Microchip Technology Incorporated (NASDAQ:MCHP) Shares Acquired by abrdn plc

abrdn plc grew its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 57.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 225,979 shares of the semiconductor company's stock after purchasing an additional 82,536 shares during the quarter. abrdn plc's holdings in Microchip Technology were worth $20,379,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. 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 valued at $849,000 after acquiring an additional 119 shares in the last quarter. RFG Advisory LLC increased its position in shares of Microchip Technology by 3.2% during the fourth quarter. RFG Advisory LLC now owns 3,910 shares of the semiconductor company's stock valued at $353,000 after buying an additional 123 shares during the period. Twelve Points Wealth Management LLC raised its stake 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 buying an additional 125 shares in the last quarter. Merit Financial Group LLC grew its holdings in shares of Microchip Technology by 1.9% during the 3rd quarter. Merit Financial Group LLC now owns 7,096 shares of the semiconductor company's stock worth $554,000 after acquiring an additional 134 shares during the period. Finally, Financial Advocates Investment Management raised its position in shares of Microchip Technology by 4.1% in the 3rd quarter. Financial Advocates Investment Management now owns 3,607 shares of the semiconductor company's stock worth $281,000 after acquiring an additional 142 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the stock in a transaction 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 completion of the sale, the chief financial officer now owns 32,893 shares in the company, valued at approximately $2,759,722.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the company'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 completion of the transaction, the chief financial officer now directly owns 32,893 shares in the company, valued at approximately $2,759,722.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Karlton D. Johnson sold 370 shares of Microchip Technology stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total transaction of $31,080.00. Following 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 insiders.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Rosenblatt Securities reiterated a "buy" rating and issued a $100.00 price target on shares of Microchip Technology in a research note on Tuesday, January 30th. TD Cowen raised their price objective on shares of Microchip Technology from $75.00 to $80.00 and gave the company a "market perform" rating in a research note on Friday, February 2nd. Susquehanna reiterated a "positive" rating and issued a $100.00 target price on shares of Microchip Technology in a research note on Monday, April 8th. Stifel Nicolaus increased their price target on shares of Microchip Technology from $94.00 to $98.00 and gave the company a "buy" rating in a report on Thursday, April 18th. Finally, Truist Financial decreased their price objective on shares of Microchip Technology from $97.00 to $93.00 and set a "buy" rating for the company in a report on Tuesday, January 9th. Six equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, Microchip Technology has a consensus rating of "Moderate Buy" and a consensus price target of $92.50.

Microchip Technology Stock Performance

MCHP stock traded up $4.49 during midday trading on Wednesday, reaching $90.68. 7,139,998 shares of the company's stock traded hands, compared to its average volume of 5,550,083. 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 Incorporated has a 52-week low of $68.75 and a 52-week high of $94.30. The stock has a market cap of $49.00 billion, a P/E ratio of 21.17, a PEG ratio of 2.55 and a beta of 1.65. The stock's 50-day moving average is $86.61 and its 200 day moving average is $84.46.

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

Microchip Technology Increases Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend was Thursday, February 22nd. This is an increase from Microchip Technology's previous quarterly dividend of $0.44. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.99%. Microchip Technology's payout ratio is 42.06%.

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.