Legal & General Group Plc Purchases Shares of 3,427,600 Microchip Technology Incorporated $MCHP

Legal & General Group Plc purchased a new stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) in the second quarter, Holdings Channel.com reports. The firm purchased 3,427,600 shares of the semiconductor company’s stock, valued at approximately $312,597,000.

Several other institutional investors have also recently made changes to their positions in the company. Fiduciary Financial Advisors purchased a new stake in shares of Microchip Technology in the second quarter worth $81,000. L2 Asset Management LLC bought a new position in Microchip Technology in the 2nd quarter worth about $277,000. Cetera Trust Company N.A purchased a new stake in shares of Microchip Technology in the 2nd quarter valued at about $2,042,000. Partners Capital Investment Group LLP bought a new stake in shares of Microchip Technology during the 2nd quarter valued at about $2,168,000. Finally, Whalen Wealth Management Inc. bought a new stake in shares of Microchip Technology during the 2nd quarter valued at about $236,000. Institutional investors own 91.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on MCHP shares. Needham & Company LLC upped their price objective on shares of Microchip Technology from $84.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Barclays lifted their target price on shares of Microchip Technology from $80.00 to $105.00 and gave the company an “equal weight” rating in a research report on Monday, May 11th. Weiss Ratings raised shares of Microchip Technology from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 11th. UBS Group restated a “buy” rating and set a $120.00 price objective (down from $130.00) on shares of Microchip Technology in a research report on Friday, August 7th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $120.00 price objective on shares of Microchip Technology in a report on Friday, August 7th. Three research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $98.67.

Microchip Technology Stock Down 1.0%

Shares of NASDAQ MCHP opened at $73.50 on Wednesday. The stock has a market capitalization of $39.91 billion, a P/E ratio of 109.70, a PEG ratio of 0.52 and a beta of 1.76. Microchip Technology Incorporated has a one year low of $48.52 and a one year high of $105.91. The firm’s 50 day simple moving average is $83.33 and its two-hundred day simple moving average is $81.46. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.92 and a quick ratio of 1.11.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, August 6th. The semiconductor company reported $0.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.06. Microchip Technology had a net margin of 9.34% and a return on equity of 14.97%. The company had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.46 billion. During the same quarter in the prior year, the company earned $0.27 EPS. The firm’s revenue was up 38.0% on a year-over-year basis. Microchip Technology has set its Q2 2027 guidance at 0.910-0.950 EPS. As a group, analysts expect that Microchip Technology Incorporated will post 3.16 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 9th. Stockholders of record on Monday, August 24th will be paid a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Monday, August 24th. Microchip Technology’s payout ratio is 271.64%.

Insider Activity at Microchip Technology

In other Microchip Technology news, Director Matthew W. Chapman sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $97.52, for a total value of $292,560.00. Following the completion of the sale, the director owned 17,665 shares in the company, valued at approximately $1,722,690.80. The trade was a 14.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO James Eric Bjornholt sold 837 shares of the stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $80.26, for a total value of $67,177.62. Following the sale, the chief financial officer directly owned 30,960 shares of the company’s stock, valued at approximately $2,484,849.60. This trade represents a 2.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 8,837 shares of company stock worth $847,338 in the last ninety days. 1.79% of the stock is owned by company insiders.

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.