Microchip Technology Incorporated $MCHP Shares Bought by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. raised its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 13.5% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 209,384 shares of the semiconductor company’s stock after buying an additional 24,963 shares during the period. PNC Financial Services Group Inc.’s holdings in Microchip Technology were worth $13,447,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of MCHP. Vanguard Group Inc. boosted its position in Microchip Technology by 1.8% during the second quarter. Vanguard Group Inc. now owns 70,568,004 shares of the semiconductor company’s stock worth $4,965,870,000 after purchasing an additional 1,265,390 shares in the last quarter. State Street Corp lifted its position in shares of Microchip Technology by 8.5% during the 2nd quarter. State Street Corp now owns 31,888,814 shares of the semiconductor company’s stock valued at $2,244,016,000 after buying an additional 2,489,258 shares in the last quarter. Invesco Ltd. grew its stake in Microchip Technology by 10.4% in the 2nd quarter. Invesco Ltd. now owns 18,452,546 shares of the semiconductor company’s stock valued at $1,298,506,000 after acquiring an additional 1,745,515 shares during the period. Geode Capital Management LLC increased its holdings in Microchip Technology by 2.4% in the 2nd quarter. Geode Capital Management LLC now owns 14,842,341 shares of the semiconductor company’s stock worth $1,040,544,000 after acquiring an additional 343,210 shares in the last quarter. Finally, Boston Partners increased its holdings in Microchip Technology by 38.2% in the 2nd quarter. Boston Partners now owns 14,827,447 shares of the semiconductor company’s stock worth $1,041,868,000 after acquiring an additional 4,101,034 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MCHP has been the topic of several research analyst reports. Wolfe Research set a $85.00 target price on shares of Microchip Technology in a research report on Tuesday, January 6th. BNP Paribas Exane raised shares of Microchip Technology from a “neutral” rating to an “outperform” rating and set a $90.00 price target on the stock in a research note on Thursday, January 22nd. UBS Group boosted their price objective on Microchip Technology from $85.00 to $95.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. B. Riley Financial increased their target price on Microchip Technology from $85.00 to $95.00 and gave the company a “buy” rating in a report on Monday, January 12th. Finally, Jefferies Financial Group reaffirmed a “hold” rating on shares of Microchip Technology in a research note on Wednesday, February 4th. Four analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $86.00.

Insider Activity

In other news, CFO James Eric Bjornholt sold 4,292 shares of the stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $50.39, for a total value of $216,273.88. Following the completion of the sale, the chief financial officer owned 30,089 shares of the company’s stock, valued at $1,516,184.71. This represents a 12.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Steve Sanghi sold 98,814 shares of Microchip Technology stock in a transaction that occurred on Wednesday, January 28th. The shares were sold at an average price of $80.55, for a total transaction of $7,959,467.70. Following the sale, the chief executive officer directly owned 9,922,319 shares in the company, valued at approximately $799,242,795.45. The trade was a 0.99% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 121,615 shares of company stock worth $9,641,654 over the last quarter. 1.94% of the stock is currently owned by company insiders.

Microchip Technology Stock Performance

Shares of Microchip Technology stock opened at $79.11 on Thursday. The business’s 50 day moving average price is $72.40 and its 200 day moving average price is $66.03. The company has a market cap of $42.81 billion, a price-to-earnings ratio of -272.79, a PEG ratio of 1.99 and a beta of 1.46. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.16 and a current ratio of 2.16. Microchip Technology Incorporated has a one year low of $34.13 and a one year high of $83.35.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, February 5th. The semiconductor company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.01. Microchip Technology had a positive return on equity of 7.16% and a negative net margin of 1.57%.The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.19 billion. During the same period last year, the company earned $0.20 EPS. The company’s revenue for the quarter was up 15.6% on a year-over-year basis. Microchip Technology has set its Q4 2026 guidance at 0.480-0.520 EPS. On average, research analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 10th. Shareholders of record on Monday, February 23rd will be paid a dividend of $0.455 per share. The ex-dividend date of this dividend is Monday, February 23rd. This represents a $1.82 dividend on an annualized basis and a yield of 2.3%. Microchip Technology’s payout ratio is -627.59%.

Microchip Technology Company Profile

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.