Jennison Associates LLC Acquires 5,249 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Jennison Associates LLC lifted its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 2.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 208,416 shares of the semiconductor company's stock after buying an additional 5,249 shares during the quarter. Jennison Associates LLC's holdings in Microchip Technology were worth $10,089,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Millstone Evans Group LLC bought a new position in Microchip Technology during the fourth quarter worth $34,000. Garde Capital Inc. acquired a new position in shares of Microchip Technology during the first quarter valued at about $30,000. Orion Capital Management LLC bought a new position in shares of Microchip Technology during the 4th quarter worth about $41,000. Aster Capital Management DIFC Ltd grew its stake in shares of Microchip Technology by 399.4% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 809 shares of the semiconductor company's stock valued at $46,000 after buying an additional 647 shares during the period. Finally, Byrne Asset Management LLC bought a new stake in Microchip Technology in the 1st quarter valued at about $41,000. Institutional investors and hedge funds own 91.51% of the company's stock.

Analysts Set New Price Targets

Several research analysts have issued reports on MCHP shares. Morgan Stanley increased their price target on Microchip Technology from $39.00 to $50.00 and gave the stock an "equal weight" rating in a report on Friday, May 9th. Mizuho lifted their price objective on shares of Microchip Technology from $78.00 to $85.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Rosenblatt Securities upped their target price on shares of Microchip Technology from $63.00 to $70.00 and gave the stock a "buy" rating in a research note on Friday, May 30th. Bank of America upgraded shares of Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 target price for the company in a report on Friday, May 9th. Finally, Raymond James Financial boosted their price target on shares of Microchip Technology from $60.00 to $65.00 and gave the stock a "strong-buy" rating in a report on Friday, May 9th. Six equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Microchip Technology currently has an average rating of "Moderate Buy" and a consensus target price of $75.70.

Microchip Technology Stock Performance

NASDAQ:MCHP traded down $2.44 on Thursday, reaching $67.81. 13,362,758 shares of the company's stock were exchanged, compared to its average volume of 7,135,747. The stock has a fifty day simple moving average of $67.67 and a 200-day simple moving average of $57.29. Microchip Technology Incorporated has a 52 week low of $34.13 and a 52 week high of $89.59. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.59 and a quick ratio of 1.47. The firm has a market cap of $36.60 billion, a price-to-earnings ratio of -6,781.00, a P/E/G ratio of 1.99 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, beating analysts' consensus estimates of $0.10 by $0.01. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. The business had revenue of $970.50 million during the quarter, compared to analyst estimates of $962.86 million. During the same period in the previous year, the business earned $0.57 EPS. Microchip Technology's revenue was down 26.8% compared to the same quarter last year. As a group, sell-side analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 22nd were issued a dividend of $0.455 per share. The ex-dividend date was Thursday, May 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.68%. Microchip Technology's dividend payout ratio (DPR) is -18,200.00%.

Insider Activity

In other news, Director Karlton D. Johnson sold 494 shares of the firm's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total value of $29,980.86. Following the completion of the transaction, the director directly owned 3,468 shares in the company, valued at approximately $210,472.92. This trade represents a 12.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO James Eric Bjornholt sold 2,015 shares of the company's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $55.78, for a total transaction of $112,396.70. Following the sale, the chief financial officer directly owned 34,313 shares in the company, valued at $1,913,979.14. This trade represents a 5.55% decrease in their position. The disclosure for this sale can be found here. 1.94% of the stock is owned by company insiders.

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.