CIBC Asset Management Inc Purchases 3,434 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

CIBC Asset Management Inc lifted its position in shares of Microchip Technology Incorporated (NASDAQ:MCHPGet Rating) by 3.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 116,706 shares of the semiconductor company’s stock after acquiring an additional 3,434 shares during the period. CIBC Asset Management Inc’s holdings in Microchip Technology were worth $8,769,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Dodge & Cox increased its position in shares of Microchip Technology by 87.3% during the fourth quarter. Dodge & Cox now owns 29,539,169 shares of the semiconductor company’s stock valued at $2,571,680,000 after acquiring an additional 13,768,272 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Microchip Technology by 95.7% during the fourth quarter. Principal Financial Group Inc. now owns 10,618,059 shares of the semiconductor company’s stock valued at $934,445,000 after acquiring an additional 5,193,267 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Microchip Technology by 107.9% during the fourth quarter. Geode Capital Management LLC now owns 10,352,013 shares of the semiconductor company’s stock valued at $898,949,000 after acquiring an additional 5,373,594 shares in the last quarter. Northern Trust Corp boosted its holdings in Microchip Technology by 99.1% in the fourth quarter. Northern Trust Corp now owns 7,429,772 shares of the semiconductor company’s stock worth $646,836,000 after purchasing an additional 3,698,604 shares during the last quarter. Finally, Norges Bank purchased a new stake in Microchip Technology in the fourth quarter worth approximately $462,517,000. Institutional investors own 89.36% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on MCHP shares. Needham & Company LLC raised their target price on shares of Microchip Technology from $75.00 to $92.00 and gave the stock a “buy” rating in a report on Wednesday. Wells Fargo & Company raised their target price on shares of Microchip Technology from $60.00 to $75.00 and gave the stock an “equal weight” rating in a report on Wednesday. B. Riley raised their target price on shares of Microchip Technology from $78.00 to $86.00 and gave the stock a “buy” rating in a report on Wednesday. Stifel Nicolaus upgraded shares of Microchip Technology from a “hold” rating to a “buy” rating and raised their target price for the stock from $70.00 to $75.00 in a report on Tuesday, June 28th. Finally, Morgan Stanley lifted their price target on shares of Microchip Technology from $81.00 to $82.00 and gave the stock an “overweight” rating in a research note on Wednesday. Four analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Microchip Technology presently has an average rating of “Moderate Buy” and an average price target of $89.73.

Microchip Technology Stock Performance

Shares of NASDAQ MCHP opened at $72.76 on Friday. The company has a debt-to-equity ratio of 1.27, a quick ratio of 1.14 and a current ratio of 1.78. The company has a market cap of $40.20 billion, a P/E ratio of 26.75, a P/E/G ratio of 1.14 and a beta of 1.62. The firm’s fifty day moving average is $63.68 and its two-hundred day moving average is $68.41. Microchip Technology Incorporated has a 52-week low of $54.33 and a 52-week high of $90.00.

Microchip Technology (NASDAQ:MCHPGet Rating) last posted its earnings results on Tuesday, August 2nd. The semiconductor company reported $1.37 earnings per share for the quarter, topping analysts’ consensus estimates of $1.27 by $0.10. Microchip Technology had a net margin of 21.34% and a return on equity of 44.90%. During the same period in the prior year, the firm posted $0.88 EPS. As a group, analysts anticipate that Microchip Technology Incorporated will post 5.15 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 2nd. Stockholders of record on Friday, August 19th will be issued a $0.301 dividend. The ex-dividend date of this dividend is Thursday, August 18th. This is an increase from Microchip Technology’s previous quarterly dividend of $0.28. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.65%. Microchip Technology’s payout ratio is 40.44%.

Insider Transactions at Microchip Technology

In other news, CEO Ganesh Moorthy purchased 8,000 shares of the company’s stock in a transaction that occurred on Friday, June 17th. The stock was purchased at an average cost of $57.29 per share, with a total value of $458,320.00. Following the purchase, the chief executive officer now owns 720,313 shares in the company, valued at $41,266,731.77. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Ganesh Moorthy purchased 8,000 shares of the company’s stock in a transaction that occurred on Friday, June 17th. The stock was purchased at an average cost of $57.29 per share, with a total value of $458,320.00. Following the purchase, the chief executive officer now owns 720,313 shares in the company, valued at $41,266,731.77. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Mitchell R. Little sold 3,674 shares of Microchip Technology stock in a transaction dated Monday, May 23rd. The stock was sold at an average price of $66.66, for a total transaction of $244,908.84. Following the transaction, the vice president now directly owns 13,056 shares of the company’s stock, valued at $870,312.96. The disclosure for this sale can be found here. Insiders have sold a total of 9,564 shares of company stock worth $637,217 in the last three months. Insiders own 2.00% of the company’s stock.

About Microchip Technology

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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 microprocessors markets; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.

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Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

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