Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Rockefeller Capital Management L.P.

Rockefeller Capital Management L.P. lowered its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 14.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 47,289 shares of the semiconductor company's stock after selling 8,059 shares during the period. Rockefeller Capital Management L.P.'s holdings in Microchip Technology were worth $2,725,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in Microchip Technology by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company's stock valued at $3,952,123,000 after acquiring an additional 569,699 shares during the last quarter. Van ECK Associates Corp lifted its stake in shares of Microchip Technology by 39.3% in the 4th quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company's stock valued at $636,184,000 after purchasing an additional 3,131,807 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Microchip Technology by 9.5% during the 4th quarter. Invesco Ltd. now owns 10,247,908 shares of the semiconductor company's stock worth $587,718,000 after purchasing an additional 890,819 shares during the period. Norges Bank acquired a new stake in shares of Microchip Technology during the 4th quarter worth about $452,627,000. Finally, FIL Ltd raised its holdings in Microchip Technology by 9.0% in the 4th quarter. FIL Ltd now owns 7,877,482 shares of the semiconductor company's stock valued at $451,774,000 after buying an additional 653,705 shares during the period. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on MCHP shares. Mizuho lifted their price target on shares of Microchip Technology from $58.00 to $68.00 and gave the company an "outperform" rating in a research report on Tuesday, March 4th. The Goldman Sachs Group cut their target price on shares of Microchip Technology from $72.00 to $63.00 and set a "neutral" rating on the stock in a research note on Friday, January 10th. StockNews.com downgraded shares of Microchip Technology from a "hold" rating to a "sell" rating in a research note on Monday, February 10th. Evercore ISI increased their price objective on Microchip Technology from $65.00 to $71.00 and gave the company an "outperform" rating in a research note on Tuesday, March 4th. Finally, Piper Sandler reissued an "overweight" rating and set a $65.00 target price (down from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $69.32.

Insider Transactions at Microchip Technology

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 completion of the transaction, the chief financial officer now 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 2.10% of the company's stock.

Microchip Technology Stock Up 4.0 %

NASDAQ:MCHP traded up $1.62 during mid-day trading on Wednesday, reaching $41.91. The stock had a trading volume of 10,225,794 shares, compared to its average volume of 8,154,089. The company has a market capitalization of $22.54 billion, a price-to-earnings ratio of 74.83 and a beta of 1.51. The stock's 50 day simple moving average is $50.15 and its two-hundred day simple moving average is $59.09. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. Microchip Technology Incorporated has a 1-year low of $34.13 and a 1-year high of $100.57.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings data 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 return on equity of 12.62% and a net margin of 6.49%. Equities analysts anticipate that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were issued a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a dividend yield of 4.34%. The ex-dividend date was Monday, February 24th. Microchip Technology's dividend payout ratio (DPR) is presently 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.