River & Mercantile Asset Management LLP Invests $583,000 in Microchip Technology Incorporated (NASDAQ:MCHP)

River & Mercantile Asset Management LLP purchased a new position in Microchip Technology Incorporated (NASDAQ:MCHP – Get Rating) during the third quarter, HoldingsChannel reports. The firm purchased 3,800 shares of the semiconductor company’s stock, valued at approximately $583,000.

Other hedge funds have also recently made changes to their positions in the company. Panagora Asset Management Inc. lifted its stake in Microchip Technology by 31.8% in the first quarter. Panagora Asset Management Inc. now owns 21,731 shares of the semiconductor company’s stock worth $1,633,000 after acquiring an additional 5,237 shares during the period. Cibc World Market Inc. lifted its position in shares of Microchip Technology by 292.9% during the first quarter. Cibc World Market Inc. now owns 44,324 shares of the semiconductor company’s stock valued at $3,331,000 after buying an additional 33,044 shares during the last quarter. Vontobel Holding Ltd. lifted its position in shares of Microchip Technology by 4.1% during the first quarter. Vontobel Holding Ltd. now owns 29,572 shares of the semiconductor company’s stock valued at $2,259,000 after buying an additional 1,159 shares during the last quarter. Sequoia Financial Advisors LLC lifted its position in shares of Microchip Technology by 34.1% during the first quarter. Sequoia Financial Advisors LLC now owns 4,455 shares of the semiconductor company’s stock valued at $335,000 after buying an additional 1,133 shares during the last quarter. Finally, Loomis Sayles & Co. L P increased its holdings in shares of Microchip Technology by 1,272.4% during the first quarter. Loomis Sayles & Co. L P now owns 326,717 shares of the semiconductor company’s stock valued at $24,550,000 after acquiring an additional 302,910 shares in the last quarter. 89.85% of the stock is currently owned by institutional investors.

Microchip Technology Price Performance

MCHP stock opened at $82.25 on Friday. The business has a 50 day moving average price of $80.05 and a 200 day moving average price of $72.07. The stock has a market cap of $45.06 billion, a price-to-earnings ratio of 22.29, a PEG ratio of 0.84 and a beta of 1.58. Microchip Technology Incorporated has a fifty-two week low of $54.33 and a fifty-two week high of $87.76. The company has a quick ratio of 1.04, a current ratio of 1.76 and a debt-to-equity ratio of 1.04.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 7th. Shareholders of record on Tuesday, February 21st were paid a $0.358 dividend. The ex-dividend date of this dividend was Friday, February 17th. This represents a $1.43 dividend on an annualized basis and a yield of 1.74%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.33. Microchip Technology’s payout ratio is currently 38.75%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on MCHP. Needham & Company LLC restated a “buy” rating and set a $110.00 price objective on shares of Microchip Technology in a report on Wednesday, March 8th. Susquehanna increased their price target on shares of Microchip Technology from $85.00 to $100.00 and gave the stock a “positive” rating in a report on Friday, February 3rd. Raymond James increased their price target on shares of Microchip Technology from $90.00 to $105.00 and gave the stock a “strong-buy” rating in a report on Friday, February 3rd. Citigroup raised their price objective on shares of Microchip Technology from $74.00 to $85.00 and gave the stock a “neutral” rating in a research note on Friday, February 3rd. Finally, Truist Financial increased their target price on Microchip Technology from $85.00 to $94.00 and gave the company a “buy” rating in a research report on Friday, February 3rd. Five investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $90.58.

About Microchip Technology

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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.