Microchip Technology Incorporated (NASDAQ:MCHP) Shares Purchased by EverSource Wealth Advisors LLC

EverSource Wealth Advisors LLC increased its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 53.8% during the 1st quarter, Holdings Channel reports. The fund owned 2,242 shares of the semiconductor company’s stock after purchasing an additional 784 shares during the quarter. EverSource Wealth Advisors LLC’s holdings in Microchip Technology were worth $206,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Private Trust Co. NA grew its holdings in Microchip Technology by 7.3% in the fourth quarter. Private Trust Co. NA now owns 6,089 shares of the semiconductor company’s stock valued at $549,000 after purchasing an additional 414 shares during the period. International Assets Investment Management LLC grew its holdings in Microchip Technology by 993.3% in the fourth quarter. International Assets Investment Management LLC now owns 299,896 shares of the semiconductor company’s stock valued at $27,045,000 after purchasing an additional 272,465 shares during the period. Advisors Preferred LLC acquired a new stake in Microchip Technology in the fourth quarter valued at approximately $96,000. Sowell Financial Services LLC grew its holdings in Microchip Technology by 5.6% in the fourth quarter. Sowell Financial Services LLC now owns 11,154 shares of the semiconductor company’s stock valued at $1,006,000 after purchasing an additional 589 shares during the period. Finally, Prime Capital Investment Advisors LLC grew its holdings in Microchip Technology by 26.9% in the fourth quarter. Prime Capital Investment Advisors LLC now owns 13,017 shares of the semiconductor company’s stock valued at $1,174,000 after purchasing an additional 2,760 shares during the period. 91.51% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Microchip Technology

In related news, VP Stephen V. Drehobl sold 10,000 shares of the business’s stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total value of $908,800.00. Following the sale, the vice president now owns 82,203 shares in the company, valued at approximately $7,470,608.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CFO James Eric Bjornholt sold 3,188 shares of the business’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $99.98, for a total transaction of $318,736.24. Following the completion of the transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at approximately $3,325,034.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Stephen V. Drehobl sold 10,000 shares of the business’s stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total value of $908,800.00. Following the transaction, the vice president now directly owns 82,203 shares of the company’s stock, valued at $7,470,608.64. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 23,993 shares of company stock worth $2,251,857. 2.07% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on MCHP shares. Bank of America lowered 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 research note on Friday. Mizuho raised Microchip Technology from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $85.00 to $115.00 in a research note on Friday, May 24th. B. Riley lowered their price target on Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a research note on Friday. Piper Sandler reaffirmed a “neutral” rating and issued a $90.00 price target (up from $80.00) on shares of Microchip Technology in a research note on Tuesday, May 7th. Finally, UBS Group lifted their price target on Microchip Technology from $95.00 to $103.00 and gave the stock a “buy” rating in a research note on Tuesday, May 7th. Seven investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, Microchip Technology presently has an average rating of “Moderate Buy” and an average price target of $99.15.

Microchip Technology Trading Down 10.6 %

NASDAQ:MCHP traded down $8.94 on Friday, reaching $75.43. The company’s stock had a trading volume of 17,482,866 shares, compared to its average volume of 6,510,382. Microchip Technology Incorporated has a 12-month low of $68.75 and a 12-month high of $100.57. The company has a quick ratio of 0.67, a current ratio of 1.20 and a debt-to-equity ratio of 0.75. The firm has a market cap of $40.47 billion, a price-to-earnings ratio of 21.74 and a beta of 1.54. The stock has a 50 day moving average price of $91.66 and a 200 day moving average price of $89.42.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.01. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. Microchip Technology had a return on equity of 27.82% and a net margin of 20.80%. The company’s quarterly revenue was down 45.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.56 EPS. On average, equities analysts anticipate that Microchip Technology Incorporated will post 2.35 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Thursday, August 22nd will be issued a $0.454 dividend. This represents a $1.82 annualized dividend and a dividend yield of 2.41%. The ex-dividend date is Thursday, August 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is currently 52.16%.

Microchip Technology 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.