Mackenzie Financial Corp Sells 24,278 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Mackenzie Financial Corp cut its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 35.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 44,763 shares of the semiconductor company's stock after selling 24,278 shares during the quarter. Mackenzie Financial Corp's holdings in Microchip Technology were worth $4,037,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MCHP. Northern Trust Corp increased its stake in shares of Microchip Technology by 1.1% in the third quarter. Northern Trust Corp now owns 7,521,409 shares of the semiconductor company's stock valued at $587,046,000 after buying an additional 80,431 shares in the last quarter. Van ECK Associates Corp increased its stake in shares of Microchip Technology by 7.8% in the third quarter. Van ECK Associates Corp now owns 4,462,638 shares of the semiconductor company's stock valued at $348,309,000 after buying an additional 322,540 shares in the last quarter. Mizuho Markets Americas LLC acquired a new stake in shares of Microchip Technology in the third quarter valued at $225,800,000. Charles Schwab Investment Management Inc. increased its stake in shares of Microchip Technology by 0.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,830,397 shares of the semiconductor company's stock valued at $220,913,000 after buying an additional 25,002 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of Microchip Technology by 0.5% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,457,152 shares of the semiconductor company's stock valued at $221,586,000 after buying an additional 11,163 shares in the last quarter. 91.51% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on MCHP. Stifel Nicolaus raised their target price on Microchip Technology from $94.00 to $98.00 and gave the company a "buy" rating in a research note on Thursday. Needham & Company LLC lifted their price objective on Microchip Technology from $85.00 to $90.00 and gave the stock a "buy" rating in a research report on Friday, February 2nd. Wolfe Research upgraded Microchip Technology from a "peer perform" rating to an "outperform" rating and set a $105.00 price objective for the company in a research report on Thursday, January 18th. Evercore ISI started coverage on Microchip Technology in a research report on Tuesday, April 16th. They issued an "outperform" rating and a $106.00 price objective for the company. Finally, Truist Financial lowered their price objective on Microchip Technology from $97.00 to $93.00 and set a "buy" rating for the company in a research report on Tuesday, January 9th. Six analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $92.50.

Microchip Technology Trading Up 2.3 %

Shares of Microchip Technology stock traded up $1.85 during trading on Monday, hitting $83.53. 4,367,590 shares of the company were exchanged, compared to its average volume of 5,532,371. The firm has a market capitalization of $45.14 billion, a P/E ratio of 19.52, a price-to-earnings-growth ratio of 2.49 and a beta of 1.65. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $94.30. The firm's fifty day moving average price is $86.50 and its 200 day moving average price is $84.41. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings data 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. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The business had revenue of $1.77 billion for the quarter, compared to analysts' expectations of $1.77 billion. During the same quarter in the previous year, the business posted $1.48 EPS. Microchip Technology's revenue for the quarter was down 18.6% on a year-over-year basis. As a group, sell-side analysts expect that Microchip Technology Incorporated will post 4.64 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.15%. The ex-dividend date was Thursday, February 22nd. This is a boost from Microchip Technology's previous quarterly dividend of $0.44. Microchip Technology's payout ratio is 42.06%.

Insider Activity

In other news, Director Karlton D. Johnson sold 370 shares of Microchip Technology stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the transaction, the director now owns 1,789 shares in the company, valued at approximately $150,276. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the business's stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the sale, the chief financial officer now owns 32,893 shares in the company, valued at approximately $2,759,722.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Karlton D. Johnson sold 370 shares of the business's stock in a transaction that occurred 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 sale, the director now owns 1,789 shares in the company, valued at approximately $150,276. The disclosure for this sale can be found here. 2.07% of the stock is currently owned by company insiders.

Microchip Technology Profile

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.