Microchip Technology Incorporated (NASDAQ:MCHP) Stock Position Increased by abrdn plc

abrdn plc lifted its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 57.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 225,979 shares of the semiconductor company’s stock after buying an additional 82,536 shares during the period. abrdn plc’s holdings in Microchip Technology were worth $20,379,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of MCHP. OFI Invest Asset Management bought a new stake in shares of Microchip Technology in the 3rd quarter worth $26,000. BKM Wealth Management LLC bought a new stake in shares of Microchip Technology in the 4th quarter worth $27,000. Rakuten Securities Inc. bought a new stake in shares of Microchip Technology in the 4th quarter worth $27,000. Fortitude Family Office LLC bought a new stake in shares of Microchip Technology in the 4th quarter worth $29,000. Finally, Milestone Investment Advisors LLC acquired a new stake in shares of Microchip Technology during the third quarter worth $36,000. Institutional investors own 91.51% of the company’s stock.

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the completion of the sale, the chief financial officer now owns 32,893 shares in the company, valued at approximately $2,759,722.70. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Karlton D. Johnson sold 370 shares of the company’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the completion of the sale, the director now owns 1,789 shares in the company, valued at approximately $150,276. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the sale, the chief financial officer now owns 32,893 shares of the company’s stock, valued at approximately $2,759,722.70. The disclosure for this sale can be found here. Corporate insiders own 2.07% of the company’s stock.

Microchip Technology Stock Performance

Shares of NASDAQ MCHP opened at $86.19 on Wednesday. The business’s 50-day moving average price is $86.61 and its two-hundred day moving average price is $84.46. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $94.30. The company has a market capitalization of $46.58 billion, a P/E ratio of 20.14, a price-to-earnings-growth ratio of 2.55 and a beta of 1.65.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 EPS for the quarter, beating analysts’ consensus estimates of $1.04 by $0.04. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The firm had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter in the previous year, the company posted $1.48 earnings per share. The business’s quarterly revenue was down 18.6% compared to the same quarter last year. Analysts anticipate that Microchip Technology Incorporated will post 4.64 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 23rd were paid a $0.45 dividend. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $1.80 dividend on an annualized basis and a yield of 2.09%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.44. Microchip Technology’s payout ratio is 42.06%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Piper Sandler lowered Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 target price on the stock. in a research report on Thursday, January 4th. Wolfe Research raised Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 target price on the stock in a research report on Thursday, January 18th. UBS Group cut their target price on Microchip Technology from $105.00 to $95.00 and set a “buy” rating on the stock in a research report on Friday, February 2nd. Needham & Company LLC boosted their target price on Microchip Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, February 2nd. Finally, The Goldman Sachs Group cut their target price on Microchip Technology from $87.00 to $77.00 and set a “neutral” rating on the stock in a research report on Friday, February 2nd. Six analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $92.50.

Microchip Technology Profile

Microchip Technology Incorporated develops, manufactures, and sells 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 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.