Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. trimmed its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 4.9% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 162,030 shares of the semiconductor company’s stock after selling 8,266 shares during the quarter. Corebridge Financial Inc.’s holdings in Microchip Technology were worth $9,292,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Mainstream Capital Management LLC purchased a new stake in shares of Microchip Technology during the 4th quarter worth approximately $26,000. Rakuten Securities Inc. raised its stake in Microchip Technology by 309.5% during the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock worth $27,000 after acquiring an additional 359 shares in the last quarter. OFI Invest Asset Management purchased a new stake in Microchip Technology in the fourth quarter valued at $29,000. Financial Life Planners acquired a new position in Microchip Technology in the fourth quarter valued at $32,000. Finally, Truvestments Capital LLC purchased a new position in shares of Microchip Technology during the third quarter worth about $34,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology stock in a transaction 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. The trade was a 10.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 2.10% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Piper Sandler reissued an “overweight” rating and issued a $65.00 target price (down from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Needham & Company LLC boosted their price objective on Microchip Technology from $60.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, March 4th. Raymond James reissued a “strong-buy” rating and issued a $60.00 price objective (down from $95.00) on shares of Microchip Technology in a report on Friday, February 7th. Morgan Stanley cut their target price on shares of Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating on the stock in a report on Tuesday, February 4th. Finally, B. Riley reiterated a “buy” rating and set a $75.00 price target (down previously from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Two equities research analysts have rated the stock with a sell rating, four have issued 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, Microchip Technology has an average rating of “Moderate Buy” and an average price target of $74.37.

Microchip Technology Stock Performance

Shares of MCHP stock opened at $50.79 on Friday. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. The stock has a 50 day simple moving average of $55.83 and a 200-day simple moving average of $64.16. The company has a market cap of $27.32 billion, a price-to-earnings ratio of 90.70 and a beta of 1.52. Microchip Technology Incorporated has a 12-month low of $49.92 and a 12-month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate 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 analysts forecast that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Monday, February 24th were issued a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 3.58%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology’s dividend 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.