CIBC Asset Management Inc Acquires 60,861 Shares of Microchip Technology Incorporated $MCHP

CIBC Asset Management Inc lifted its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 35.5% in the 4th quarter, HoldingsChannel reports. The firm owned 232,139 shares of the semiconductor company’s stock after acquiring an additional 60,861 shares during the period. CIBC Asset Management Inc’s holdings in Microchip Technology were worth $14,792,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently bought and sold shares of MCHP. AQR Capital Management LLC raised its stake in shares of Microchip Technology by 51.3% in the first quarter. AQR Capital Management LLC now owns 17,201 shares of the semiconductor company’s stock worth $827,000 after buying an additional 5,835 shares during the period. Geneos Wealth Management Inc. grew its stake in shares of Microchip Technology by 101.8% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,221 shares of the semiconductor company’s stock valued at $59,000 after acquiring an additional 616 shares during the period. Cresset Asset Management LLC grew its stake in shares of Microchip Technology by 5.4% during the 2nd quarter. Cresset Asset Management LLC now owns 11,433 shares of the semiconductor company’s stock valued at $805,000 after acquiring an additional 589 shares during the period. AXA S.A. increased its holdings in Microchip Technology by 21.3% in the 2nd quarter. AXA S.A. now owns 51,552 shares of the semiconductor company’s stock worth $3,628,000 after acquiring an additional 9,043 shares in the last quarter. Finally, Treasurer of the State of North Carolina increased its holdings in Microchip Technology by 1.6% in the 2nd quarter. Treasurer of the State of North Carolina now owns 246,530 shares of the semiconductor company’s stock worth $17,348,000 after acquiring an additional 3,851 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Citigroup lifted their price target on shares of Microchip Technology from $91.00 to $113.00 and gave the company a “buy” rating in a report on Friday, May 8th. Rosenblatt Securities increased their price objective on shares of Microchip Technology from $115.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. JPMorgan Chase & Co. raised their price objective on shares of Microchip Technology from $95.00 to $120.00 and gave the company an “overweight” rating in a research report on Friday, May 8th. KeyCorp restated an “overweight” rating and set a $85.00 target price on shares of Microchip Technology in a research note on Friday, February 6th. Finally, Zacks Research raised shares of Microchip Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 12th. Four analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $97.52.

Insider Buying and Selling

In other Microchip Technology news, COO Richard J. Simoncic sold 5,000 shares of Microchip Technology stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $93.44, for a total transaction of $467,200.00. Following the completion of the transaction, the chief operating officer directly owned 135,508 shares of the company’s stock, valued at $12,661,867.52. The trade was a 3.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Matthew W. Chapman sold 3,000 shares of the business’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $97.52, for a total transaction of $292,560.00. Following the transaction, the director owned 17,665 shares in the company, valued at $1,722,690.80. This trade represents a 14.52% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 548,302 shares of company stock valued at $49,186,035 in the last three months. Corporate insiders own 1.94% of the company’s stock.

Microchip Technology Stock Down 0.3%

Shares of NASDAQ MCHP opened at $96.30 on Friday. The company has a current ratio of 2.09, a quick ratio of 1.18 and a debt-to-equity ratio of 0.85. Microchip Technology Incorporated has a 12-month low of $48.52 and a 12-month high of $105.91. The firm’s 50-day moving average price is $84.54 and its 200-day moving average price is $74.07. The stock has a market capitalization of $52.20 billion, a price-to-earnings ratio of 458.59, a P/E/G ratio of 1.02 and a beta of 1.73.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, May 7th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.07. The business had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.26 billion. Microchip Technology had a return on equity of 10.87% and a net margin of 4.88%.The company’s quarterly revenue was up 35.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.11 earnings per share. Microchip Technology has set its Q1 2027 guidance at 0.670-0.710 EPS. On average, equities research analysts anticipate that Microchip Technology Incorporated will post 2.58 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 5th. Investors of record on Friday, May 22nd will be issued a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 1.9%. The ex-dividend date is Friday, May 22nd. Microchip Technology’s dividend payout ratio is presently 866.67%.

About Microchip Technology

Microchip Technology Inc is a semiconductor company headquartered in Chandler, Arizona, that designs, develops and supplies a broad portfolio of embedded control and analog semiconductors. Its product lineup centers on microcontrollers (including the well-known PIC family), digital signal controllers and associated development tools and software, along with a range of mixed-signal and analog devices, nonvolatile memory, power management, timing, interface, wireless and security products. The company also provides integrated hardware and software solutions intended to simplify embedded design and accelerate time to market for OEMs and contract manufacturers.

Microchip’s products are used across a wide range of end markets, including automotive, industrial automation, consumer electronics, communications, aerospace and defense, and Internet of Things (IoT) applications.