Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Ardevora Asset Management LLP

Ardevora Asset Management LLP lowered its stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 51.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 122,523 shares of the semiconductor company's stock after selling 132,094 shares during the quarter. Ardevora Asset Management LLP's holdings in Microchip Technology were worth $11,049,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Bleakley Financial Group LLC boosted its holdings in Microchip Technology by 1.3% in the fourth quarter. Bleakley Financial Group LLC now owns 9,415 shares of the semiconductor company's stock worth $849,000 after purchasing an additional 119 shares during the last quarter. Aspire Private Capital LLC boosted its holdings in Microchip Technology by 3.2% in the fourth quarter. Aspire Private Capital LLC now owns 3,904 shares of the semiconductor company's stock worth $274,266,959,000 after purchasing an additional 120 shares during the last quarter. RFG Advisory LLC boosted its holdings in Microchip Technology by 3.2% in the fourth quarter. RFG Advisory LLC now owns 3,910 shares of the semiconductor company's stock worth $353,000 after purchasing an additional 123 shares during the last quarter. Twelve Points Wealth Management LLC boosted its holdings in Microchip Technology by 1.0% in the fourth quarter. Twelve Points Wealth Management LLC now owns 12,229 shares of the semiconductor company's stock worth $1,103,000 after purchasing an additional 125 shares during the last quarter. Finally, Merit Financial Group LLC boosted its holdings in Microchip Technology by 1.9% in the third quarter. Merit Financial Group LLC now owns 7,096 shares of the semiconductor company's stock worth $554,000 after purchasing an additional 134 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of Microchip Technology stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of the transaction, the chief financial officer now directly owns 32,893 shares of the company's stock, valued at approximately $2,759,722.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Microchip Technology news, Director Karlton D. Johnson sold 370 shares of Microchip Technology stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total value of $31,080.00. Following the completion of the transaction, the director now directly owns 1,789 shares of the company's stock, valued at approximately $150,276. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO James Eric Bjornholt sold 1,970 shares of Microchip Technology 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 transaction, the chief financial officer now directly owns 32,893 shares of the company's stock, valued at $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 Price Performance

MCHP traded down $2.53 during trading on Friday, hitting $81.68. 6,912,273 shares of the company traded hands, compared to its average volume of 4,081,499. The company has a market cap of $44.14 billion, a PE ratio of 19.08, a P/E/G ratio of 2.49 and a beta of 1.65. The stock's 50-day simple moving average is $86.50 and its two-hundred day simple moving average is $84.37. Microchip Technology Incorporated has a 1 year low of $68.75 and a 1 year high of $94.30. The company has a current ratio of 0.98, a quick ratio of 0.58 and a debt-to-equity ratio of 0.57.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.04. The company had revenue of $1.77 billion during the quarter, compared to analysts' expectations of $1.77 billion. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. Microchip Technology's quarterly revenue was down 18.6% on a year-over-year basis. During the same period last year, the company posted $1.48 earnings per share. As a group, sell-side analysts anticipate that Microchip Technology Incorporated will post 4.64 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.20%. This is a boost from Microchip Technology's previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Thursday, February 22nd. Microchip Technology's dividend payout ratio (DPR) is presently 42.06%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on MCHP shares. Truist Financial decreased their price target on shares of Microchip Technology from $97.00 to $93.00 and set a "buy" rating on the stock in a research report on Tuesday, January 9th. Piper Sandler downgraded shares of Microchip Technology from an "overweight" rating to a "neutral" rating and set a $80.00 price target on the stock. in a research report on Thursday, January 4th. Evercore ISI started coverage on shares of Microchip Technology in a research report on Tuesday, April 16th. They issued an "outperform" rating and a $106.00 price target on the stock. StockNews.com downgraded shares of Microchip Technology from a "buy" rating to a "hold" rating in a research report on Friday, December 29th. Finally, Needham & Company LLC increased their price target on shares of Microchip Technology from $85.00 to $90.00 and gave the stock a "buy" rating in a research report on Friday, February 2nd. Six equities research 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, Microchip Technology has an average rating of "Moderate Buy" and an average price target of $92.50.

About Microchip Technology

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.