Coho Partners Ltd. Sells 331,918 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Coho Partners Ltd. cut its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 27.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 874,904 shares of the semiconductor company's stock after selling 331,918 shares during the quarter. Microchip Technology comprises about 2.6% of Coho Partners Ltd.'s portfolio, making the stock its 23rd biggest holding. Coho Partners Ltd. owned approximately 0.16% of Microchip Technology worth $42,354,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in MCHP. Mainstream Capital Management LLC bought a new stake in Microchip Technology in the 4th quarter valued at $26,000. Rakuten Securities Inc. lifted its position in shares of Microchip Technology by 309.5% during the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company's stock valued at $27,000 after acquiring an additional 359 shares during the period. OFI Invest Asset Management bought a new stake in shares of Microchip Technology during the 4th quarter valued at $29,000. Garde Capital Inc. bought a new stake in shares of Microchip Technology during the 1st quarter valued at $30,000. Finally, Kohmann Bosshard Financial Services LLC bought a new stake in shares of Microchip Technology during the 4th quarter valued at $34,000. 91.51% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on MCHP shares. Wall Street Zen downgraded Microchip Technology from a "hold" rating to a "sell" rating in a research report on Saturday, June 7th. Cantor Fitzgerald started coverage on Microchip Technology in a research report on Wednesday. They set a "neutral" rating and a $70.00 target price for the company. Citigroup upped their target price on Microchip Technology from $55.00 to $68.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Morgan Stanley upped their target price on Microchip Technology from $39.00 to $50.00 and gave the company an "equal weight" rating in a research report on Friday, May 9th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $66.00 target price on shares of Microchip Technology in a research report on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $70.15.

Microchip Technology Price Performance

Shares of MCHP opened at $68.97 on Friday. Microchip Technology Incorporated has a 12-month low of $34.13 and a 12-month high of $96.98. The business has a 50-day simple moving average of $55.54 and a two-hundred day simple moving average of $54.96. The company has a quick ratio of 1.47, a current ratio of 2.59 and a debt-to-equity ratio of 0.80. The stock has a market cap of $37.20 billion, a PE ratio of -6,897.00, a PEG ratio of 2.05 and a beta of 1.48.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.10 by $0.01. Microchip Technology had a positive return on equity of 8.55% and a negative net margin of 0.01%. The business had revenue of $970.50 million during the quarter, compared to analysts' expectations of $962.86 million. During the same quarter in the prior year, the firm earned $0.57 EPS. The business's revenue for the quarter was down 26.8% compared to the same quarter last year. Analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd were issued a $0.455 dividend. The ex-dividend date was Thursday, May 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.64%. Microchip Technology's payout ratio is presently -18,200.00%.

Insiders Place Their Bets

In other news, Director Karlton D. Johnson sold 494 shares of the stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total value of $29,980.86. Following the completion of the sale, the director now owns 3,468 shares of the company's stock, valued at approximately $210,472.92. This represents a 12.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO James Eric Bjornholt sold 2,015 shares of the stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $55.78, for a total value of $112,396.70. Following the completion of the sale, the chief financial officer now directly owns 34,313 shares of the company's stock, valued at approximately $1,913,979.14. The trade was a 5.55% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.10% of the company's stock.

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.

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