Pictet Asset Management Holding SA Trims Stock Position in Microchip Technology Incorporated $MCHP

Pictet Asset Management Holding SA trimmed its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 21.0% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 3,735,863 shares of the semiconductor company’s stock after selling 993,495 shares during the period. Pictet Asset Management Holding SA’s holdings in Microchip Technology were worth $340,649,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. AQR Capital Management LLC increased its holdings in shares of Microchip Technology by 51.3% during the 1st quarter. AQR Capital Management LLC now owns 17,201 shares of the semiconductor company’s stock worth $827,000 after buying an additional 5,835 shares during the last quarter. Geneos Wealth Management Inc. lifted its holdings in Microchip Technology by 101.8% in the first quarter. Geneos Wealth Management Inc. now owns 1,221 shares of the semiconductor company’s stock valued at $59,000 after acquiring an additional 616 shares during the last quarter. Cresset Asset Management LLC lifted its holdings in Microchip Technology by 5.4% in the second quarter. Cresset Asset Management LLC now owns 11,433 shares of the semiconductor company’s stock valued at $805,000 after acquiring an additional 589 shares during the last quarter. AXA S.A. grew its position in Microchip Technology by 21.3% in the second quarter. AXA S.A. now owns 51,552 shares of the semiconductor company’s stock worth $3,628,000 after acquiring an additional 9,043 shares during the period. Finally, Treasurer of the State of North Carolina grew its position in Microchip Technology by 1.6% in the second quarter. Treasurer of the State of North Carolina now owns 246,530 shares of the semiconductor company’s stock worth $17,348,000 after acquiring an additional 3,851 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Insiders Place Their Bets

In related news, CFO James Eric Bjornholt sold 3,667 shares of Microchip Technology stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $90.87, for a total value of $333,220.29. Following the completion of the transaction, the chief financial officer owned 28,573 shares in the company, valued at approximately $2,596,428.51. The trade was a 11.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Matthew W. Chapman sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $97.52, for a total transaction of $292,560.00. Following the sale, the director directly owned 17,665 shares in the company, valued at approximately $1,722,690.80. The trade was a 14.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 16,667 shares of company stock worth $1,580,580 over the last three months. Company insiders own 1.79% of the company’s stock.

Microchip Technology Trading Up 1.9%

MCHP opened at $79.17 on Friday. Microchip Technology Incorporated has a 52 week low of $48.52 and a 52 week high of $105.91. The business has a fifty day simple moving average of $85.72 and a 200-day simple moving average of $81.47. The firm has a market cap of $42.99 billion, a P/E ratio of 118.17, a P/E/G ratio of 0.61 and a beta of 1.76. The company has a quick ratio of 1.11, a current ratio of 1.92 and a debt-to-equity ratio of 0.83.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, August 6th. The semiconductor company reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.06. The business had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.46 billion. Microchip Technology had a return on equity of 14.97% and a net margin of 9.34%.The company’s revenue was up 38.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.27 earnings per share. Microchip Technology has set its Q2 2027 guidance at 0.910-0.950 EPS. On average, equities analysts expect that Microchip Technology Incorporated will post 2.81 earnings per share for the current year.

Microchip Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 9th. Shareholders of record on Monday, August 24th will be given a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Monday, August 24th. Microchip Technology’s payout ratio is currently 271.64%.

Analyst Ratings Changes

MCHP has been the subject of several recent analyst reports. Barclays raised their target price on Microchip Technology from $80.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Monday, May 11th. JPMorgan Chase & Co. increased their price target on Microchip Technology from $95.00 to $120.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. Truist Financial cut their price objective on Microchip Technology from $105.00 to $90.00 and set a “hold” rating for the company in a research report on Friday, August 7th. Wells Fargo & Company reduced their price objective on shares of Microchip Technology from $95.00 to $88.00 and set an “equal weight” rating on the stock in a report on Monday, July 20th. Finally, Susquehanna upped their target price on shares of Microchip Technology from $95.00 to $120.00 and gave the company a “positive” rating in a research report on Friday, May 8th. Three analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $98.85.

Microchip Technology Company Profile

Microchip Technology Inc is a semiconductor company headquartered in Chandler, Arizona, that designs, develops and supplies a broad portfolio of embedded control and analog semiconductors. Its product lineup centers on microcontrollers (including the well-known PIC family), digital signal controllers and associated development tools and software, along with a range of mixed-signal and analog devices, nonvolatile memory, power management, timing, interface, wireless and security products. The company also provides integrated hardware and software solutions intended to simplify embedded design and accelerate time to market for OEMs and contract manufacturers.

Microchip’s products are used across a wide range of end markets, including automotive, industrial automation, consumer electronics, communications, aerospace and defense, and Internet of Things (IoT) applications.