Today, TD Asset Management Inc. Buys 106,545 Shares of Microchip Technology Inc. (MCHP)

Today, TD Asset Management Inc. Buys 106,545 Shares of Microchip Technology Inc. (MCHP)

TD Asset Management Inc. boosted its stake in Microchip Technology Inc. (NASDAQ:MCHP) by 15.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 818,022 shares of the company’s stock after buying an additional 106,545 shares during the period. TD Asset Management Inc. owned 0.38% of Microchip Technology worth $50,831,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. First National Trust Co. purchased a new stake in shares of Microchip Technology during the third quarter valued at $209,000. State Treasurer State of Michigan raised its stake in shares of Microchip Technology by 0.7% in the third quarter. State Treasurer State of Michigan now owns 75,148 shares of the company’s stock valued at $4,670,000 after buying an additional 500 shares during the period. Advisor Partners LLC purchased a new stake in shares of Microchip Technology during the third quarter valued at $215,000. First Business Financial Services Inc. purchased a new stake in shares of Microchip Technology during the third quarter valued at $506,000. Finally, Hanseatic Management Services Inc. purchased a new stake in shares of Microchip Technology during the third quarter valued at $3,544,000. 98.61% of the stock is owned by institutional investors.

Microchip Technology Inc. (NASDAQ:MCHP) traded down 0.05% during mid-day trading on Friday, reaching $66.08. The company had a trading volume of 625,856 shares. Microchip Technology Inc. has a 1-year low of $39.01 and a 1-year high of $66.25. The firm has a 50-day moving average of $61.70 and a 200 day moving average of $57.01. The company has a market capitalization of $14.27 billion, a PE ratio of 287.30 and a beta of 1.04.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Monday, November 7th. The company reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $0.07. The business earned $873.80 million during the quarter, compared to analysts’ expectations of $860.96 million. Microchip Technology had a return on equity of 27.29% and a net margin of 1.77%. The business’s quarterly revenue was up 56.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.66 earnings per share. On average, analysts predict that Microchip Technology Inc. will post $3.62 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, December 5th. Shareholders of record on Monday, November 21st will be given a $0.3605 dividend. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date is Thursday, November 17th. This represents a $1.44 dividend on an annualized basis and a yield of 2.18%. Microchip Technology’s dividend payout ratio is presently 720.00%.

A number of research analysts have weighed in on MCHP shares. Stifel Nicolaus lifted their target price on Microchip Technology from $60.00 to $64.00 and gave the company a “buy” rating in a report on Tuesday, August 9th. B. Riley reaffirmed a “buy” rating and set a $74.00 target price on shares of Microchip Technology in a report on Tuesday, August 9th. Needham & Company LLC lifted their target price on Microchip Technology from $60.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday, August 9th. Credit Suisse Group AG reaffirmed a “buy” rating and set a $67.00 target price on shares of Microchip Technology in a report on Tuesday, August 9th. Finally, Citigroup Inc. lifted their target price on Microchip Technology from $54.00 to $64.00 and gave the company a “buy” rating in a report on Tuesday, August 9th. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $64.61.

In related news, CEO Steve Sanghi sold 28,693 shares of the stock in a transaction dated Thursday, November 17th. The stock was sold at an average price of $65.41, for a total transaction of $1,876,809.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO James Eric Bjornholt sold 2,043 shares of the stock in a transaction dated Tuesday, November 22nd. The stock was sold at an average price of $65.16, for a total value of $133,121.88. The disclosure for this sale can be found here. 2.50% of the stock is owned by company insiders.

Microchip Technology Company Profile

Related posts

Leave a Comment