Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Independence Bank of Kentucky

Independence Bank of Kentucky lowered its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 10.6% in the 1st quarter, Holdings Channel.com reports. The fund owned 2,149 shares of the semiconductor company’s stock after selling 255 shares during the quarter. Independence Bank of Kentucky’s holdings in Microchip Technology were worth $193,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Indiana Trust & Investment Management CO boosted its stake in shares of Microchip Technology by 18.4% in the first quarter. Indiana Trust & Investment Management CO now owns 999 shares of the semiconductor company’s stock valued at $90,000 after purchasing an additional 155 shares during the period. Fifth Third Wealth Advisors LLC boosted its stake in shares of Microchip Technology by 7.9% in the first quarter. Fifth Third Wealth Advisors LLC now owns 4,101 shares of the semiconductor company’s stock valued at $368,000 after purchasing an additional 299 shares during the period. Hennessy Advisors Inc. boosted its stake in shares of Microchip Technology by 2,194.5% in the first quarter. Hennessy Advisors Inc. now owns 33,454 shares of the semiconductor company’s stock valued at $3,001,000 after purchasing an additional 31,996 shares during the period. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Microchip Technology by 1.6% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 295,427 shares of the semiconductor company’s stock valued at $26,503,000 after purchasing an additional 4,734 shares during the period. Finally, Wealthcare Advisory Partners LLC boosted its stake in shares of Microchip Technology by 15.0% in the first quarter. Wealthcare Advisory Partners LLC now owns 2,704 shares of the semiconductor company’s stock valued at $243,000 after purchasing an additional 352 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,188 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total transaction of $318,736.24. Following the transaction, the chief financial officer now owns 33,257 shares of the company’s stock, valued at approximately $3,325,034.86. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, VP Stephen V. Drehobl sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total transaction of $908,800.00. Following the completion of the transaction, the vice president now owns 82,203 shares in the company, valued at approximately $7,470,608.64. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO James Eric Bjornholt sold 3,188 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total transaction of $318,736.24. Following the transaction, the chief financial officer now owns 33,257 shares of the company’s stock, valued at approximately $3,325,034.86. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 23,993 shares of company stock valued at $2,251,857. Company insiders own 2.07% of the company’s stock.

Microchip Technology Stock Performance

Shares of MCHP stock traded up $2.07 during trading hours on Friday, reaching $91.50. The stock had a trading volume of 13,568,641 shares, compared to its average volume of 6,205,653. 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 Incorporated has a twelve month low of $68.75 and a twelve month high of $100.57. The firm has a 50-day simple moving average of $93.02 and a 200-day simple moving average of $89.10. The firm has a market capitalization of $49.13 billion, a PE ratio of 26.37 and a beta of 1.55.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, meeting the consensus estimate of $0.57. The firm had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.33 billion. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. Microchip Technology’s quarterly revenue was down 40.6% on a year-over-year basis. During the same quarter last year, the company earned $1.56 EPS. As a group, equities analysts forecast that Microchip Technology Incorporated will post 2.35 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd were paid a dividend of $0.452 per share. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Tuesday, May 21st. This represents a $1.81 annualized dividend and a yield of 1.98%. Microchip Technology’s dividend payout ratio (DPR) is presently 52.16%.

Wall Street Analyst Weigh In

A number of research analysts have commented on MCHP shares. Piper Sandler reiterated a “neutral” rating and set a $90.00 price objective (up from $80.00) on shares of Microchip Technology in a research note on Tuesday, May 7th. Truist Financial increased their price objective on shares of Microchip Technology from $93.00 to $96.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. The Goldman Sachs Group increased their price objective on shares of Microchip Technology from $77.00 to $88.00 and gave the company a “neutral” rating in a research note on Tuesday, May 7th. TD Cowen increased their price objective on shares of Microchip Technology from $80.00 to $90.00 and gave the company a “hold” rating in a research note on Tuesday, May 7th. Finally, B. Riley increased their price objective on shares of Microchip Technology from $105.00 to $110.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. Five investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $101.06.

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.