Jensen Investment Management Inc. Sells 2,580 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Jensen Investment Management Inc. reduced its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 5.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 46,850 shares of the semiconductor company’s stock after selling 2,580 shares during the quarter. Jensen Investment Management Inc.’s holdings in Microchip Technology were worth $3,762,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in Microchip Technology by 2,390.5% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,291,290 shares of the semiconductor company’s stock worth $209,653,000 after purchasing an additional 2,199,290 shares during the last quarter. Clearbridge Investments LLC raised its holdings in Microchip Technology by 18,944.8% in the 1st quarter. Clearbridge Investments LLC now owns 1,973,045 shares of the semiconductor company’s stock valued at $177,002,000 after acquiring an additional 1,962,685 shares in the last quarter. Vanguard Group Inc. raised its holdings in Microchip Technology by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock valued at $6,152,646,000 after acquiring an additional 1,921,497 shares in the last quarter. Van ECK Associates Corp raised its holdings in Microchip Technology by 25.1% in the 3rd quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock valued at $599,239,000 after acquiring an additional 1,597,263 shares in the last quarter. Finally, Canada Pension Plan Investment Board raised its holdings in Microchip Technology by 425.3% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,377,099 shares of the semiconductor company’s stock valued at $123,540,000 after acquiring an additional 1,114,962 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have weighed in on MCHP. Mizuho set a $95.00 price objective on Microchip Technology in a report on Friday, October 18th. B. Riley lowered their price target on Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Bank of America cut Microchip Technology from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $110.00 to $90.00 in a report on Friday, August 2nd. StockNews.com cut Microchip Technology from a “hold” rating to a “sell” rating in a report on Thursday. Finally, Truist Financial cut Microchip Technology from a “buy” rating to a “hold” rating and lowered their price target for the stock from $89.00 to $80.00 in a report on Monday, September 23rd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $92.00.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.10% of the stock is owned by company insiders.

Microchip Technology Trading Down 2.0 %

Shares of Microchip Technology stock traded down $1.47 on Friday, hitting $72.87. 6,290,308 shares of the company’s stock traded hands, compared to its average volume of 5,325,453. Microchip Technology Incorporated has a one year low of $71.76 and a one year high of $100.57. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 1.08. The company has a fifty day moving average of $76.73 and a two-hundred day moving average of $84.97. The company has a market capitalization of $39.13 billion, a price-to-earnings ratio of 50.96 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same quarter in the prior year, the company earned $1.54 EPS. The firm’s revenue for the quarter was down 48.4% compared to the same quarter last year. As a group, sell-side analysts expect that Microchip Technology Incorporated will post 1.73 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be paid a dividend of $0.455 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a yield of 2.50%. The ex-dividend date is Friday, November 22nd. Microchip Technology’s dividend payout ratio is 127.27%.

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.