IVC Wealth Advisors LLC Grows Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

IVC Wealth Advisors LLC grew its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 5.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,294 shares of the semiconductor company’s stock after purchasing an additional 184 shares during the period. IVC Wealth Advisors LLC’s holdings in Microchip Technology were worth $296,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. BKM Wealth Management LLC bought a new position in shares of Microchip Technology during the 4th quarter worth $27,000. Rakuten Securities Inc. bought a new position in shares of Microchip Technology during the 4th quarter worth $27,000. Rise Advisors LLC bought a new position in shares of Microchip Technology during the 1st quarter worth $28,000. Fortitude Family Office LLC bought a new position in shares of Microchip Technology during the 4th quarter worth $29,000. Finally, Pineridge Advisors LLC bought a new position in shares of Microchip Technology during the 4th quarter worth $33,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Performance

NASDAQ:MCHP traded up $1.52 during trading hours on Wednesday, reaching $93.58. The company had a trading volume of 2,437,686 shares, compared to its average volume of 5,766,046. The firm has a market cap of $50.24 billion, a PE ratio of 26.85 and a beta of 1.54. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $100.57. The business’s 50 day moving average price is $93.30 and its 200-day moving average price is $89.09. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.20 and a quick ratio of 0.67.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, meeting analysts’ consensus estimates of $0.57. The business had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.33 billion. Microchip Technology had a return on equity of 36.78% and a net margin of 24.98%. The business’s revenue was down 40.6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.56 earnings per share. Research analysts forecast that Microchip Technology Incorporated will post 2.35 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd were given a $0.452 dividend. The ex-dividend date was Tuesday, May 21st. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.81 dividend on an annualized basis and a dividend yield of 1.93%. Microchip Technology’s payout ratio is 52.16%.

Analyst Ratings Changes

MCHP has been the topic of a number of recent research reports. Needham & Company LLC increased their price target on Microchip Technology from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. The Goldman Sachs Group raised their price objective on Microchip Technology from $77.00 to $88.00 and gave the company a “neutral” rating in a research report on Tuesday, May 7th. Truist Financial raised their price objective on Microchip Technology from $93.00 to $96.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. KeyCorp raised their price objective on Microchip Technology from $90.00 to $110.00 and gave the company an “overweight” rating in a research report on Tuesday, May 7th. Finally, TD Cowen raised their price objective on Microchip Technology from $80.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday, May 7th. Five research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $101.06.

Insider Activity

In related news, VP Stephen V. Drehobl sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total transaction of $908,800.00. Following the completion of the sale, the vice president now directly owns 82,203 shares in the company, valued at $7,470,608.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Matthew W. Chapman sold 2,748 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $93.88, for a total transaction of $257,982.24. Following the completion of the sale, the director now directly owns 35,682 shares in the company, valued at $3,349,826.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Stephen V. Drehobl sold 10,000 shares of the company’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total value of $908,800.00. Following the completion of the sale, the vice president now owns 82,203 shares of the company’s stock, valued at $7,470,608.64. The disclosure for this sale can be found here. Insiders sold 23,993 shares of company stock worth $2,251,857 over the last three months. 2.07% of the stock is currently owned by corporate insiders.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells 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 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.