Victory Capital Management Inc. Purchases 92,962 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Victory Capital Management Inc. lifted its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 18.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 602,783 shares of the semiconductor company's stock after purchasing an additional 92,962 shares during the period. Victory Capital Management Inc. owned approximately 0.11% of Microchip Technology worth $29,181,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. boosted its position in Microchip Technology by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company's stock valued at $3,952,123,000 after buying an additional 569,699 shares during the last quarter. Invesco Ltd. lifted its position in Microchip Technology by 9.5% during the 4th quarter. Invesco Ltd. now owns 10,247,908 shares of the semiconductor company's stock valued at $587,718,000 after purchasing an additional 890,819 shares during the period. Norges Bank acquired a new stake in shares of Microchip Technology during the 4th quarter worth approximately $452,627,000. FIL Ltd boosted its stake in Microchip Technology by 9.0% in the fourth quarter. FIL Ltd now owns 7,877,482 shares of the semiconductor company's stock valued at $451,774,000 after acquiring an additional 653,705 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in Microchip Technology by 4.7% in the fourth quarter. Northern Trust Corp now owns 6,958,502 shares of the semiconductor company's stock valued at $399,070,000 after purchasing an additional 311,796 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Susquehanna upped their target price on shares of Microchip Technology from $60.00 to $90.00 and gave the company a "positive" rating in a research note on Tuesday. Cantor Fitzgerald assumed coverage on shares of Microchip Technology in a report on Wednesday, June 18th. They issued a "neutral" rating and a $70.00 price objective on the stock. Wall Street Zen upgraded Microchip Technology from a "sell" rating to a "hold" rating in a research note on Friday, June 27th. Rosenblatt Securities lifted their price target on Microchip Technology from $63.00 to $70.00 and gave the stock a "buy" rating in a report on Friday, May 30th. Finally, Bank of America raised Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price target on the stock in a research report on Friday, May 9th. Six research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $75.70.

Insiders Place Their Bets

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

Microchip Technology Stock Performance

Shares of Microchip Technology stock traded down $2.44 during trading on Thursday, reaching $67.81. The company's stock had a trading volume of 13,362,758 shares, compared to its average volume of 7,135,747. The company has a quick ratio of 1.47, a current ratio of 2.59 and a debt-to-equity ratio of 0.80. The business's 50-day moving average price is $67.67 and its 200-day moving average price is $57.29. Microchip Technology Incorporated has a 52 week low of $34.13 and a 52 week high of $89.59. The firm has a market cap of $36.60 billion, a PE 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 posted its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) 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 firm had revenue of $970.50 million during the quarter, compared to the consensus estimate of $962.86 million. During the same quarter in the previous year, the firm posted $0.57 EPS. The business's revenue for the quarter was down 26.8% compared to the same quarter last year. Equities analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd were paid 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 presently -18,200.00%.

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.