Jennison Associates LLC Invests $14.94 Million in Microchip Technology Incorporated (NASDAQ:MCHP)

Jennison Associates LLC purchased a new position in Microchip Technology Incorporated (NASDAQ:MCHP) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 165,713 shares of the semiconductor company’s stock, valued at approximately $14,944,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Northern Trust Corp lifted its holdings in shares of Microchip Technology by 1.1% in the third quarter. Northern Trust Corp now owns 7,521,409 shares of the semiconductor company’s stock worth $587,046,000 after buying an additional 80,431 shares in the last quarter. Van ECK Associates Corp raised its stake in Microchip Technology by 7.8% in the third quarter. Van ECK Associates Corp now owns 4,462,638 shares of the semiconductor company’s stock valued at $348,309,000 after purchasing an additional 322,540 shares in the last quarter. Mizuho Markets Americas LLC purchased a new stake in Microchip Technology in the third quarter valued at approximately $225,800,000. Charles Schwab Investment Management Inc. raised its stake in Microchip Technology by 0.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,830,397 shares of the semiconductor company’s stock valued at $220,913,000 after purchasing an additional 25,002 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its stake in Microchip Technology by 0.5% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,457,152 shares of the semiconductor company’s stock valued at $221,586,000 after purchasing an additional 11,163 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MCHP has been the topic of several recent analyst reports. Evercore ISI initiated coverage on shares of Microchip Technology in a report on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 price target on the stock. Rosenblatt Securities reissued a “buy” rating and set a $100.00 price objective on shares of Microchip Technology in a research report on Tuesday, January 30th. Susquehanna reissued a “positive” rating and set a $100.00 price objective on shares of Microchip Technology in a research report on Monday, April 8th. The Goldman Sachs Group lowered their price objective on Microchip Technology from $87.00 to $77.00 and set a “neutral” rating for the company in a research report on Friday, February 2nd. Finally, Needham & Company LLC raised their price objective on Microchip Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, February 2nd. Six investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, Microchip Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $92.50.

Microchip Technology Price Performance

MCHP opened at $92.21 on Friday. Microchip Technology Incorporated has a 1 year low of $68.75 and a 1 year high of $94.30. The stock has a 50-day moving average price of $87.00 and a 200-day moving average price of $84.55. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58. The firm has a market cap of $49.83 billion, a PE ratio of 21.54, a P/E/G ratio of 2.77 and a beta of 1.65.

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

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 23rd were given a $0.45 dividend. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.44. The ex-dividend date was Thursday, February 22nd. This represents a $1.80 dividend on an annualized basis and a yield of 1.95%. Microchip Technology’s payout ratio is 42.06%.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, Director Karlton D. Johnson sold 370 shares of the business’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the completion of the sale, the director now directly owns 1,789 shares in the company, valued at approximately $150,276. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Microchip Technology news, Director Karlton D. Johnson sold 370 shares of the business’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the completion of the sale, the director now directly owns 1,789 shares in the company, valued at approximately $150,276. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO James Eric Bjornholt sold 1,970 shares of the business’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following the sale, the chief financial officer now owns 32,893 shares of the company’s stock, 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.