Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by WealthPLAN Partners LLC

WealthPLAN Partners LLC cut its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 23.0% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 46,035 shares of the semiconductor company’s stock after selling 13,771 shares during the quarter. WealthPLAN Partners LLC’s holdings in Microchip Technology were worth $4,212,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Rise Advisors LLC acquired a new position in Microchip Technology during the first quarter worth about $28,000. Pineridge Advisors LLC purchased a new position in shares of Microchip Technology during the 4th quarter worth approximately $33,000. Steph & Co. raised its position in shares of Microchip Technology by 57.4% during the 1st quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock worth $37,000 after purchasing an additional 151 shares during the last quarter. Pathway Financial Advisers LLC purchased a new stake in Microchip Technology in the 1st quarter valued at approximately $39,000. Finally, Richardson Capital Management LLC acquired a new stake in Microchip Technology during the 1st quarter valued at $45,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently weighed in on MCHP. Morgan Stanley cut Microchip Technology from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $102.00 to $100.00 in a report on Thursday, July 11th. Rosenblatt Securities reissued a “buy” rating and issued a $100.00 target price on shares of Microchip Technology in a research note on Wednesday, July 31st. Bank of America lowered shares of Microchip Technology from a “buy” rating to a “neutral” rating and reduced their target price for the company from $110.00 to $90.00 in a report on Friday, August 2nd. TD Cowen lowered their price target on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating for the company in a report on Friday, August 2nd. Finally, Needham & Company LLC reduced their price objective on shares of Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. Five analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $99.95.

Microchip Technology Stock Performance

Microchip Technology stock opened at $77.00 on Tuesday. The company has a market cap of $41.31 billion, a price-to-earnings ratio of 22.19 and a beta of 1.53. Microchip Technology Incorporated has a 12 month low of $68.75 and a 12 month high of $100.57. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08. The stock’s 50-day moving average is $82.43 and its 200-day moving average is $88.01.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. During the same period in the previous year, the company posted $1.56 earnings per share. Microchip Technology’s revenue was down 45.8% compared to the same quarter last year. Equities analysts anticipate that Microchip Technology Incorporated will post 1.74 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were issued a $0.454 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a yield of 2.36%. The ex-dividend date was Thursday, August 22nd. Microchip Technology’s dividend payout ratio is currently 52.16%.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the transaction, the chief financial officer now owns 33,257 shares in the company, valued at $2,710,445.50. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 2.07% of the stock is currently owned by corporate insiders.

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.