Meritage Group LP Buys Shares of 2,528,909 Microchip Technology Incorporated (NASDAQ:MCHP)

Meritage Group LP acquired a new stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 2,528,909 shares of the semiconductor company's stock, valued at approximately $145,033,000. Microchip Technology comprises about 3.5% of Meritage Group LP's investment portfolio, making the stock its 16th biggest position. Meritage Group LP owned approximately 0.47% of Microchip Technology as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the company. Virtu Financial LLC acquired a new stake in Microchip Technology during the 3rd quarter worth about $491,000. Stock Yards Bank & Trust Co. grew its stake in Microchip Technology by 3.3% during the third quarter. Stock Yards Bank & Trust Co. now owns 11,517 shares of the semiconductor company's stock worth $925,000 after purchasing an additional 368 shares during the period. World Investment Advisors LLC increased its holdings in Microchip Technology by 11.7% in the third quarter. World Investment Advisors LLC now owns 42,882 shares of the semiconductor company's stock worth $3,443,000 after purchasing an additional 4,477 shares in the last quarter. Arvest Bank Trust Division acquired a new position in Microchip Technology in the third quarter valued at approximately $223,000. Finally, Wilmington Savings Fund Society FSB boosted its holdings in shares of Microchip Technology by 16.6% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 60,394 shares of the semiconductor company's stock worth $4,849,000 after buying an additional 8,592 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on MCHP. Evercore ISI boosted their target price on shares of Microchip Technology from $65.00 to $71.00 and gave the company an "outperform" rating in a research report on Tuesday, March 4th. Citigroup dropped their price objective on shares of Microchip Technology from $65.00 to $50.00 and set a "buy" rating on the stock in a report on Friday, April 11th. Piper Sandler restated an "overweight" rating and issued a $65.00 target price (down from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Mizuho upped their price target on Microchip Technology from $58.00 to $68.00 and gave the stock an "outperform" rating in a research note on Tuesday, March 4th. Finally, B. Riley reissued a "buy" rating and issued a $75.00 price objective (down previously from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Microchip Technology has a consensus rating of "Moderate Buy" and a consensus price target of $71.26.

Microchip Technology Stock Performance

Shares of NASDAQ:MCHP opened at $38.53 on Friday. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. The company has a 50-day moving average price of $50.72 and a 200-day moving average price of $59.61. The company has a market cap of $20.72 billion, a price-to-earnings ratio of 68.81 and a beta of 1.51. Microchip Technology Incorporated has a 12 month low of $34.13 and a 12 month high of $100.57.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 EPS for the quarter, missing analysts' consensus estimates of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. As a group, equities analysts anticipate that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Monday, February 24th were issued a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 4.72%. The ex-dividend date was Monday, February 24th. Microchip Technology's dividend payout ratio (DPR) is currently 325.00%.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total transaction of $226,717.12. Following the sale, the chief financial officer now directly owns 33,272 shares of the company's stock, valued at approximately $2,025,599.36. The trade was a 10.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 2.10% of the company's stock.

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.

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