Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA trimmed its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 15.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 970,145 shares of the semiconductor company's stock after selling 175,244 shares during the quarter. Massachusetts Financial Services Co. MA owned 0.18% of Microchip Technology worth $55,638,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in MCHP. Mainstream Capital Management LLC purchased a new stake in Microchip Technology during the fourth quarter worth $26,000. Rakuten Securities Inc. boosted its holdings in Microchip Technology by 309.5% in the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company's stock valued at $27,000 after purchasing an additional 359 shares during the last quarter. OFI Invest Asset Management purchased a new stake in Microchip Technology in the fourth quarter valued at $29,000. Financial Life Planners acquired a new position in Microchip Technology in the fourth quarter valued at about $32,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new position in shares of Microchip Technology in the 4th quarter worth approximately $34,000. 91.51% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have issued reports on MCHP shares. Needham & Company LLC boosted their target price on Microchip Technology from $60.00 to $66.00 and gave the company a "buy" rating in a research report on Tuesday, March 4th. Piper Sandler reiterated an "overweight" rating and issued a $65.00 price objective (down previously from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. The Goldman Sachs Group lowered their target price on Microchip Technology from $72.00 to $63.00 and set a "neutral" rating for the company in a report on Friday, January 10th. B. Riley reiterated a "buy" rating and set a $75.00 price target (down from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Finally, Evercore ISI boosted their price target on shares of Microchip Technology from $65.00 to $71.00 and gave the stock an "outperform" rating in a research note on Tuesday, March 4th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $74.37.

Insider Buying and Selling at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,724 shares of the stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total value 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. This represents a 10.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.10% of the company's stock.

Microchip Technology Stock Performance

NASDAQ:MCHP traded down $6.60 during mid-day trading on Thursday, reaching $38.30. 7,886,516 shares of the stock were exchanged, compared to its average volume of 7,841,725. 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 Incorporated has a 1 year low of $34.13 and a 1 year high of $100.57. The company has a 50 day simple moving average of $52.68 and a 200-day simple moving average of $61.56. The stock has a market capitalization of $20.60 billion, a P/E ratio of 68.79 and a beta of 1.51.

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 the consensus estimate of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. Analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were paid a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 4.75%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology's dividend payout ratio is presently 325.00%.

Microchip Technology 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.