Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System cut its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 5.8% in the 4th quarter, Holdings Channel reports. The fund owned 1,025,252 shares of the semiconductor company’s stock after selling 63,017 shares during the period. California Public Employees Retirement System’s holdings in Microchip Technology were worth $92,457,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. OFI Invest Asset Management bought a new stake in Microchip Technology in the third quarter valued at $26,000. BKM Wealth Management LLC acquired a new stake in shares of Microchip Technology in the fourth quarter valued at approximately $27,000. Rakuten Securities Inc. bought a new stake in shares of Microchip Technology during the fourth quarter valued at approximately $27,000. Fortitude Family Office LLC bought a new position in Microchip Technology in the 4th quarter worth approximately $29,000. Finally, Milestone Investment Advisors LLC acquired a new stake in Microchip Technology in the 3rd quarter valued at approximately $36,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Stock Up 5.2 %

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

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

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 1.99%. The ex-dividend date was Thursday, February 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.44. Microchip Technology’s dividend payout ratio (DPR) is 42.06%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Needham & Company LLC lifted their price objective on shares of Microchip Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, February 2nd. Piper Sandler lowered shares of Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 price objective on the stock. in a research note on Thursday, January 4th. Evercore ISI began coverage on Microchip Technology in a research report on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 target price for the company. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 price target on shares of Microchip Technology in a research report on Tuesday, January 30th. Finally, TD Cowen boosted their price objective on Microchip Technology from $75.00 to $80.00 and gave the stock a “market perform” rating in a research note 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. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $92.50.

Insider Buying and Selling at Microchip Technology

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

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.