Vanguard Group Inc. Buys 569,699 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Vanguard Group Inc. lifted its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 0.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 68,912,345 shares of the semiconductor company's stock after purchasing an additional 569,699 shares during the quarter. Vanguard Group Inc. owned about 12.83% of Microchip Technology worth $3,952,123,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MCHP. United Bank grew its position in Microchip Technology by 21.0% in the 3rd quarter. United Bank now owns 9,871 shares of the semiconductor company's stock valued at $793,000 after purchasing an additional 1,712 shares during the period. Quest Partners LLC grew its position in shares of Microchip Technology by 463,300.0% during the 3rd quarter. Quest Partners LLC now owns 4,634 shares of the semiconductor company's stock valued at $372,000 after acquiring an additional 4,633 shares during the period. Landscape Capital Management L.L.C. bought a new stake in shares of Microchip Technology in the third quarter valued at $218,000. Cerity Partners LLC raised its position in shares of Microchip Technology by 14.2% in the third quarter. Cerity Partners LLC now owns 260,063 shares of the semiconductor company's stock valued at $20,880,000 after purchasing an additional 32,340 shares during the period. Finally, Swedbank AB boosted its holdings in Microchip Technology by 62.3% in the 3rd quarter. Swedbank AB now owns 34,885 shares of the semiconductor company's stock worth $2,801,000 after buying an additional 13,392 shares during the period. 91.51% of the stock is owned by institutional investors.

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Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 3,724 shares of the business's stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total transaction of $226,717.12. Following the sale, the chief financial officer now owns 33,272 shares in the company, valued at approximately $2,025,599.36. The trade was a 10.07 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 2.10% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MCHP. Piper Sandler reissued an "overweight" rating and set a $65.00 target price (down previously from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Mizuho increased their price objective on Microchip Technology from $58.00 to $68.00 and gave the stock an "outperform" rating in a report on Tuesday, March 4th. B. Riley restated a "buy" rating and issued a $75.00 target price (down previously from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. The Goldman Sachs Group decreased their price target on Microchip Technology from $72.00 to $63.00 and set a "neutral" rating on the stock in a research report on Friday, January 10th. Finally, Morgan Stanley cut their price objective on shares of Microchip Technology from $71.00 to $58.00 and set an "equal weight" rating for the company in a research report on Tuesday, February 4th. Two analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $74.37.

Microchip Technology Trading Down 2.1 %

Shares of MCHP traded down $1.09 during mid-day trading on Thursday, hitting $51.08. 1,132,011 shares of the company's stock traded hands, compared to its average volume of 7,027,543. The business's 50-day moving average price is $55.94 and its 200-day moving average price is $64.26. Microchip Technology Incorporated has a 1 year low of $49.92 and a 1 year high of $100.57. The firm has a market capitalization of $27.47 billion, a P/E ratio of 91.22 and a beta of 1.52. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12.

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

Microchip Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were given a dividend of $0.455 per share. The ex-dividend date of this dividend was Monday, February 24th. This represents a $1.82 annualized dividend and a yield of 3.56%. Microchip Technology's payout ratio is 325.00%.

Microchip Technology Company Profile

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.