Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Jennison Associates LLC

Jennison Associates LLC decreased its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 64.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 233,637 shares of the semiconductor company’s stock after selling 420,643 shares during the period. Jennison Associates LLC’s holdings in Microchip Technology were worth $18,759,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Prospera Private Wealth LLC bought a new position in Microchip Technology in the 3rd quarter worth approximately $29,000. Peterson Financial Group Inc. acquired a new position in shares of Microchip Technology during the third quarter valued at $34,000. Pathway Financial Advisers LLC bought a new stake in shares of Microchip Technology during the first quarter valued at about $39,000. Versant Capital Management Inc lifted its holdings in Microchip Technology by 148.8% in the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock worth $48,000 after purchasing an additional 317 shares during the period. Finally, TruNorth Capital Management LLC bought a new position in Microchip Technology in the 2nd quarter valued at about $55,000. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Trading Up 1.0 %

Shares of NASDAQ MCHP opened at $66.69 on Friday. The firm has a market capitalization of $35.81 billion, a PE ratio of 46.64 and a beta of 1.53. Microchip Technology Incorporated has a one year low of $62.63 and a one year high of $100.57. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. The business has a 50-day moving average price of $74.59 and a two-hundred day moving average price of $83.24.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The company’s revenue was down 48.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.54 EPS. As a group, analysts predict that Microchip Technology Incorporated will post 1.38 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be given a dividend of $0.455 per share. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date is Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.73%. Microchip Technology’s dividend payout ratio (DPR) is presently 127.27%.

Wall Street Analysts Forecast Growth

MCHP has been the subject of several recent analyst reports. JPMorgan Chase & Co. decreased their price objective on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Citigroup decreased their price target on Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. B. Riley dropped their price objective on Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Piper Sandler decreased their target price on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a research note on Wednesday, November 6th. Finally, Needham & Company LLC dropped their price target on shares of Microchip Technology from $96.00 to $85.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $92.00.

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.