Taylor Financial Group Inc. Sells 1,795 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Taylor Financial Group Inc. decreased its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 7.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,988 shares of the semiconductor company’s stock after selling 1,795 shares during the quarter. Microchip Technology makes up approximately 1.0% of Taylor Financial Group Inc.’s portfolio, making the stock its 27th largest position. Taylor Financial Group Inc.’s holdings in Microchip Technology were worth $1,376,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in MCHP. Van ECK Associates Corp grew its position in Microchip Technology by 39.3% during the fourth quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company’s stock valued at $636,184,000 after buying an additional 3,131,807 shares during the period. Assenagon Asset Management S.A. grew its position in Microchip Technology by 9,901.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock valued at $163,886,000 after buying an additional 2,829,082 shares during the period. Madison Investment Advisors LLC bought a new position in Microchip Technology during the fourth quarter valued at about $78,661,000. Franklin Resources Inc. grew its position in Microchip Technology by 30.2% during the third quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock valued at $264,430,000 after buying an additional 776,408 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its position in Microchip Technology by 20.1% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,751,987 shares of the semiconductor company’s stock valued at $220,957,000 after buying an additional 460,697 shares during the period. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Trading Up 3.3 %

Shares of MCHP opened at $55.26 on Tuesday. The firm’s 50 day simple moving average is $56.45 and its 200 day simple moving average is $65.40. The company has a market capitalization of $29.72 billion, a P/E ratio of 98.68 and a beta of 1.52. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. Microchip Technology Incorporated has a 1-year low of $50.21 and a 1-year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. Sell-side analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were paid a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a dividend yield of 3.29%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology’s dividend payout ratio (DPR) is presently 325.00%.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 3,724 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total value of $226,717.12. Following the transaction, the chief financial officer now owns 33,272 shares in the company, valued at approximately $2,025,599.36. This trade represents a 10.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.10% of the company’s stock.

Analyst Ratings Changes

MCHP has been the subject of a number of research reports. TD Cowen increased their target price on shares of Microchip Technology from $50.00 to $60.00 and gave the stock a “hold” rating in a research report on Tuesday, March 4th. Piper Sandler reiterated an “overweight” rating and set a $65.00 target price (down previously from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Evercore ISI increased their target price on shares of Microchip Technology from $65.00 to $71.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 4th. StockNews.com lowered shares of Microchip Technology from a “hold” rating to a “sell” rating in a research report on Monday, February 10th. Finally, Needham & Company LLC increased their target price on shares of Microchip Technology from $60.00 to $66.00 and gave the stock a “buy” rating in a research report on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $74.37.

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.