Mediolanum International Funds Ltd Acquires Shares of 57,924 Microchip Technology Incorporated (NASDAQ:MCHP)

Mediolanum International Funds Ltd acquired a new stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 57,924 shares of the semiconductor company’s stock, valued at approximately $5,166,000.

A number of other institutional investors also recently added to or reduced their stakes in MCHP. Alps Advisors Inc. boosted its holdings in Microchip Technology by 8.9% during the third quarter. Alps Advisors Inc. now owns 4,241 shares of the semiconductor company’s stock valued at $331,000 after purchasing an additional 348 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Microchip Technology by 3.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 481,631 shares of the semiconductor company’s stock worth $37,591,000 after acquiring an additional 15,435 shares in the last quarter. Townsquare Capital LLC boosted its holdings in shares of Microchip Technology by 7.9% in the 3rd quarter. Townsquare Capital LLC now owns 31,547 shares of the semiconductor company’s stock worth $2,462,000 after acquiring an additional 2,309 shares in the last quarter. Belpointe Asset Management LLC boosted its holdings in shares of Microchip Technology by 17.0% in the 3rd quarter. Belpointe Asset Management LLC now owns 4,218 shares of the semiconductor company’s stock worth $329,000 after acquiring an additional 612 shares in the last quarter. Finally, Orion Capital Management LLC acquired a new position in shares of Microchip Technology in the 3rd quarter worth approximately $56,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently commented on MCHP. Susquehanna boosted their target price on Microchip Technology from $100.00 to $105.00 and gave the stock a “positive” rating in a report on Tuesday, May 7th. B. Riley boosted their target price on Microchip Technology from $105.00 to $110.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. The Goldman Sachs Group boosted their target price on Microchip Technology from $77.00 to $88.00 and gave the stock a “neutral” rating in a report on Tuesday, May 7th. Mizuho raised Microchip Technology from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $85.00 to $115.00 in a report on Friday, May 24th. Finally, Citigroup boosted their price objective on shares of Microchip Technology from $100.00 to $104.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. Five equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, Microchip Technology currently has a consensus rating of “Moderate Buy” and an average price target of $101.06.

Microchip Technology Trading Up 3.9 %

Shares of Microchip Technology stock traded up $3.64 on Wednesday, hitting $95.98. 6,385,573 shares of the company’s stock traded hands, compared to its average volume of 5,720,907. The firm’s 50-day moving average price is $93.36 and its two-hundred day moving average price is $89.18. The stock has a market capitalization of $51.53 billion, a PE ratio of 27.13 and a beta of 1.54. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $100.57. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.20 and a quick ratio of 0.67.

Microchip Technology (NASDAQ:MCHP) last released 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. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The business had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter in the prior year, the company earned $1.56 EPS. The firm’s quarterly revenue was down 40.6% on a year-over-year basis. On average, research analysts expect that Microchip Technology Incorporated will post 2.35 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 5th. Investors of record on Wednesday, May 22nd were given a $0.452 dividend. The ex-dividend date of this dividend was Tuesday, May 21st. This represents a $1.81 dividend on an annualized basis and a dividend yield of 1.88%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is currently 52.16%.

Insider Activity 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 shares were sold at an average price of $90.88, for a total value of $908,800.00. Following the completion of the sale, the vice president now owns 82,203 shares in the company, valued at approximately $7,470,608.64. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, Director Matthew W. Chapman sold 2,748 shares of the company’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $93.88, for a total value of $257,982.24. Following the completion of the transaction, the director now directly owns 35,682 shares of the company’s stock, valued at approximately $3,349,826.16. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 completion of the transaction, the vice president now directly owns 82,203 shares of the company’s stock, valued at $7,470,608.64. The disclosure for this sale can be found here. Insiders sold a total of 23,993 shares of company stock worth $2,251,857 in the last quarter. Corporate insiders own 2.07% of the company’s stock.

Microchip Technology Company Profile

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.