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

Mediolanum International Funds Ltd bought a new stake in Microchip Technology Incorporated (NASDAQ:MCHP) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 57,924 shares of the semiconductor company’s stock, valued at approximately $5,166,000.

Several other hedge funds have also modified their holdings of MCHP. Norges Bank acquired a new stake in shares of Microchip Technology in the 4th quarter valued at approximately $672,196,000. Truist Financial Corp raised its holdings in Microchip Technology by 324.0% during the fourth quarter. Truist Financial Corp now owns 1,815,013 shares of the semiconductor company’s stock worth $163,678,000 after purchasing an additional 1,386,924 shares during the last quarter. Van ECK Associates Corp raised its holdings in Microchip Technology by 17.2% during the first quarter. Van ECK Associates Corp now owns 6,068,311 shares of the semiconductor company’s stock worth $544,388,000 after purchasing an additional 891,297 shares during the last quarter. Corient Private Wealth LLC raised its holdings in Microchip Technology by 76.6% during the fourth quarter. Corient Private Wealth LLC now owns 2,043,484 shares of the semiconductor company’s stock worth $184,251,000 after purchasing an additional 886,068 shares during the last quarter. Finally, Public Sector Pension Investment Board raised its holdings in Microchip Technology by 173.4% during the third quarter. Public Sector Pension Investment Board now owns 1,062,611 shares of the semiconductor company’s stock worth $82,937,000 after purchasing an additional 673,924 shares during the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Susquehanna lifted their price objective on Microchip Technology from $100.00 to $105.00 and gave the stock a “positive” rating in a report on Tuesday, May 7th. Mizuho raised Microchip Technology from a “neutral” rating to a “buy” rating and raised their price target for the stock from $85.00 to $115.00 in a research report on Friday, May 24th. Citigroup raised their price target on Microchip Technology from $100.00 to $104.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. The Goldman Sachs Group raised their price target on Microchip Technology from $77.00 to $88.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 7th. Finally, Stifel Nicolaus raised their price target on Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. Five analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, Microchip Technology has a consensus rating of “Moderate Buy” and an average target price of $101.06.

Insider Buying and Selling

In other Microchip Technology news, Director Matthew W. Chapman sold 2,748 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $93.88, for a total transaction of $257,982.24. Following the sale, the director now owns 35,682 shares in the company, valued at $3,349,826.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, VP Stephen V. Drehobl sold 10,000 shares of the company’s stock in a transaction that occurred 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew W. Chapman sold 2,748 shares of the company’s stock in a transaction that occurred 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 transaction, the director now directly owns 35,682 shares of the company’s stock, valued at $3,349,826.16. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 23,993 shares of company stock worth $2,251,857. 2.07% of the stock is currently owned by corporate insiders.

Microchip Technology Stock Up 3.9 %

Shares of MCHP traded up $3.64 during midday trading on Wednesday, reaching $95.98. 6,385,573 shares of the company were exchanged, compared to its average volume of 5,720,907. The stock has a 50-day moving average price of $93.36 and a 200-day moving average price of $89.18. The company has a market cap of $51.53 billion, a price-to-earnings ratio of 27.13 and a beta of 1.54. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $100.57. The company has a current ratio of 1.20, a quick ratio of 0.67 and a debt-to-equity ratio of 0.75.

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

Microchip Technology Increases Dividend

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

Microchip Technology 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.