Microchip Technology Incorporated (NASDAQ:MCHP) Shares Bought by Handelsbanken Fonder AB

Handelsbanken Fonder AB raised its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 9.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 226,605 shares of the semiconductor company’s stock after purchasing an additional 19,228 shares during the period. Handelsbanken Fonder AB’s holdings in Microchip Technology were worth $20,435,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of MCHP. Mizuho Markets Americas LLC acquired a new stake in Microchip Technology in the 3rd quarter valued at about $225,800,000. Qube Research & Technologies Ltd raised its position in Microchip Technology by 122.1% in the 3rd quarter. Qube Research & Technologies Ltd now owns 1,529,186 shares of the semiconductor company’s stock valued at $119,353,000 after purchasing an additional 840,526 shares in the last quarter. Public Sector Pension Investment Board raised its position in Microchip Technology by 173.4% in the 3rd quarter. Public Sector Pension Investment Board now owns 1,062,611 shares of the semiconductor company’s stock valued at $82,937,000 after purchasing an additional 673,924 shares in the last quarter. Assenagon Asset Management S.A. raised its position in Microchip Technology by 1,082.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 715,875 shares of the semiconductor company’s stock valued at $64,558,000 after purchasing an additional 655,332 shares in the last quarter. Finally, Deutsche Bank AG raised its position in shares of Microchip Technology by 27.8% during the 3rd quarter. Deutsche Bank AG now owns 1,927,892 shares of the semiconductor company’s stock worth $150,472,000 after acquiring an additional 418,869 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Trading Up 2.3 %

NASDAQ:MCHP opened at $83.53 on Tuesday. The firm has a market cap of $45.14 billion, a P/E ratio of 19.52, a PEG ratio of 2.49 and a beta of 1.65. The company has a current ratio of 0.98, a quick ratio of 0.58 and a debt-to-equity ratio of 0.57. The stock’s 50 day simple moving average is $86.50 and its 200-day simple moving average is $84.41. Microchip Technology Incorporated has a 12-month low of $68.75 and a 12-month high of $94.30.

Microchip Technology (NASDAQ:MCHP) last released its earnings results 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 business had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.77 billion. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. 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 company posted $1.48 earnings per share. Equities analysts anticipate that Microchip Technology Incorporated will post 4.64 EPS for the current year.

Microchip Technology Increases Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. TD Cowen raised their target price on Microchip Technology from $75.00 to $80.00 and gave the stock a “market perform” rating in a research report on Friday, February 2nd. Truist Financial cut their target price on Microchip Technology from $97.00 to $93.00 and set a “buy” rating on the stock in a research report on Tuesday, January 9th. UBS Group cut their target price on Microchip Technology from $105.00 to $95.00 and set a “buy” rating on the stock in a research report on Friday, February 2nd. Evercore ISI assumed coverage on Microchip Technology in a research report on Tuesday, April 16th. They set an “outperform” rating and a $106.00 target price on the stock. Finally, Susquehanna reissued a “positive” rating and set a $100.00 target price on shares of Microchip Technology in a research report on Monday, April 8th. Six research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, Microchip Technology has an average rating of “Moderate Buy” and an average target price of $92.50.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the transaction, the chief financial officer now owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Karlton D. Johnson sold 370 shares of the company’s stock in a transaction on 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 of the company’s stock, valued at $150,276. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO James Eric Bjornholt sold 1,970 shares of the company’s 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 transaction, the chief financial officer now directly owns 32,893 shares in the company, valued at approximately $2,759,722.70. The disclosure for this sale can be found here. 2.07% of the stock is currently owned by corporate insiders.

About Microchip Technology

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.