Microchip Technology Incorporated (NASDAQ:MCHP) Stock Holdings Trimmed by Sumitomo Mitsui Trust Holdings Inc.

Sumitomo Mitsui Trust Holdings Inc. lowered its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 1.7% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,414,174 shares of the semiconductor company’s stock after selling 42,978 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned about 0.45% of Microchip Technology worth $216,576,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. BKM Wealth Management LLC bought a new stake in Microchip Technology during the fourth quarter valued at $27,000. Rakuten Securities Inc. bought a new position in Microchip Technology in the fourth quarter worth about $27,000. Rise Advisors LLC acquired a new position in Microchip Technology in the first quarter valued at approximately $28,000. Fortitude Family Office LLC bought a new position in shares of Microchip Technology during the fourth quarter valued at approximately $29,000. Finally, Pineridge Advisors LLC bought a new stake in shares of Microchip Technology in the 4th quarter worth approximately $33,000. Institutional investors own 91.51% of the company’s stock.

Analysts Set New Price Targets

MCHP has been the subject of a number of recent research reports. B. Riley upped their price objective on Microchip Technology from $105.00 to $110.00 and gave the stock a “buy” rating in a research note on Tuesday, May 7th. The Goldman Sachs Group upped their price target on shares of Microchip Technology from $77.00 to $88.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 7th. Needham & Company LLC lifted their price objective on shares of Microchip Technology from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. KeyCorp upped their target price on shares of Microchip Technology from $90.00 to $110.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 7th. Finally, Truist Financial lifted their price target on Microchip Technology from $93.00 to $96.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. Five research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $101.06.

Insider Buying and Selling at Microchip Technology

In related news, VP Stephen V. Drehobl sold 10,000 shares of the company’s stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total transaction of $908,800.00. Following the transaction, the vice president now directly owns 82,203 shares of the company’s stock, valued at $7,470,608.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, VP Stephen V. Drehobl sold 7,830 shares of the stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $95.06, for a total transaction of $744,319.80. Following the completion of the sale, the vice president now directly owns 79,509 shares in the company, valued at $7,558,125.54. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Stephen V. Drehobl sold 10,000 shares of Microchip Technology stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total value of $908,800.00. Following the sale, the vice president now directly owns 82,203 shares of the company’s stock, valued at approximately $7,470,608.64. The disclosure for this sale can be found here. Insiders have sold a total of 23,993 shares of company stock valued at $2,251,857 in the last three months. 2.07% of the stock is currently owned by company insiders.

Microchip Technology Stock Performance

Shares of NASDAQ MCHP opened at $93.58 on Thursday. The company has a quick ratio of 0.67, a current ratio of 1.20 and a debt-to-equity ratio of 0.75. Microchip Technology Incorporated has a 52-week low of $68.75 and a 52-week high of $100.57. The stock has a market capitalization of $50.24 billion, a price-to-earnings ratio of 26.97 and a beta of 1.54. The stock’s fifty day simple moving average is $93.30 and its 200 day simple moving average is $89.09.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, meeting analysts’ consensus estimates of $0.57. The company had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.33 billion. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The business’s quarterly revenue was down 40.6% on a year-over-year basis. During the same period in the prior year, the firm earned $1.56 earnings per share. As a group, sell-side analysts forecast that Microchip Technology Incorporated will post 2.35 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd were given a dividend of $0.452 per share. This represents a $1.81 annualized dividend and a yield of 1.93%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Tuesday, May 21st. Microchip Technology’s payout ratio is presently 52.16%.

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.