Soros Fund Management LLC Sells 130,296,100 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Soros Fund Management LLC cut its stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 99.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 328,900 shares of the semiconductor company's stock after selling 130,296,100 shares during the quarter. Soros Fund Management LLC owned 0.06% of Microchip Technology worth $18,862,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Pallas Capital Advisors LLC bought a new position in shares of Microchip Technology during the fourth quarter worth $5,917,000. Consolidated Planning Corp acquired a new position in Microchip Technology in the fourth quarter valued at about $308,000. one8zero8 LLC bought a new stake in shares of Microchip Technology in the fourth quarter worth about $384,000. Symphony Financial Ltd. Co. acquired a new stake in shares of Microchip Technology during the fourth quarter worth about $520,000. Finally, Truist Financial Corp lifted its holdings in shares of Microchip Technology by 5.8% during the 4th quarter. Truist Financial Corp now owns 959,439 shares of the semiconductor company's stock valued at $55,024,000 after purchasing an additional 52,222 shares in the last quarter. Institutional investors own 91.51% of the company's stock.

Analyst Ratings Changes

MCHP has been the subject of a number of research reports. Mizuho increased their target price on Microchip Technology from $58.00 to $68.00 and gave the stock an "outperform" rating in a research note on Tuesday, March 4th. Raymond James restated a "strong-buy" rating and set a $60.00 price objective (down from $95.00) on shares of Microchip Technology in a report on Friday, February 7th. Citigroup lowered their target price on Microchip Technology from $65.00 to $50.00 and set a "buy" rating for the company in a report on Friday, April 11th. Piper Sandler reissued an "overweight" rating and issued a $65.00 price target (down previously from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Finally, StockNews.com cut Microchip Technology from a "hold" rating to a "sell" rating in a research report on Monday, February 10th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $66.79.

Microchip Technology Stock Performance

Shares of MCHP traded down $0.10 during trading hours on Thursday, hitting $45.98. The company had a trading volume of 8,674,956 shares, compared to its average volume of 8,263,703. The firm has a market cap of $24.73 billion, a price-to-earnings ratio of 82.11 and a beta of 1.51. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. The business has a fifty day moving average of $48.19 and a 200-day moving average of $57.68. Microchip Technology Incorporated has a 12 month low of $34.13 and a 12 month high of $100.57.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 EPS for the quarter, missing analysts' consensus estimates of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. Equities analysts anticipate that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were issued a dividend of $0.455 per share. The ex-dividend date was Monday, February 24th. This represents a $1.82 annualized dividend and a dividend yield of 3.96%. Microchip Technology's dividend payout ratio is presently 325.00%.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 3,724 shares of the stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total value of $226,717.12. Following the completion of the transaction, the chief financial officer now owns 33,272 shares of the company's stock, valued at approximately $2,025,599.36. This represents a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.10% of the stock is currently owned by insiders.

Microchip Technology Profile

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.