Microchip Technology Incorporated (NASDAQ:MCHP) Shares Acquired by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 13.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 66,680 shares of the semiconductor company’s stock after purchasing an additional 7,780 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Microchip Technology were worth $3,824,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of MCHP. Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Microchip Technology by 1.2% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,144,811 shares of the semiconductor company’s stock valued at $123,005,000 after buying an additional 25,451 shares during the last quarter. Buck Wealth Strategies LLC boosted its stake in Microchip Technology by 78.2% during the 4th quarter. Buck Wealth Strategies LLC now owns 117,245 shares of the semiconductor company’s stock valued at $6,724,000 after acquiring an additional 51,448 shares during the last quarter. Financial Advocates Investment Management grew its holdings in Microchip Technology by 9.4% during the 4th quarter. Financial Advocates Investment Management now owns 11,807 shares of the semiconductor company’s stock worth $677,000 after acquiring an additional 1,012 shares in the last quarter. Trilogy Capital Inc. acquired a new position in Microchip Technology during the 4th quarter worth $2,020,000. Finally, Stratos Wealth Partners LTD. increased its position in shares of Microchip Technology by 7.4% in the 4th quarter. Stratos Wealth Partners LTD. now owns 4,680 shares of the semiconductor company’s stock worth $268,000 after purchasing an additional 321 shares during the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on MCHP shares. Piper Sandler reiterated an “overweight” rating and issued a $65.00 price target (down from $85.00) on shares of Microchip Technology in a research note on Friday. Needham & Company LLC decreased their target price on Microchip Technology from $85.00 to $60.00 and set a “buy” rating for the company in a research report on Friday. Jefferies Financial Group dropped their price target on Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. TD Cowen reduced their price objective on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a research note on Wednesday, November 6th. Finally, The Goldman Sachs Group lowered their target price on shares of Microchip Technology from $72.00 to $63.00 and set a “neutral” rating for the company in a research note on Friday, January 10th. One research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Microchip Technology has an average rating of “Moderate Buy” and a consensus target price of $77.11.

Microchip Technology Trading Down 2.3 %

NASDAQ:MCHP opened at $51.89 on Monday. The stock has a market cap of $27.87 billion, a price-to-earnings ratio of 92.66 and a beta of 1.50. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. Microchip Technology Incorporated has a 1 year low of $50.21 and a 1 year high of $100.57. The business has a fifty day moving average of $57.71 and a 200-day moving average of $69.84.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (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 12.41%. Equities analysts predict that Microchip Technology Incorporated will post 1.3 earnings per share for the current year.

Microchip Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Monday, February 24th will be given a $0.455 dividend. The ex-dividend date is Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a yield of 3.51%. Microchip Technology’s dividend payout ratio (DPR) is 325.00%.

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.