Microchip Technology Incorporated (NASDAQ:MCHP) Shares Bought by IVC Wealth Advisors LLC

IVC Wealth Advisors LLC boosted its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 5.9% in the first quarter, Holdings Channel reports. The fund 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 and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. BKM Wealth Management LLC acquired a new stake in Microchip Technology during the 4th quarter worth approximately $27,000. Rakuten Securities Inc. acquired a new stake in Microchip Technology during the 4th quarter worth approximately $27,000. Rise Advisors LLC acquired a new stake in Microchip Technology during the 1st quarter worth approximately $28,000. Fortitude Family Office LLC acquired a new stake in Microchip Technology during the 4th quarter worth approximately $29,000. Finally, Pineridge Advisors LLC acquired a new stake in Microchip Technology during the 4th quarter worth approximately $33,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Matthew W. Chapman sold 2,748 shares of Microchip Technology stock in a transaction on Monday, June 10th. The stock was sold at an average price of $93.88, for a total value of $257,982.24. Following the completion of the sale, the director now owns 35,682 shares of the company’s stock, valued at $3,349,826.16. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Microchip Technology news, Director Matthew W. Chapman sold 2,748 shares of the business’s stock in a transaction dated 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 owns 35,682 shares of the company’s stock, valued at $3,349,826.16. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO James Eric Bjornholt sold 3,188 shares of the business’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total value of $318,736.24. Following the sale, the chief financial officer now directly 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. Insiders sold a total of 23,993 shares of company stock valued at $2,251,857 over the last quarter. Company insiders own 2.07% of the company’s stock.

Microchip Technology Price Performance

Microchip Technology stock traded up $1.52 during mid-day trading on Wednesday, hitting $93.58. 2,437,686 shares of the company were exchanged, compared to its average volume of 5,766,046. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.20 and a quick ratio of 0.67. The business’s 50 day simple moving average is $93.30 and its two-hundred day simple moving average is $89.09. The company has a market capitalization of $50.24 billion, a P/E ratio of 26.85 and a beta of 1.54. Microchip Technology Incorporated has a 12-month low of $68.75 and a 12-month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, hitting the consensus estimate of $0.57. The company had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.33 billion. Microchip Technology had a return on equity of 36.78% and a net margin of 24.98%. Microchip Technology’s revenue was down 40.6% compared to the same quarter last year. During the same quarter last year, the business posted $1.56 earnings per share. Analysts forecast that Microchip Technology Incorporated will post 2.35 earnings per share for the current fiscal 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 represents a $1.81 dividend on an annualized basis and a dividend yield of 1.93%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is currently 52.16%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Mizuho raised Microchip Technology from a “neutral” rating to a “buy” rating and raised their price target for the company from $85.00 to $115.00 in a report on Friday, May 24th. Jefferies Financial Group assumed coverage on Microchip Technology in a report on Monday, May 13th. They issued a “buy” rating and a $115.00 price target for the company. Evercore ISI assumed coverage on Microchip Technology in a report on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 price target for the company. UBS Group raised their price target on Microchip Technology from $95.00 to $103.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. Finally, Truist Financial raised their price target on Microchip Technology from $93.00 to $96.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. Five investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $101.06.

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.