Prudential PLC Has $4.96 Million Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Prudential PLC lowered its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 54.3% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 55,009 shares of the semiconductor company’s stock after selling 65,435 shares during the period. Prudential PLC’s holdings in Microchip Technology were worth $4,961,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of MCHP. BKM Wealth Management LLC acquired a new stake in shares of Microchip Technology during the 4th quarter valued at $27,000. Rakuten Securities Inc. bought a new position in Microchip Technology in the 4th quarter worth $27,000. Fortitude Family Office LLC bought a new position in Microchip Technology in the 4th quarter worth $29,000. Operose Advisors LLC raised its holdings in Microchip Technology by 79.3% in the 3rd quarter. Operose Advisors LLC now owns 502 shares of the semiconductor company’s stock worth $39,000 after acquiring an additional 222 shares during the period. Finally, Bfsg LLC bought a new position in Microchip Technology in the 4th quarter worth $45,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Price Performance

Shares of NASDAQ MCHP traded down $0.51 during trading on Friday, reaching $92.85. The company had a trading volume of 4,605,446 shares, compared to its average volume of 6,208,287. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.67 and a current ratio of 1.20. The stock has a market cap of $49.85 billion, a PE ratio of 26.76 and a beta of 1.55. The business’s 50 day moving average price is $91.65 and its 200-day moving average price is $88.29. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.57. The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.33 billion. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. Microchip Technology’s revenue for the quarter was down 40.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.56 earnings per share. Analysts expect that Microchip Technology Incorporated will post 2.35 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd were issued a $0.452 dividend. This represents a $1.81 annualized dividend and a dividend yield of 1.95%. The ex-dividend date was Tuesday, May 21st. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is 52.16%.

Insider Activity

In other news, CFO James Eric Bjornholt sold 3,188 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total value of $318,736.24. Following the completion of the transaction, the chief financial officer now owns 33,257 shares in the company, valued at $3,325,034.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Microchip Technology news, CFO James Eric Bjornholt sold 3,188 shares of the business’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total transaction of $318,736.24. Following the sale, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at approximately $3,325,034.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Stephen V. Drehobl sold 7,830 shares of the business’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $95.06, for a total transaction of $744,319.80. Following the sale, the vice president now directly owns 79,509 shares in the company, valued at $7,558,125.54. The disclosure for this sale can be found here. Insiders sold 21,245 shares of company stock worth $1,993,875 over the last quarter. 2.07% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. UBS Group lifted their target price on shares of Microchip Technology from $95.00 to $103.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. KeyCorp boosted their price objective on shares of Microchip Technology from $90.00 to $110.00 and gave the stock an “overweight” rating in a report on Tuesday, May 7th. The Goldman Sachs Group boosted their price objective on shares of Microchip Technology from $77.00 to $88.00 and gave the stock a “neutral” rating in a report on Tuesday, May 7th. Piper Sandler restated a “neutral” rating and set a $90.00 price objective (up previously from $80.00) on shares of Microchip Technology in a report on Tuesday, May 7th. Finally, Mizuho upgraded shares of Microchip Technology from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $85.00 to $115.00 in a report on Friday, May 24th. Five analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $101.06.

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.