Pictet Asset Management Holding SA Acquires 1,368,322 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Pictet Asset Management Holding SA grew its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 62.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,575,544 shares of the semiconductor company’s stock after purchasing an additional 1,368,322 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Microchip Technology were worth $205,057,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Mainstream Capital Management LLC bought a new position in shares of Microchip Technology during the 4th quarter worth $26,000. Rakuten Securities Inc. grew its holdings in Microchip Technology by 309.5% during the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock worth $27,000 after acquiring an additional 359 shares in the last quarter. OFI Invest Asset Management bought a new position in Microchip Technology during the 4th quarter worth about $29,000. Financial Life Planners purchased a new position in Microchip Technology during the 4th quarter valued at about $32,000. Finally, Kohmann Bosshard Financial Services LLC purchased a new stake in shares of Microchip Technology in the 4th quarter worth approximately $34,000. 91.51% of the stock is currently owned by institutional investors.

Microchip Technology Trading Down 4.1 %

Shares of Microchip Technology stock opened at $48.70 on Friday. Microchip Technology Incorporated has a 1 year low of $48.27 and a 1 year high of $100.57. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. The stock has a market cap of $26.19 billion, a PE ratio of 86.96 and a beta of 1.52. The firm has a fifty day moving average price of $55.65 and a 200 day moving average price of $63.98.

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

Microchip Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were paid a dividend of $0.455 per share. The ex-dividend date was Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.74%. Microchip Technology’s payout ratio is 325.00%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. B. Riley reissued a “buy” rating and set a $75.00 price objective (down from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Piper Sandler restated an “overweight” rating and set a $65.00 price objective (down from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. StockNews.com lowered Microchip Technology from a “hold” rating to a “sell” rating in a research note on Monday, February 10th. TD Cowen boosted their target price on shares of Microchip Technology from $50.00 to $60.00 and gave the stock a “hold” rating in a report on Tuesday, March 4th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $70.00 price target on shares of Microchip Technology in a report on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $74.37.

Insider Activity

In related news, CFO James Eric Bjornholt sold 3,724 shares of the company’s stock in a transaction dated Tuesday, February 25th. The stock was 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.10% of the company’s stock.

About Microchip Technology

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.