Microchip Technology Incorporated $MCHP Shares Sold by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services Group cut its Microchip Technology stake by 13% in the fourth quarter, selling 27,308 shares and ending with 182,076 shares worth about $11.6 million.
• Insiders have also been selling: Director Matthew W. Chapman and CEO Steve Sanghi both reduced their holdings, and insiders sold 536,635 shares worth about $48.1 million over the last three months.
• Microchip Technology beat earnings expectations in its latest quarter, reporting $0.57 EPS on $1.31 billion in revenue, while analysts currently rate the stock a “Moderate Buy” with an average target price of $97.52.

PNC Financial Services Group Inc. reduced its stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 13.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 182,076 shares of the semiconductor company's stock after selling 27,308 shares during the period. PNC Financial Services Group Inc.'s holdings in Microchip Technology were worth $11,602,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of MCHP. AQR Capital Management LLC boosted its stake in Microchip Technology by 51.3% in the first quarter. AQR Capital Management LLC now owns 17,201 shares of the semiconductor company's stock valued at $827,000 after acquiring an additional 5,835 shares during the period. Geneos Wealth Management Inc. boosted its position in shares of Microchip Technology by 101.8% during the first quarter. Geneos Wealth Management Inc. now owns 1,221 shares of the semiconductor company's stock worth $59,000 after buying an additional 616 shares during the period. Cresset Asset Management LLC boosted its position in shares of Microchip Technology by 5.4% during the second quarter. Cresset Asset Management LLC now owns 11,433 shares of the semiconductor company's stock worth $805,000 after buying an additional 589 shares during the period. AXA S.A. boosted its position in shares of Microchip Technology by 21.3% during the second quarter. AXA S.A. now owns 51,552 shares of the semiconductor company's stock worth $3,628,000 after buying an additional 9,043 shares during the period. Finally, Treasurer of the State of North Carolina boosted its position in shares of Microchip Technology by 1.6% during the second quarter. Treasurer of the State of North Carolina now owns 246,530 shares of the semiconductor company's stock worth $17,348,000 after buying an additional 3,851 shares during the period. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on MCHP shares. Needham & Company LLC boosted their price objective on Microchip Technology from $84.00 to $120.00 and gave the stock a "buy" rating in a research report on Friday, May 8th. Truist Financial boosted their price objective on Microchip Technology from $69.00 to $105.00 and gave the stock a "hold" rating in a research report on Friday, May 8th. Wells Fargo & Company boosted their price objective on Microchip Technology from $75.00 to $95.00 and gave the stock an "equal weight" rating in a research report on Friday, May 8th. Zacks Research upgraded Microchip Technology from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 12th. Finally, Mizuho boosted their price objective on Microchip Technology from $83.00 to $90.00 and gave the stock an "outperform" rating in a research report on Friday, February 6th. Four research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $97.52.

Insider Activity at Microchip Technology

In related news, Director Matthew W. Chapman sold 10,000 shares of the business's stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $95.48, for a total transaction of $954,800.00. Following the sale, the director owned 20,665 shares of the company's stock, valued at $1,973,094.20. The trade was a 32.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Steve Sanghi sold 76,469 shares of the business's stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $93.58, for a total value of $7,155,969.02. Following the sale, the chief executive officer directly owned 9,385,834 shares in the company, valued at approximately $878,326,345.72. The trade was a 0.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 536,635 shares of company stock worth $48,093,054. 1.94% of the stock is owned by corporate insiders.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP opened at $93.43 on Friday. Microchip Technology Incorporated has a 12 month low of $48.52 and a 12 month high of $105.91. The stock has a market cap of $50.56 billion, a price-to-earnings ratio of 444.93, a PEG ratio of 0.98 and a beta of 1.75. The stock's 50 day moving average price is $78.81 and its 200 day moving average price is $71.54. The company has a debt-to-equity ratio of 0.85, a current ratio of 2.09 and a quick ratio of 1.18.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its earnings results on Thursday, May 7th. The semiconductor company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.50 by $0.07. Microchip Technology had a return on equity of 10.87% and a net margin of 4.88%.The firm had revenue of $1.31 billion for the quarter, compared to analysts' expectations of $1.26 billion. During the same quarter in the previous year, the company earned $0.11 earnings per share. The firm's quarterly revenue was up 35.1% compared to the same quarter last year. Microchip Technology has set its Q1 2027 guidance at 0.670-0.710 EPS. Equities research analysts anticipate that Microchip Technology Incorporated will post 2.58 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 5th. Investors of record on Friday, May 22nd will be issued a dividend of $0.455 per share. The ex-dividend date of this dividend is Friday, May 22nd. This represents a $1.82 annualized dividend and a yield of 1.9%. Microchip Technology's payout ratio is presently 866.67%.

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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