Microchip Technology Incorporated (NASDAQ:MCHP) Stake Lifted by Vanguard Group Inc.

Vanguard Group Inc. increased its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 2.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 68,583,723 shares of the semiconductor company’s stock after acquiring an additional 1,921,497 shares during the period. Vanguard Group Inc. owned approximately 0.13% of Microchip Technology worth $6,152,646,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. BKM Wealth Management LLC purchased a new stake in shares of Microchip Technology in the 4th quarter valued at approximately $27,000. Rakuten Securities Inc. purchased a new stake in Microchip Technology in the 4th quarter worth approximately $27,000. Rise Advisors LLC purchased a new stake in Microchip Technology in the 1st quarter worth approximately $28,000. Fortitude Family Office LLC purchased a new stake in Microchip Technology in the 4th quarter worth approximately $29,000. Finally, Pineridge Advisors LLC purchased a new stake in Microchip Technology in the 4th quarter worth approximately $33,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on MCHP shares. Jefferies Financial Group started coverage on shares of Microchip Technology in a research report on Monday, May 13th. They issued a “buy” rating and a $115.00 target price for the company. Susquehanna increased their target price on shares of Microchip Technology from $105.00 to $115.00 and gave the stock a “positive” rating in a research report on Wednesday. Stifel Nicolaus increased their price target on shares of Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. TD Cowen increased their price target on shares of Microchip Technology from $80.00 to $90.00 and gave the stock a “hold” rating in a research note on Tuesday, May 7th. Finally, KeyCorp increased their price target on shares of Microchip Technology from $90.00 to $110.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 7th. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $102.17.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,188 shares of the stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total value of $318,736.24. Following the completion of the sale, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at approximately $3,325,034.86. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CFO James Eric Bjornholt sold 3,188 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total transaction of $318,736.24. Following the completion of the transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at approximately $3,325,034.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Stephen V. Drehobl sold 7,830 shares of the firm’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $95.06, for a total transaction of $744,319.80. Following the transaction, the vice president now directly owns 79,509 shares of the company’s stock, valued at $7,558,125.54. The disclosure for this sale can be found here. Insiders sold a total of 23,993 shares of company stock valued at $2,251,857 in the last ninety days. Company insiders own 2.07% of the company’s stock.

Microchip Technology Stock Performance

NASDAQ:MCHP traded down $2.75 during midday trading on Friday, reaching $88.77. The stock had a trading volume of 5,818,946 shares, compared to its average volume of 5,431,980. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.20 and a quick ratio of 0.67. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $100.57. The firm’s fifty day simple moving average is $93.54 and its 200-day simple moving average is $89.32. The stock has a market capitalization of $47.63 billion, a P/E ratio of 25.58 and a beta of 1.54.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.57. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The firm had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same period in the prior year, the firm earned $1.56 EPS. The business’s revenue was down 40.6% on a year-over-year basis. On average, equities research analysts forecast that Microchip Technology Incorporated will post 2.35 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd were issued a $0.452 dividend. The ex-dividend date was Tuesday, May 21st. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.81 dividend on an annualized basis and a yield of 2.04%. Microchip Technology’s dividend payout ratio is 51.87%.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells 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 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.