Microchip Technology Incorporated (NASDAQ:MCHP) Shares Purchased by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 1.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 295,427 shares of the semiconductor company’s stock after purchasing an additional 4,734 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Microchip Technology were worth $26,503,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in MCHP. Principal Financial Group Inc. grew 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 acquiring an additional 87,203 shares during the period. Norges Bank purchased a new position in shares of Microchip Technology during the 4th quarter valued at approximately $672,196,000. Van ECK Associates Corp increased its stake in Microchip Technology by 16.0% during the 4th quarter. Van ECK Associates Corp now owns 5,177,014 shares of the semiconductor company’s stock worth $466,863,000 after buying an additional 714,376 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Microchip Technology by 1.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,881,646 shares of the semiconductor company’s stock valued at $259,867,000 after acquiring an additional 51,249 shares during the last quarter. Finally, Rafferty Asset Management LLC lifted its position in shares of Microchip Technology by 3.7% in the fourth quarter. Rafferty Asset Management LLC now owns 2,755,496 shares of the semiconductor company’s stock valued at $248,491,000 after acquiring an additional 98,914 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on MCHP shares. Susquehanna lifted their price target on Microchip Technology from $100.00 to $105.00 and gave the stock a “positive” rating in a report on Tuesday, May 7th. Stifel Nicolaus lifted their price target on shares of Microchip Technology from $98.00 to $102.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. TD Cowen upped their price objective on shares of Microchip Technology from $80.00 to $90.00 and gave the stock a “hold” rating in a report on Tuesday, May 7th. Evercore ISI began coverage on shares of Microchip Technology in a report on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 target price for the company. Finally, UBS Group raised their price target on Microchip Technology from $95.00 to $103.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. Five research 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, Microchip Technology presently has a consensus rating of “Moderate Buy” and an average price target of $101.06.

Microchip Technology Stock Performance

MCHP traded down $0.62 during trading on Thursday, reaching $89.43. The company’s stock had a trading volume of 5,686,458 shares, compared to its average volume of 5,728,236. The company has a market capitalization of $48.01 billion, a price-to-earnings ratio of 25.77 and a beta of 1.55. The company’s fifty day moving average price is $92.72 and its 200-day moving average price is $89.08. Microchip Technology Incorporated has a 52-week low of $68.75 and a 52-week high of $100.57. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.67 and a current ratio of 1.20.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, meeting analysts’ consensus estimates of $0.57. The business 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%. The business’s revenue for the quarter was down 40.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.56 earnings per share. On average, equities 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 announced a quarterly dividend, which was paid on Wednesday, June 5th. Investors of record on Wednesday, May 22nd were given a $0.452 dividend. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.81 annualized dividend and a yield of 2.02%. The ex-dividend date was Tuesday, May 21st. Microchip Technology’s dividend payout ratio (DPR) is currently 52.16%.

Insider Buying and Selling at Microchip Technology

In related news, VP Stephen V. Drehobl sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total transaction of $908,800.00. Following the transaction, the vice president now owns 82,203 shares in the company, valued at $7,470,608.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO James Eric Bjornholt sold 3,188 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total transaction of $318,736.24. Following the sale, the chief financial officer now owns 33,257 shares in the company, valued at $3,325,034.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Stephen V. Drehobl sold 10,000 shares of Microchip Technology stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total transaction of $908,800.00. Following the transaction, the vice president now owns 82,203 shares in the company, valued at $7,470,608.64. The disclosure for this sale can be found here. Insiders have sold 23,993 shares of company stock valued at $2,251,857 in the last quarter. Corporate insiders own 2.07% of the company’s stock.

Microchip Technology Company 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.