Jennison Associates LLC Acquires Shares of 165,713 Microchip Technology Incorporated (NASDAQ:MCHP)

Jennison Associates LLC bought a new stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 165,713 shares of the semiconductor company’s stock, valued at approximately $14,944,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. DAVENPORT & Co LLC lifted its holdings in Microchip Technology by 3.4% in the 3rd quarter. DAVENPORT & Co LLC now owns 14,226 shares of the semiconductor company’s stock valued at $1,110,000 after purchasing an additional 464 shares in the last quarter. Private Trust Co. NA lifted its holdings in Microchip Technology by 2.8% in the 3rd quarter. Private Trust Co. NA now owns 5,675 shares of the semiconductor company’s stock valued at $443,000 after purchasing an additional 157 shares in the last quarter. Czech National Bank lifted its holdings in Microchip Technology by 46.7% in the 3rd quarter. Czech National Bank now owns 95,139 shares of the semiconductor company’s stock valued at $7,426,000 after purchasing an additional 30,291 shares in the last quarter. Handelsbanken Fonder AB lifted its holdings in Microchip Technology by 2.2% in the 3rd quarter. Handelsbanken Fonder AB now owns 207,377 shares of the semiconductor company’s stock valued at $16,186,000 after purchasing an additional 4,553 shares in the last quarter. Finally, Ballentine Partners LLC lifted its holdings in Microchip Technology by 10.4% in the 3rd quarter. Ballentine Partners LLC now owns 3,348 shares of the semiconductor company’s stock valued at $261,000 after purchasing an additional 316 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analysts Set New Price Targets

MCHP has been the topic of a number of research reports. Wolfe Research upgraded Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price objective on the stock in a report on Thursday, January 18th. Evercore ISI initiated coverage on Microchip Technology in a report on Tuesday, April 16th. They set an “outperform” rating and a $106.00 price target on the stock. Truist Financial reduced their price target on Microchip Technology from $97.00 to $93.00 and set a “buy” rating on the stock in a report on Tuesday, January 9th. StockNews.com lowered Microchip Technology from a “buy” rating to a “hold” rating in a report on Friday, December 29th. Finally, TD Cowen lifted their price target on Microchip Technology from $75.00 to $80.00 and gave the stock a “market perform” rating in a report on Friday, February 2nd. Six research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $92.50.

Insider Activity

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

Microchip Technology Stock Up 1.7 %

Shares of NASDAQ:MCHP opened at $92.21 on Friday. The business has a 50-day moving average price of $87.00 and a 200 day moving average price of $84.55. The company has a current ratio of 0.98, a quick ratio of 0.58 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $49.83 billion, a price-to-earnings ratio of 21.54, a PEG ratio of 2.77 and a beta of 1.65. Microchip Technology Incorporated has a 12-month low of $68.75 and a 12-month high of $94.30.

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, beating the consensus estimate of $1.04 by $0.04. The company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.77 billion. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. Microchip Technology’s revenue was down 18.6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.48 EPS. Sell-side analysts expect that Microchip Technology Incorporated will post 4.64 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were paid a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 1.95%. The ex-dividend date was Thursday, February 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.44. Microchip Technology’s dividend payout ratio (DPR) is presently 42.06%.

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.