Microchip Technology Incorporated $MCHP Stake Lifted by Jennison Associates LLC

Jennison Associates LLC boosted its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 166.4% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 247,773 shares of the semiconductor company’s stock after purchasing an additional 154,762 shares during the period. Jennison Associates LLC’s holdings in Microchip Technology were worth $16,009,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently added to or reduced their stakes in the stock. Norges Bank acquired a new position in shares of Microchip Technology during the fourth quarter valued at $664,564,000. Barclays PLC lifted its position in Microchip Technology by 66.5% in the 4th quarter. Barclays PLC now owns 13,996,883 shares of the semiconductor company’s stock valued at $891,881,000 after purchasing an additional 5,590,210 shares during the last quarter. Rafferty Asset Management LLC boosted its stake in Microchip Technology by 41.0% during the 2nd quarter. Rafferty Asset Management LLC now owns 6,203,762 shares of the semiconductor company’s stock valued at $436,559,000 after purchasing an additional 1,803,945 shares during the period. Ameriprise Financial Inc. boosted its stake in Microchip Technology by 255.7% during the 2nd quarter. Ameriprise Financial Inc. now owns 2,135,140 shares of the semiconductor company’s stock valued at $150,271,000 after purchasing an additional 1,534,829 shares during the period. Finally, Worldquant Millennium Advisors LLC acquired a new position in Microchip Technology during the 2nd quarter valued at about $101,359,000. 91.51% of the stock is currently owned by institutional investors.

Microchip Technology Price Performance

NASDAQ:MCHP opened at $83.38 on Wednesday. The business’s 50-day moving average price is $91.49 and its 200 day moving average price is $80.84. The firm has a market cap of $45.28 billion, a P/E ratio of 397.07, a PEG ratio of 0.81 and a beta of 1.74. Microchip Technology Incorporated has a 52-week low of $48.52 and a 52-week high of $105.91. The company has a quick ratio of 1.18, a current ratio of 2.09 and a debt-to-equity ratio of 0.85.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, May 7th. The semiconductor company reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.07. Microchip Technology had a net margin of 4.88% and a return on equity of 10.87%. The company had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same period in the prior year, the company earned $0.11 EPS. Microchip Technology’s revenue was up 35.1% on a year-over-year basis. Microchip Technology has set its Q1 2027 guidance at 0.670-0.710 EPS. As a group, sell-side analysts predict that Microchip Technology Incorporated will post 2.69 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 5th. Investors of record on Friday, May 22nd were issued a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date was Friday, May 22nd. Microchip Technology’s payout ratio is presently 866.67%.

Analyst Ratings Changes

Several brokerages have commented on MCHP. Cantor Fitzgerald restated an “overweight” rating and issued a $125.00 price target on shares of Microchip Technology in a research note on Wednesday, May 13th. Wall Street Zen upgraded Microchip Technology from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Weiss Ratings raised Microchip Technology from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, June 4th. Zacks Research upgraded Microchip Technology from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 12th. Finally, TD Cowen lowered their target price on Microchip Technology from $105.00 to $90.00 and set a “hold” rating on the stock in a research report on Monday, July 13th. Four investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $99.76.

Insider Buying and Selling at Microchip Technology

In related news, COO Richard J. Simoncic sold 5,000 shares of the stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $97.52, for a total transaction of $487,600.00. Following the completion of the sale, the chief operating officer directly owned 130,508 shares of the company’s stock, valued at $12,727,140.16. This represents a 3.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO James Eric Bjornholt sold 3,667 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $90.87, for a total transaction of $333,220.29. Following the sale, the chief financial officer owned 28,573 shares of the company’s stock, valued at $2,596,428.51. The trade was a 11.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 553,302 shares of company stock valued at $49,673,635 in the last ninety days. Company insiders own 1.79% of the company’s stock.

Microchip Technology Company Profile

Microchip Technology Inc is a semiconductor company headquartered in Chandler, Arizona, that designs, develops and supplies a broad portfolio of embedded control and analog semiconductors. Its product lineup centers on microcontrollers (including the well-known PIC family), digital signal controllers and associated development tools and software, along with a range of mixed-signal and analog devices, nonvolatile memory, power management, timing, interface, wireless and security products. The company also provides integrated hardware and software solutions intended to simplify embedded design and accelerate time to market for OEMs and contract manufacturers.

Microchip’s products are used across a wide range of end markets, including automotive, industrial automation, consumer electronics, communications, aerospace and defense, and Internet of Things (IoT) applications.