Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Toronto Dominion Bank

Toronto Dominion Bank decreased its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 89.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 298,124 shares of the semiconductor company's stock after selling 2,502,559 shares during the period. Toronto Dominion Bank owned about 0.06% of Microchip Technology worth $23,936,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Prospera Private Wealth LLC purchased a new stake in Microchip Technology during the 3rd quarter worth approximately $29,000. Peterson Financial Group Inc. purchased a new stake in shares of Microchip Technology during the third quarter worth approximately $34,000. Truvestments Capital LLC acquired a new position in Microchip Technology in the 3rd quarter valued at $34,000. Wolff Wiese Magana LLC boosted its stake in Microchip Technology by 55.2% during the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company's stock worth $49,000 after purchasing an additional 218 shares during the last quarter. Finally, Family Firm Inc. acquired a new stake in Microchip Technology during the 2nd quarter worth $62,000. Hedge funds and other institutional investors own 91.51% of the company's stock.

Microchip Technology Trading Down 2.6 %

NASDAQ:MCHP traded down $1.57 during trading hours on Friday, reaching $59.93. 9,040,010 shares of the stock were exchanged, compared to its average volume of 6,203,403. Microchip Technology Incorporated has a twelve month low of $57.96 and a twelve month high of $100.57. The business has a 50-day moving average of $70.84 and a two-hundred day moving average of $80.31. The company has a market capitalization of $32.18 billion, a price-to-earnings ratio of 42.12 and a beta of 1.50. 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 (NASDAQ:MCHP - Get Free Report) last posted its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.03. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. Microchip Technology's revenue was down 48.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.54 EPS. On average, equities analysts predict that Microchip Technology Incorporated will post 1.33 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were given a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 3.04%. The ex-dividend date was Friday, November 22nd. This is a boost from Microchip Technology's previous quarterly dividend of $0.45. Microchip Technology's dividend payout ratio (DPR) is currently 127.27%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. TD Cowen decreased their price target on shares of Microchip Technology from $80.00 to $70.00 and set a "hold" rating on the stock in a research note on Wednesday, November 6th. Needham & Company LLC reissued a "buy" rating and issued a $85.00 target price on shares of Microchip Technology in a research note on Tuesday, December 3rd. Truist Financial cut Microchip Technology from a "buy" rating to a "hold" rating and lowered their target price for the stock from $89.00 to $80.00 in a report on Monday, September 23rd. Jefferies Financial Group reduced their price objective on Microchip Technology from $100.00 to $90.00 and set a "buy" rating on the stock in a research report on Wednesday, November 6th. Finally, Piper Sandler dropped their target price on Microchip Technology from $100.00 to $85.00 and set an "overweight" rating for the company in a report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $90.95.

About Microchip Technology

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.