Baird Financial Group Inc. Acquires 16,515 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Posted by Defense World Staff on Mar 15th, 2023

Baird Financial Group Inc. grew its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP – Get Rating) by 4.0% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 425,307 shares of the semiconductor company’s stock after purchasing an additional 16,515 shares during the quarter. Baird Financial Group Inc. owned about 0.08% of Microchip Technology worth $25,956,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Microchip Technology by 0.6% in the third quarter. Vanguard Group Inc. now owns 65,524,560 shares of the semiconductor company’s stock valued at $3,998,964,000 after acquiring an additional 417,578 shares during the period. Dodge & Cox boosted its position in shares of Microchip Technology by 1.7% in the second quarter. Dodge & Cox now owns 32,228,436 shares of the semiconductor company’s stock valued at $1,871,828,000 after acquiring an additional 551,092 shares during the period. Macquarie Group Ltd. boosted its position in shares of Microchip Technology by 1.6% in the third quarter. Macquarie Group Ltd. now owns 8,517,994 shares of the semiconductor company’s stock valued at $519,852,000 after acquiring an additional 131,879 shares during the period. Boston Partners boosted its position in shares of Microchip Technology by 17.2% in the third quarter. Boston Partners now owns 7,665,626 shares of the semiconductor company’s stock valued at $467,751,000 after acquiring an additional 1,123,669 shares during the period. Finally, Northern Trust Corp boosted its position in shares of Microchip Technology by 1.7% in the first quarter. Northern Trust Corp now owns 7,553,578 shares of the semiconductor company’s stock valued at $567,576,000 after acquiring an additional 123,806 shares during the period. Institutional investors own 89.85% of the company’s stock.

Microchip Technology Stock Up 2.4 %

Shares of Microchip Technology stock opened at $83.24 on Wednesday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.04 and a current ratio of 1.76. Microchip Technology Incorporated has a 52-week low of $54.33 and a 52-week high of $87.76. The stock has a market capitalization of $45.60 billion, a price-to-earnings ratio of 22.56, a P/E/G ratio of 0.84 and a beta of 1.58. The company’s 50 day moving average price is $79.59 and its 200-day moving average price is $71.94.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 7th. Stockholders of record on Tuesday, February 21st were issued a $0.358 dividend. This is a boost from Microchip Technology’s previous quarterly dividend of $0.33. The ex-dividend date was Friday, February 17th. This represents a $1.43 annualized dividend and a dividend yield of 1.72%. Microchip Technology’s dividend payout ratio (DPR) is currently 38.75%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on MCHP shares. Morgan Stanley raised their price objective on shares of Microchip Technology from $80.00 to $99.00 and gave the company an “overweight” rating in a research report on Friday, February 3rd. Raymond James raised their target price on shares of Microchip Technology from $90.00 to $105.00 and gave the company a “strong-buy” rating in a research note on Friday, February 3rd. Credit Suisse Group raised their target price on shares of Microchip Technology from $85.00 to $98.00 and gave the company a “neutral” rating in a research note on Friday, February 3rd. Piper Sandler raised their target price on shares of Microchip Technology from $80.00 to $100.00 and gave the company an “overweight” rating in a research note on Friday, February 3rd. Finally, Truist Financial raised their target price on shares of Microchip Technology from $85.00 to $94.00 and gave the company a “buy” rating in a research note on Friday, February 3rd. Five research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $90.58.

About Microchip Technology

(Get Rating)

Microchip Technology, Inc engages in the provision of semiconductor products. It operates through the Semiconductor Products and Technology Licensing segments. The Semiconductor Products segment is involved in designing, developing, manufacturing, and marketing microcontrollers, development tools and analog, interface, mixed signal, connectivity devices, and timing products.