T. Rowe Price Investment Management Inc. Has $945.02 Million Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

T. Rowe Price Investment Management Inc. cut its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 10.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,478,140 shares of the semiconductor company's stock after selling 2,017,052 shares during the quarter. T. Rowe Price Investment Management Inc. owned about 3.07% of Microchip Technology worth $945,022,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in MCHP. Virtu Financial LLC bought a new stake in shares of Microchip Technology during the third quarter worth approximately $491,000. Stock Yards Bank & Trust Co. boosted its position in shares of Microchip Technology by 3.3% in the third quarter. Stock Yards Bank & Trust Co. now owns 11,517 shares of the semiconductor company's stock valued at $925,000 after acquiring an additional 368 shares during the period. World Investment Advisors LLC lifted its position in Microchip Technology by 11.7% during 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 during the period. Arvest Bank Trust Division acquired a new stake in Microchip Technology during the third quarter worth about $223,000. Finally, Wilmington Savings Fund Society FSB increased its holdings in Microchip Technology by 16.6% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 60,394 shares of the semiconductor company's stock valued at $4,849,000 after buying an additional 8,592 shares during the period. Institutional investors own 91.51% of the company's stock.

Microchip Technology Stock Performance

Shares of MCHP stock opened at $40.29 on Wednesday. Microchip Technology Incorporated has a 12 month low of $34.13 and a 12 month high of $100.57. The firm has a market capitalization of $21.67 billion, a PE ratio of 71.95 and a beta of 1.51. The firm has a fifty day simple moving average of $50.15 and a two-hundred day simple moving average of $59.09. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share 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%. Analysts forecast that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were issued a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 4.52%. The ex-dividend date was Monday, February 24th. Microchip Technology's dividend payout ratio is 325.00%.

Analyst Ratings Changes

Several brokerages have commented on MCHP. Rosenblatt Securities restated a "buy" rating and set a $70.00 price objective on shares of Microchip Technology in a research report on Tuesday, March 4th. Raymond James reaffirmed a "strong-buy" rating and issued a $60.00 price objective (down from $95.00) on shares of Microchip Technology in a research note on Friday, February 7th. Piper Sandler reiterated an "overweight" rating and issued a $65.00 target price (down previously from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. KeyCorp dropped their target price on shares of Microchip Technology from $70.00 to $60.00 and set an "overweight" rating for the company in a report on Friday, February 7th. Finally, Needham & Company LLC lifted their price target on shares of Microchip Technology from $60.00 to $66.00 and gave the company a "buy" rating in a report on Tuesday, March 4th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Microchip Technology presently has an average rating of "Moderate Buy" and an average 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 that occurred on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total value of $226,717.12. Following the transaction, the chief financial officer now owns 33,272 shares in the company, valued at $2,025,599.36. The trade was a 10.07 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company 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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