Legal & General Group Plc Invests $312.60 Million in Microchip Technology Incorporated $MCHP

Key Points

• Legal & General Group Plc acquired 3.43 million shares of Microchip Technology during the second quarter, worth approximately $312.6 million and representing about 0.63% of the company. Institutional investors collectively own 91.51% of the stock.
• Analysts maintain a generally positive view, with Microchip receiving a “Moderate Buy” consensus rating and an average price target of $98.67, although several firms recently lowered their targets.
• Microchip reported quarterly EPS of $0.76 and revenue of $1.48 billion, beating estimates while revenue grew 38% year over year. The company also declared a quarterly dividend of $0.455 per share, yielding about 2.5% annually.

Legal & General Group Plc bought a new position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) during the second quarter, according to its most recent filing with the SEC. The firm bought 3,427,600 shares of the semiconductor company's stock, valued at approximately $312,597,000. Legal & General Group Plc owned approximately 0.63% of Microchip Technology as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Wolverine Asset Management LLC raised its holdings in shares of Microchip Technology by 3,833.7% in the fourth quarter. Wolverine Asset Management LLC now owns 37,921 shares of the semiconductor company's stock valued at $2,416,000 after purchasing an additional 36,957 shares during the last quarter. Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group purchased a new position in Microchip Technology during the fourth quarter worth about $6,691,000. Epoch Investment Partners Inc. grew its position in Microchip Technology by 16.5% in the 4th quarter. Epoch Investment Partners Inc. now owns 1,349,136 shares of the semiconductor company's stock worth $85,967,000 after purchasing an additional 191,339 shares in the last quarter. Peregrine Investment Management Inc. purchased a new stake in Microchip Technology in the 1st quarter valued at about $5,492,000. Finally, Norges Bank bought a new position in shares of Microchip Technology during the 4th quarter worth approximately $664,564,000. Institutional investors own 91.51% of the company's stock.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, Director Matthew W. Chapman sold 3,000 shares of the stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $97.52, for a total transaction of $292,560.00. Following the sale, the director owned 17,665 shares in the company, valued at $1,722,690.80. This represents a 14.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Richard J. Simoncic sold 5,000 shares of the firm's stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $97.52, for a total value of $487,600.00. Following the completion of the transaction, the chief operating officer directly owned 130,508 shares of the company's stock, valued at $12,727,140.16. The trade was a 3.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 8,837 shares of company stock valued at $847,338 in the last 90 days. 1.79% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on MCHP shares. Cantor Fitzgerald restated an "overweight" rating and issued a $125.00 target price on shares of Microchip Technology in a research note on Monday, August 17th. Truist Financial dropped their price target on Microchip Technology from $105.00 to $90.00 and set a "hold" rating on the stock in a report on Friday, August 7th. UBS Group reissued a "buy" rating and issued a $120.00 price objective (down from $130.00) on shares of Microchip Technology in a research report on Friday, August 7th. Wall Street Zen upgraded Microchip Technology from a "hold" rating to a "buy" rating in a research note on Saturday, May 9th. Finally, Citigroup decreased their target price on Microchip Technology from $113.00 to $95.00 and set a "buy" rating for the company in a research report on Friday, August 7th. Three research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat, Microchip Technology currently has an average rating of "Moderate Buy" and an average target price of $98.67.

Microchip Technology Trading Down 1.0%

Shares of MCHP opened at $73.50 on Wednesday. Microchip Technology Incorporated has a fifty-two week low of $48.52 and a fifty-two week high of $105.91. The business has a 50-day moving average of $83.33 and a 200 day moving average of $81.46. The firm has a market cap of $39.91 billion, a P/E ratio of 109.70, a price-to-earnings-growth ratio of 0.52 and a beta of 1.76. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.11 and a current ratio of 1.92.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its earnings results on Thursday, August 6th. The semiconductor company reported $0.76 earnings per share for the quarter, topping analysts' consensus estimates of $0.70 by $0.06. The firm had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.46 billion. Microchip Technology had a net margin of 9.34% and a return on equity of 14.97%. The company's quarterly revenue was up 38.0% on a year-over-year basis. During the same quarter last year, the business earned $0.27 earnings per share. Microchip Technology has set its Q2 2027 guidance at 0.910-0.950 EPS. As a group, research analysts forecast that Microchip Technology Incorporated will post 3.16 EPS for the current year.

Microchip Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 9th. Investors of record on Monday, August 24th will be paid a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Monday, August 24th. Microchip Technology's payout ratio is currently 271.64%.

Microchip Technology Company Profile

Microchip Technology Inc is a semiconductor company headquartered in Chandler, Arizona, that designs, develops and supplies a broad portfolio of embedded control and analog semiconductors. Its product lineup centers on microcontrollers (including the well-known PIC family), digital signal controllers and associated development tools and software, along with a range of mixed-signal and analog devices, nonvolatile memory, power management, timing, interface, wireless and security products. The company also provides integrated hardware and software solutions intended to simplify embedded design and accelerate time to market for OEMs and contract manufacturers.

Microchip's products are used across a wide range of end markets, including automotive, industrial automation, consumer electronics, communications, aerospace and defense, and Internet of Things (IoT) applications.

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