Elmwood Wealth Management Inc. Acquires 300 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Elmwood Wealth Management Inc. boosted its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 1.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 20,558 shares of the semiconductor company’s stock after purchasing an additional 300 shares during the quarter. Elmwood Wealth Management Inc.’s holdings in Microchip Technology were worth $1,179,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in MCHP. Prospera Private Wealth LLC bought a new stake in Microchip Technology in the third quarter worth approximately $29,000. Peterson Financial Group Inc. bought a new position in shares of Microchip Technology in the 3rd quarter worth $34,000. Truvestments Capital LLC bought a new position in shares of Microchip Technology in the 3rd quarter worth $34,000. Wolff Wiese Magana LLC lifted its holdings in shares of Microchip Technology by 55.2% in the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after purchasing an additional 218 shares in the last quarter. Finally, Hobbs Group Advisors LLC lifted its stake in Microchip Technology by 390.6% during the 3rd quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock valued at $50,000 after acquiring an additional 500 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

Microchip Technology Stock Performance

Shares of Microchip Technology stock traded up $0.57 during trading hours on Monday, reaching $55.76. The company had a trading volume of 3,975,974 shares, compared to its average volume of 7,197,011. Microchip Technology Incorporated has a one year low of $54.47 and a one year high of $100.57. The business has a fifty day simple moving average of $62.84 and a 200 day simple moving average of $74.80. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48. The firm has a market cap of $29.94 billion, a PE ratio of 38.99 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same period last year, the company earned $1.54 earnings per share. The business’s revenue for the quarter was down 48.4% on a year-over-year basis. On average, analysts anticipate that Microchip Technology Incorporated will post 1.33 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were given a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.26%. The ex-dividend date was Friday, November 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is 127.27%.

Wall Street Analyst Weigh In

MCHP has been the topic of several recent analyst reports. TD Cowen dropped their price objective on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a research note on Wednesday, November 6th. Piper Sandler dropped their price objective on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 6th. Mizuho dropped their price objective on Microchip Technology from $85.00 to $72.00 and set an “outperform” rating on the stock in a research note on Friday. The Goldman Sachs Group dropped their price objective on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a research note on Friday. Finally, StockNews.com upgraded Microchip Technology from a “sell” rating to a “hold” rating in a research note on Friday, December 13th. One analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and an average price target of $87.11.

Microchip Technology Company 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.