Coho Partners Ltd. buys $101.6 Million stake in Microchip Technology (MCHP)

Microchip Technology (MCHP) : Coho Partners Ltd. scooped up 79,072 additional shares in Microchip Technology during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 11, 2016. The investment management firm now holds a total of 2,153,407 shares of Microchip Technology which is valued at $101.6 Million.Microchip Technology makes up approximately 4.22% of Coho Partners Ltd.’s portfolio.

Other Hedge Funds, Including , Shell Asset Management Co reduced its stake in MCHP by selling 1,146 shares or 9.63% in the most recent quarter. The Hedge Fund company now holds 10,750 shares of MCHP which is valued at $506,970. Microchip Technology makes up approx 0.01% of Shell Asset Management Co’s portfolio. Quantbot Technologies Lp added MCHP to its portfolio by purchasing 29,697 company shares during the most recent quarter which is valued at $1.4 Million. Microchip Technology makes up approx 0.23% of Quantbot Technologies Lp’s portfolio.Torch Wealth Management boosted its stake in MCHP in the latest quarter, The investment management firm added 850 additional shares and now holds a total of 25,450 shares of Microchip Technology which is valued at $1.2 Million. Microchip Technology makes up approx 0.93% of Torch Wealth Management’s portfolio.

Microchip Technology opened for trading at $47.15 and hit $48.35 on the upside on Monday, eventually ending the session at $47.95, with a gain of 1.68% or 0.79 points. The heightened volatility saw the trading volume jump to 16,70,078 shares. Company has a market cap of $9,758 M.

On the company’s financial health, Microchip Technology reported $0.70 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on May 4, 2016. Analyst had a consensus of $0.68. The company had revenue of $568.44 million for the quarter, compared to analysts expectations of $563.61 million. The company’s revenue was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.68 EPS.

Many Wall Street Analysts have commented on Microchip Technology. Credit Agricole Initiated Microchip Technology on May 17, 2016 to “Buy”, Price Target of the shares are set at $58.Company shares were Reiterated by Stifel on May 5, 2016 to “Buy”, Firm has raised the Price Target to $ 60 from a previous price target of $54 .

Microchip Technology Incorporated develops manufactures and sells specialized semiconductor products for a range of embedded control applications. The Company operates in segments including semiconductor products and technology licensing. The Company’s product portfolio consists of general purpose and specialized 8-bit 16-bit and 32-bit microcontrollers; linear mixed-signal power management; thermal management; Radio-frequency (RF) safety security wired connectivity and wireless connectivity devices as well as serial EEPROMs Serial Flash memories Parallel Flash memories and serial Static Random Access Memory (SRAM). The Company also licenses Flash-IP solutions that are incorporated in a range of products. The Company’s products are applicable in the automotive communications computing consumer and industrial control markets.

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