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

WealthPLAN Partners LLC decreased its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 23.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm 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 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in MCHP. Rise Advisors LLC acquired a new stake in Microchip Technology in the first quarter valued at $28,000. Pineridge Advisors LLC acquired a new stake in shares of Microchip Technology during the 4th quarter worth about $33,000. Steph & Co. lifted its stake in Microchip Technology by 57.4% during the first 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 acquired a new position in Microchip Technology in the first quarter valued at approximately $39,000. Finally, Richardson Capital Management LLC acquired a new position in Microchip Technology in the first quarter valued at approximately $45,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Mizuho upgraded shares of Microchip Technology from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $85.00 to $115.00 in a research report on Friday, May 24th. Susquehanna decreased their price objective on shares of Microchip Technology from $115.00 to $105.00 and set a “positive” rating for the company in a research note on Friday, August 2nd. Needham & Company LLC cut their target price on Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. B. Riley reduced their target price on Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Finally, Citigroup dropped their price target on Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $99.95.

Microchip Technology Stock Down 0.8 %

MCHP stock opened at $77.00 on Tuesday. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $100.57. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94. The company has a fifty day moving average of $82.43 and a 200-day moving average of $88.01. The stock has a market capitalization of $41.31 billion, a PE ratio of 22.19 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data 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 net margin of 20.80% and a return on equity of 28.33%. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter last year, the firm earned $1.56 earnings per share. The firm’s revenue was down 45.8% compared to the same quarter last year. As a group, analysts expect that Microchip Technology Incorporated will post 1.74 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were given a $0.454 dividend. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Thursday, August 22nd. This represents a $1.82 annualized dividend and a yield of 2.36%. Microchip Technology’s dividend payout ratio is presently 52.16%.

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.07% of the stock is 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.