Meiji Yasuda Asset Management Co Ltd. Increases Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Meiji Yasuda Asset Management Co Ltd. raised its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 5.2% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 92,043 shares of the semiconductor company’s stock after buying an additional 4,528 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in Microchip Technology were worth $5,279,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of MCHP. Mainstream Capital Management LLC acquired a new position in Microchip Technology during the 4th quarter worth $26,000. Rakuten Securities Inc. grew its position in shares of Microchip Technology by 309.5% during the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock worth $27,000 after buying an additional 359 shares in the last quarter. OFI Invest Asset Management purchased a new stake in shares of Microchip Technology during the fourth quarter worth approximately $29,000. Financial Life Planners purchased a new stake in shares of Microchip Technology during the fourth quarter worth approximately $32,000. Finally, Truvestments Capital LLC acquired a new stake in Microchip Technology in the third quarter valued at approximately $34,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 3,724 shares of the stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total transaction of $226,717.12. Following the completion of the transaction, the chief financial officer now directly owns 33,272 shares of the company’s stock, valued at approximately $2,025,599.36. This represents a 10.07 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on MCHP. Needham & Company LLC increased their price objective on shares of Microchip Technology from $60.00 to $66.00 and gave the company a “buy” rating in a research report on Tuesday, March 4th. Raymond James reissued a “strong-buy” rating and issued a $60.00 target price (down previously from $95.00) on shares of Microchip Technology in a report on Friday, February 7th. TD Cowen lifted their price target on Microchip Technology from $50.00 to $60.00 and gave the stock a “hold” rating in a report on Tuesday, March 4th. Mizuho increased their price objective on Microchip Technology from $58.00 to $68.00 and gave the company an “outperform” rating in a report on Tuesday, March 4th. Finally, B. Riley restated a “buy” rating and set a $75.00 target price (down previously from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $74.37.

Microchip Technology Price Performance

Shares of MCHP opened at $52.36 on Wednesday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. Microchip Technology Incorporated has a fifty-two week low of $49.92 and a fifty-two week high of $100.57. The firm has a 50-day simple moving average of $56.04 and a 200-day simple moving average of $64.34. The company has a market capitalization of $28.16 billion, a price-to-earnings ratio of 93.50 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. On average, equities research analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were given a dividend of $0.455 per share. The ex-dividend date of this dividend was Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a yield of 3.48%. Microchip Technology’s payout ratio is currently 325.00%.

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.