Toronto Dominion Bank Decreases Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Toronto Dominion Bank trimmed its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 89.4% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 298,124 shares of the semiconductor company’s stock after selling 2,502,559 shares during the quarter. Toronto Dominion Bank’s holdings in Microchip Technology were worth $23,936,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of MCHP. Healthcare of Ontario Pension Plan Trust Fund boosted its position in Microchip Technology by 2,390.5% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,291,290 shares of the semiconductor company’s stock valued at $209,653,000 after buying an additional 2,199,290 shares during the period. Van ECK Associates Corp boosted its holdings in shares of Microchip Technology by 25.1% in the third quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock valued at $599,239,000 after purchasing an additional 1,597,263 shares during the period. The Manufacturers Life Insurance Company grew its stake in Microchip Technology by 78.3% in the second quarter. The Manufacturers Life Insurance Company now owns 2,189,390 shares of the semiconductor company’s stock worth $200,329,000 after purchasing an additional 961,801 shares in the last quarter. National Bank of Canada FI increased its holdings in Microchip Technology by 234.1% during the 2nd quarter. National Bank of Canada FI now owns 899,561 shares of the semiconductor company’s stock worth $82,391,000 after purchasing an additional 630,285 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in Microchip Technology by 21.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,298,771 shares of the semiconductor company’s stock valued at $301,797,000 after purchasing an additional 575,087 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Performance

Shares of Microchip Technology stock opened at $61.50 on Friday. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. Microchip Technology Incorporated has a 52 week low of $57.96 and a 52 week high of $100.57. The firm’s 50 day moving average is $71.16 and its two-hundred day moving average is $80.44. The firm has a market capitalization of $33.03 billion, a P/E ratio of 43.01 and a beta of 1.50.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same period in the prior year, the firm earned $1.54 EPS. The business’s revenue was down 48.4% on a year-over-year basis. Research analysts forecast that Microchip Technology Incorporated will post 1.33 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were paid a dividend of $0.455 per share. The ex-dividend date was Friday, November 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a yield of 2.96%. Microchip Technology’s dividend payout ratio is currently 127.27%.

Analysts Set New Price Targets

MCHP has been the topic of several recent research reports. KeyCorp dropped their target price on shares of Microchip Technology from $95.00 to $90.00 and set an “overweight” rating on the stock in a report on Tuesday, December 3rd. Truist Financial lowered shares of Microchip Technology from a “buy” rating to a “hold” rating and cut their price objective for the company from $89.00 to $80.00 in a report on Monday, September 23rd. TD Cowen lowered their target price on Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a report on Wednesday, November 6th. Stifel Nicolaus cut their price target on Microchip Technology from $90.00 to $87.00 and set a “buy” rating on the stock in a report on Tuesday, December 3rd. Finally, Mizuho set a $95.00 price objective on Microchip Technology in a research report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $90.95.

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.