a $95.00 target price on Microchip Technology in a report on Friday, October 18th. Finally, Needham & Company LLC lowered their target price on Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, Microchip Technology has a consensus rating of “Moderate Buy” and an average price target of $97.89.

Microchip Technology Company Profile

Microchip Technology Incorporated engages in the development, manufacture, and sale of smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit mixed-signal microcontrollers; 32-bit embedded mixed-signal microprocessors; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.