Healthcare of Ontario Pension Plan Trust Fund Sells 1,094,043 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Posted by Defense World Staff on Mar 2nd, 2023

Healthcare of Ontario Pension Plan Trust Fund decreased its holdings in Microchip Technology Incorporated (NASDAQ:MCHP – Get Rating) by 99.4% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 6,657 shares of the semiconductor company’s stock after selling 1,094,043 shares during the period. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Microchip Technology were worth $406,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of MCHP. Boston Partners increased its stake in shares of Microchip Technology by 17.2% in the 3rd quarter. Boston Partners now owns 7,665,626 shares of the semiconductor company’s stock valued at $467,751,000 after purchasing an additional 1,123,669 shares during the last quarter. Prudential Financial Inc. boosted its holdings in shares of Microchip Technology by 98.5% during the 1st quarter. Prudential Financial Inc. now owns 2,056,405 shares of the semiconductor company’s stock valued at $154,518,000 after acquiring an additional 1,020,624 shares in the last quarter. Coho Partners Ltd. boosted its holdings in shares of Microchip Technology by 21.7% during the 3rd quarter. Coho Partners Ltd. now owns 3,720,877 shares of the semiconductor company’s stock valued at $227,085,000 after acquiring an additional 664,472 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich acquired a new stake in shares of Microchip Technology during the 3rd quarter valued at $35,477,000. Finally, Dodge & Cox boosted its holdings in shares of Microchip Technology by 1.7% during the 2nd quarter. Dodge & Cox now owns 32,228,436 shares of the semiconductor company’s stock valued at $1,871,828,000 after acquiring an additional 551,092 shares in the last quarter. Institutional investors own 89.85% of the company’s stock.

Microchip Technology Stock Performance

Shares of Microchip Technology stock opened at $80.78 on Thursday. Microchip Technology Incorporated has a one year low of $54.33 and a one year high of $87.76. The firm has a market capitalization of $44.25 billion, a price-to-earnings ratio of 21.89, a PEG ratio of 0.83 and a beta of 1.59. The business has a 50-day simple moving average of $77.29 and a 200 day simple moving average of $71.19. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.76 and a quick ratio of 1.04.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 7th. Investors of record on Tuesday, February 21st will be given a $0.358 dividend. This represents a $1.43 dividend on an annualized basis and a yield of 1.77%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Friday, February 17th. Microchip Technology’s payout ratio is presently 38.75%.

Analysts Set New Price Targets

MCHP has been the topic of several recent research reports. Credit Suisse Group raised their price objective on Microchip Technology from $85.00 to $98.00 and gave the company a “neutral” rating in a report on Friday, February 3rd. Mizuho lifted their target price on Microchip Technology from $72.00 to $79.00 and gave the stock a “neutral” rating in a report on Friday, February 3rd. Raymond James lifted their target price on Microchip Technology from $90.00 to $105.00 and gave the stock a “strong-buy” rating in a report on Friday, February 3rd. Truist Financial lifted their target price on Microchip Technology from $85.00 to $94.00 and gave the stock a “buy” rating in a report on Friday, February 3rd. Finally, Wells Fargo & Company lifted their target price on Microchip Technology from $80.00 to $85.00 and gave the stock an “equal weight” rating in a report on Friday, February 3rd. Five analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $90.58.

Microchip Technology Company Profile

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Microchip Technology, Inc engages in the provision of semiconductor products. It operates through the Semiconductor Products and Technology Licensing segments. The Semiconductor Products segment is involved in designing, developing, manufacturing, and marketing microcontrollers, development tools and analog, interface, mixed signal, connectivity devices, and timing products.