PNC Financial Services Group Inc. Buys 51,724 Shares of Microchip Technology Incorporated $MCHP

PNC Financial Services Group Inc. raised its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 39.0% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 184,421 shares of the semiconductor company’s stock after acquiring an additional 51,724 shares during the period. PNC Financial Services Group Inc.’s holdings in Microchip Technology were worth $12,978,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in MCHP. Bouchey Financial Group Ltd bought a new stake in shares of Microchip Technology in the 2nd quarter worth about $254,000. Forsta AP Fonden raised its position in Microchip Technology by 0.6% in the 2nd quarter. Forsta AP Fonden now owns 111,100 shares of the semiconductor company’s stock worth $7,818,000 after purchasing an additional 700 shares during the period. KBC Group NV lifted its stake in Microchip Technology by 126.4% in the second quarter. KBC Group NV now owns 166,765 shares of the semiconductor company’s stock worth $11,735,000 after purchasing an additional 93,105 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp boosted its position in shares of Microchip Technology by 2.3% during the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 236,391 shares of the semiconductor company’s stock valued at $16,635,000 after buying an additional 5,261 shares during the period. Finally, National Pension Service boosted its position in shares of Microchip Technology by 0.6% during the second quarter. National Pension Service now owns 802,601 shares of the semiconductor company’s stock valued at $56,479,000 after buying an additional 4,739 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Insider Activity

In related news, Director Matthew W. Chapman sold 10,000 shares of the company’s stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $68.25, for a total transaction of $682,500.00. Following the transaction, the director directly owned 30,665 shares of the company’s stock, valued at $2,092,886.25. This represents a 24.59% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO James Eric Bjornholt sold 7,356 shares of the firm’s stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $68.72, for a total value of $505,504.32. Following the completion of the sale, the chief financial officer directly owned 30,010 shares of the company’s stock, valued at approximately $2,062,287.20. This represents a 19.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.94% of the company’s stock.

Microchip Technology Stock Performance

MCHP stock opened at $53.48 on Friday. Microchip Technology Incorporated has a 1-year low of $34.13 and a 1-year high of $77.20. The business has a 50-day moving average price of $63.28 and a 200 day moving average price of $64.57. The company has a market capitalization of $28.90 billion, a P/E ratio of -157.29, a PEG ratio of 1.79 and a beta of 1.57. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.31 and a quick ratio of 1.33.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, November 6th. The semiconductor company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.02. Microchip Technology had a negative net margin of 3.50% and a positive return on equity of 6.24%. The business had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same quarter last year, the firm posted $0.46 EPS. The company’s revenue for the quarter was down 2.0% on a year-over-year basis. Microchip Technology has set its Q3 2026 guidance at 0.340-0.400 EPS. As a group, equities research analysts forecast that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 9th. Shareholders of record on Monday, November 24th will be issued a $0.455 dividend. The ex-dividend date is Monday, November 24th. This represents a $1.82 dividend on an annualized basis and a yield of 3.4%. Microchip Technology’s payout ratio is currently -404.44%.

Analysts Set New Price Targets

MCHP has been the subject of a number of research analyst reports. TD Cowen decreased their price target on Microchip Technology from $65.00 to $60.00 and set a “hold” rating for the company in a research note on Friday, November 7th. Needham & Company LLC decreased their target price on Microchip Technology from $77.00 to $73.00 and set a “buy” rating for the company in a research report on Friday, November 7th. Susquehanna lowered their target price on shares of Microchip Technology from $85.00 to $75.00 and set a “positive” rating for the company in a research note on Friday, November 7th. Wells Fargo & Company reduced their price target on shares of Microchip Technology from $60.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Friday, November 7th. Finally, Truist Financial reiterated a “hold” rating and set a $60.00 price objective (down previously from $64.00) on shares of Microchip Technology in a report on Friday, November 7th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $73.47.

About Microchip Technology

Microchip Technology Incorporated engages in the development, manufacture, and sale of 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 mixed-signal 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.