Everhart Financial Group Inc. Makes New $227,000 Investment in Microchip Technology Incorporated (NASDAQ:MCHP)

Everhart Financial Group Inc. acquired a new stake in Microchip Technology Incorporated (NASDAQ:MCHP) in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm acquired 2,481 shares of the semiconductor company’s stock, valued at approximately $227,000.

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in Microchip Technology by 2.9% during the first quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock worth $6,152,646,000 after acquiring an additional 1,921,497 shares during the period. Principal Financial Group Inc. increased its position in shares of Microchip Technology by 0.9% during the 4th quarter. Principal Financial Group Inc. now owns 9,279,166 shares of the semiconductor company’s stock valued at $836,795,000 after purchasing an additional 87,203 shares during the last quarter. Boston Partners raised its stake in shares of Microchip Technology by 10.7% during the 1st quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock worth $681,838,000 after purchasing an additional 736,818 shares during the period. Norges Bank purchased a new position in shares of Microchip Technology in the 4th quarter worth about $672,196,000. Finally, Van ECK Associates Corp grew its position in Microchip Technology by 17.2% during the first quarter. Van ECK Associates Corp now owns 6,068,311 shares of the semiconductor company’s stock valued at $544,388,000 after buying an additional 891,297 shares during the period. Institutional investors own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

MCHP has been the topic of a number of research analyst reports. KeyCorp boosted their target price on shares of Microchip Technology from $90.00 to $110.00 and gave the company an “overweight” rating in a research note on Tuesday, May 7th. Morgan Stanley downgraded Microchip Technology from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $102.00 to $100.00 in a research note on Thursday, July 11th. The Goldman Sachs Group raised their target price on Microchip Technology from $77.00 to $88.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 7th. Susquehanna cut their price target on Microchip Technology from $115.00 to $105.00 and set a “positive” rating for the company in a research note on Friday, August 2nd. Finally, Piper Sandler upgraded Microchip Technology from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $90.00 to $100.00 in a research note on Friday, August 16th. Five research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $99.95.

Insider Activity

In related news, Director Matthew W. Chapman sold 2,748 shares of Microchip Technology stock in a transaction on Monday, June 10th. The shares were sold at an average price of $93.88, for a total value of $257,982.24. Following the transaction, the director now owns 35,682 shares in the company, valued at approximately $3,349,826.16. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.07% of the stock is owned by corporate insiders.

Microchip Technology Price Performance

MCHP stock traded up $2.01 during midday trading on Friday, reaching $81.79. The company had a trading volume of 4,242,593 shares, compared to its average volume of 6,031,359. The firm has a 50-day moving average price of $86.73 and a 200-day moving average price of $88.48. The company has a market capitalization of $43.88 billion, a P/E ratio of 23.57 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 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 released its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. Microchip Technology had a return on equity of 27.82% and a net margin of 20.80%. The business had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. During the same quarter in the prior year, the firm earned $1.56 earnings per share. The firm’s revenue was down 45.8% on a year-over-year basis. On average, research analysts anticipate 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 will be paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd will be issued a $0.454 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.22%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Thursday, August 22nd. Microchip Technology’s payout ratio is presently 52.16%.

Microchip Technology Profile

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.