Tributary Capital Management LLC Sells 250 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Tributary Capital Management LLC trimmed its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 3.8% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 6,323 shares of the semiconductor company’s stock after selling 250 shares during the period. Tributary Capital Management LLC’s holdings in Microchip Technology were worth $508,000 as of its most recent SEC filing.

Several other institutional investors and 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 second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,291,290 shares of the semiconductor company’s stock worth $209,653,000 after purchasing an additional 2,199,290 shares during the last quarter. Clearbridge Investments LLC raised its stake in Microchip Technology by 18,944.8% during the 1st quarter. Clearbridge Investments LLC now owns 1,973,045 shares of the semiconductor company’s stock valued at $177,002,000 after purchasing an additional 1,962,685 shares during the period. Vanguard Group Inc. raised its stake in Microchip Technology by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock valued at $6,152,646,000 after purchasing an additional 1,921,497 shares during the period. Canada Pension Plan Investment Board raised its stake in Microchip Technology by 425.3% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,377,099 shares of the semiconductor company’s stock valued at $123,540,000 after purchasing an additional 1,114,962 shares during the period. Finally, The Manufacturers Life Insurance Company raised its stake in Microchip Technology by 78.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,189,390 shares of the semiconductor company’s stock valued at $200,329,000 after purchasing an additional 961,801 shares during the period. 91.51% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the transaction, the chief financial officer now owns 33,257 shares in the company, valued at approximately $2,710,445.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 2.07% of the company’s stock.

Microchip Technology Trading Up 0.6 %

Shares of NASDAQ:MCHP opened at $76.29 on Monday. Microchip Technology Incorporated has a 52-week low of $68.75 and a 52-week high of $100.57. The stock has a market cap of $40.93 billion, a price-to-earnings ratio of 21.99 and a beta of 1.52. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96. The business has a 50-day moving average price of $77.93 and a 200-day moving average price of $85.68.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.52 by $0.01. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same period last year, the company earned $1.56 earnings per share. Microchip Technology’s quarterly revenue was down 45.8% compared to the same quarter last year. Equities analysts predict that Microchip Technology Incorporated will post 1.73 EPS for the current year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were paid a $0.454 dividend. The ex-dividend date of this dividend was Thursday, August 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.38%. Microchip Technology’s payout ratio is currently 52.16%.

Analyst Ratings Changes

A number of analysts have issued reports on the company. StockNews.com raised Microchip Technology from a “sell” rating to a “hold” rating in a research note on Thursday, October 17th. Morgan Stanley downgraded Microchip Technology from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $102.00 to $100.00 in a research note on Thursday, July 11th. JPMorgan Chase & Co. reduced their price objective on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Mizuho set a $95.00 target price on Microchip Technology in a research report on Friday, October 18th. Finally, Truist Financial downgraded Microchip Technology from a “buy” rating to a “hold” rating and cut their target price for the company from $89.00 to $80.00 in a research report on Monday, September 23rd. Six analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $97.89.

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.