Zurich Insurance Group Ltd FI purchased a new position in shares of Microchip Technology Inc. (NASDAQ:MCHP) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 76,885 shares of the semiconductor company’s stock, valued at approximately $6,993,000.
Other large investors have also modified their holdings of the company. Psagot Investment House Ltd. bought a new stake in shares of Microchip Technology in the 2nd quarter valued at about $125,000. Canada Pension Plan Investment Board raised its holdings in shares of Microchip Technology by 14,030.0% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,413 shares of the semiconductor company’s stock valued at $129,000 after purchasing an additional 1,403 shares during the period. Signaturefd LLC bought a new stake in shares of Microchip Technology in the 1st quarter valued at about $131,000. Prospera Financial Services Inc bought a new stake in shares of Microchip Technology in the 2nd quarter valued at about $200,000. Finally, Homrich & Berg bought a new stake in shares of Microchip Technology in the 2nd quarter valued at about $202,000.
A number of brokerages have recently issued reports on MCHP. BidaskClub cut shares of Microchip Technology from a “strong-buy” rating to a “buy” rating in a report on Tuesday, June 26th. Argus upped their price target on shares of Microchip Technology to $115.00 and gave the company an “average” rating in a research note on Monday, June 25th. They noted that the move was a valuation call. Rosenblatt Securities reiterated a “buy” rating and issued a $125.00 price target on shares of Microchip Technology in a research note on Wednesday, June 6th. Zacks Investment Research upgraded shares of Microchip Technology from a “hold” rating to a “buy” rating and set a $114.00 price target on the stock in a research note on Wednesday, June 6th. Finally, Morgan Stanley upped their price target on shares of Microchip Technology from $97.00 to $103.00 and gave the company an “equal weight” rating in a research note on Tuesday, June 5th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $115.76.
Shares of NASDAQ:MCHP opened at $83.60 on Friday. The company has a market capitalization of $19.66 billion, a P/E ratio of 16.11, a P/E/G ratio of 0.87 and a beta of 1.09. The company has a quick ratio of 0.80, a current ratio of 1.32 and a debt-to-equity ratio of 1.96. Microchip Technology Inc. has a one year low of $78.33 and a one year high of $104.20.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, August 9th. The semiconductor company reported $1.61 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.48 by $0.13. The business had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.21 billion. Microchip Technology had a net margin of 2.85% and a return on equity of 36.33%. The firm’s revenue was up 24.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.31 EPS. research analysts forecast that Microchip Technology Inc. will post 6.51 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 4th. Investors of record on Tuesday, August 21st were paid a $0.364 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date was Monday, August 20th. This represents a $1.46 annualized dividend and a yield of 1.74%. Microchip Technology’s dividend payout ratio is presently 28.13%.
Microchip Technology Company Profile
Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.
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