Microchip Technology Incorporated $MCHP Shares Purchased by Jennison Associates LLC

Jennison Associates LLC raised its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 33.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 331,860 shares of the semiconductor company’s stock after purchasing an additional 84,087 shares during the period. Jennison Associates LLC owned 0.06% of Microchip Technology worth $30,266,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in MCHP. AQR Capital Management LLC lifted its position in shares of Microchip Technology by 51.3% during the 1st quarter. AQR Capital Management LLC now owns 17,201 shares of the semiconductor company’s stock worth $827,000 after buying an additional 5,835 shares during the last quarter. Geneos Wealth Management Inc. boosted its holdings in shares of Microchip Technology by 101.8% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,221 shares of the semiconductor company’s stock valued at $59,000 after buying an additional 616 shares in the last quarter. Cresset Asset Management LLC grew its position in shares of Microchip Technology by 5.4% in the 2nd quarter. Cresset Asset Management LLC now owns 11,433 shares of the semiconductor company’s stock valued at $805,000 after buying an additional 589 shares during the last quarter. AXA S.A. grew its position in shares of Microchip Technology by 21.3% in the 2nd quarter. AXA S.A. now owns 51,552 shares of the semiconductor company’s stock valued at $3,628,000 after buying an additional 9,043 shares during the last quarter. Finally, Treasurer of the State of North Carolina raised its stake in Microchip Technology by 1.6% during the 2nd quarter. Treasurer of the State of North Carolina now owns 246,530 shares of the semiconductor company’s stock worth $17,348,000 after acquiring an additional 3,851 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Microchip Technology Trading Up 1.9%

NASDAQ MCHP opened at $79.17 on Friday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.11 and a current ratio of 1.92. The firm has a market cap of $42.99 billion, a PE ratio of 118.17, a P/E/G ratio of 0.61 and a beta of 1.76. Microchip Technology Incorporated has a one year low of $48.52 and a one year high of $105.91. The firm’s fifty day moving average is $85.72 and its two-hundred day moving average is $81.47.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, August 6th. The semiconductor company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.06. Microchip Technology had a net margin of 9.34% and a return on equity of 14.97%. The business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter in the prior year, the firm earned $0.27 earnings per share. The business’s quarterly revenue was up 38.0% compared to the same quarter last year. Microchip Technology has set its Q2 2027 guidance at 0.910-0.950 EPS. Analysts expect that Microchip Technology Incorporated will post 2.81 earnings per share for the current year.

Microchip Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 9th. Shareholders of record on Monday, August 24th will be given a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend is Monday, August 24th. Microchip Technology’s dividend payout ratio (DPR) is presently 271.64%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on MCHP shares. TD Cowen decreased their price objective on shares of Microchip Technology from $105.00 to $90.00 and set a “hold” rating for the company in a research note on Monday, July 13th. Needham & Company LLC lifted their target price on Microchip Technology from $84.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. JPMorgan Chase & Co. boosted their target price on Microchip Technology from $95.00 to $120.00 and gave the company an “overweight” rating in a report on Friday, May 8th. Weiss Ratings raised Microchip Technology from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $125.00 price target on shares of Microchip Technology in a research note on Monday, August 3rd. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Microchip Technology currently has an average rating of “Moderate Buy” and an average target price of $98.85.

Insiders Place Their Bets

In other Microchip Technology news, COO Richard J. Simoncic sold 5,000 shares of Microchip Technology stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $97.52, for a total value of $487,600.00. Following the transaction, the chief operating officer directly owned 130,508 shares in the company, valued at approximately $12,727,140.16. This trade represents a 3.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO James Eric Bjornholt sold 3,667 shares of the business’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $90.87, for a total value of $333,220.29. Following the completion of the transaction, the chief financial officer directly owned 28,573 shares in the company, valued at approximately $2,596,428.51. The trade was a 11.37% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 16,667 shares of company stock valued at $1,580,580. 1.79% of the stock is owned by company insiders.

Microchip Technology Profile

Microchip Technology Inc is a semiconductor company headquartered in Chandler, Arizona, that designs, develops and supplies a broad portfolio of embedded control and analog semiconductors. Its product lineup centers on microcontrollers (including the well-known PIC family), digital signal controllers and associated development tools and software, along with a range of mixed-signal and analog devices, nonvolatile memory, power management, timing, interface, wireless and security products. The company also provides integrated hardware and software solutions intended to simplify embedded design and accelerate time to market for OEMs and contract manufacturers.

Microchip’s products are used across a wide range of end markets, including automotive, industrial automation, consumer electronics, communications, aerospace and defense, and Internet of Things (IoT) applications.