California Public Employees Retirement System Sells 63,017 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

California Public Employees Retirement System decreased its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 5.8% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,025,252 shares of the semiconductor company’s stock after selling 63,017 shares during the quarter. California Public Employees Retirement System owned approximately 0.19% of Microchip Technology worth $92,457,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Mizuho Markets Americas LLC purchased a new position in shares of Microchip Technology in the third quarter worth approximately $225,800,000. Qube Research & Technologies Ltd boosted its stake in shares of Microchip Technology by 122.1% during the 3rd quarter. Qube Research & Technologies Ltd now owns 1,529,186 shares of the semiconductor company’s stock worth $119,353,000 after acquiring an additional 840,526 shares during the last quarter. Public Sector Pension Investment Board grew its position in shares of Microchip Technology by 173.4% during the 3rd quarter. Public Sector Pension Investment Board now owns 1,062,611 shares of the semiconductor company’s stock valued at $82,937,000 after acquiring an additional 673,924 shares during the period. Assenagon Asset Management S.A. increased its stake in shares of Microchip Technology by 1,082.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 715,875 shares of the semiconductor company’s stock worth $64,558,000 after purchasing an additional 655,332 shares in the last quarter. Finally, Deutsche Bank AG raised its holdings in Microchip Technology by 27.8% in the 3rd quarter. Deutsche Bank AG now owns 1,927,892 shares of the semiconductor company’s stock worth $150,472,000 after purchasing an additional 418,869 shares during the period. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have commented on MCHP. Evercore ISI initiated coverage on Microchip Technology in a research report on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 price target for the company. Needham & Company LLC raised their target price on shares of Microchip Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. TD Cowen upped their price target on shares of Microchip Technology from $75.00 to $80.00 and gave the stock a “market perform” rating in a research report on Friday, February 2nd. UBS Group decreased their price objective on shares of Microchip Technology from $105.00 to $95.00 and set a “buy” rating on the stock in a research report on Friday, February 2nd. Finally, Piper Sandler downgraded shares of Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 target price for the company. in a report on Thursday, January 4th. Six equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $92.50.

Microchip Technology Price Performance

Shares of Microchip Technology stock opened at $90.68 on Thursday. The stock has a 50 day moving average price of $86.81 and a 200-day moving average price of $84.50. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $94.30. The stock has a market cap of $49.00 billion, a price-to-earnings ratio of 21.19, a price-to-earnings-growth ratio of 2.63 and a beta of 1.65. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. The business had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.77 billion. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The business’s revenue was down 18.6% compared to the same quarter last year. During the same quarter last year, the firm posted $1.48 earnings per share. Equities analysts expect that Microchip Technology Incorporated will post 4.64 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were paid a $0.45 dividend. The ex-dividend date of this dividend was Thursday, February 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.44. This represents a $1.80 dividend on an annualized basis and a yield of 1.99%. Microchip Technology’s dividend payout ratio is 42.06%.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the business’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of the transaction, the chief financial officer now directly owns 32,893 shares in the company, valued at $2,759,722.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO James Eric Bjornholt sold 1,970 shares of the business’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the sale, the chief financial officer now owns 32,893 shares in the company, valued at $2,759,722.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Karlton D. Johnson sold 370 shares of the company’s stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total transaction of $31,080.00. Following the transaction, the director now owns 1,789 shares in the company, valued at approximately $150,276. The disclosure for this sale can be found here. 2.07% of the stock is currently owned by insiders.

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.