Mission Wealth Management LP Acquires 163 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Mission Wealth Management LP increased its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 4.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,289 shares of the semiconductor company’s stock after acquiring an additional 163 shares during the quarter. Mission Wealth Management LP’s holdings in Microchip Technology were worth $385,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. BKM Wealth Management LLC acquired a new stake in Microchip Technology during the fourth quarter worth about $27,000. Rakuten Securities Inc. acquired a new stake in Microchip Technology during the fourth quarter worth about $27,000. Rise Advisors LLC acquired a new stake in Microchip Technology during the first quarter worth about $28,000. Fortitude Family Office LLC acquired a new stake in shares of Microchip Technology in the 4th quarter valued at approximately $29,000. Finally, Pineridge Advisors LLC acquired a new stake in shares of Microchip Technology in the 4th quarter valued at approximately $33,000. 91.51% of the stock is owned by institutional investors.

Insider Activity at Microchip Technology

In other Microchip Technology news, VP Stephen V. Drehobl sold 7,830 shares of Microchip Technology stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $95.06, for a total transaction of $744,319.80. Following the transaction, the vice president now directly owns 79,509 shares of the company’s stock, valued at approximately $7,558,125.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Microchip Technology news, VP Stephen V. Drehobl sold 7,830 shares of Microchip Technology stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $95.06, for a total transaction of $744,319.80. Following the transaction, the vice president now directly owns 79,509 shares of the company’s stock, valued at approximately $7,558,125.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Stephen V. Drehobl sold 10,000 shares of Microchip Technology stock in a transaction 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 directly owns 82,203 shares in the company, valued at $7,470,608.64. The disclosure for this sale can be found here. In the last 90 days, insiders sold 23,993 shares of company stock valued at $2,251,857. 2.07% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

MCHP has been the topic of several recent research reports. Stifel Nicolaus lifted their target price on shares of Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. Citigroup lifted their target price on shares of Microchip Technology from $100.00 to $104.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. Needham & Company LLC lifted their target price on shares of Microchip Technology from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. The Goldman Sachs Group lifted their target price on shares of Microchip Technology from $77.00 to $88.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 7th. Finally, TD Cowen raised their price target 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. Five investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Microchip Technology presently has an average rating of “Moderate Buy” and an average price target of $101.06.

Microchip Technology Stock Down 1.5 %

NASDAQ MCHP traded down $1.44 during mid-day trading on Friday, hitting $92.14. The company’s stock had a trading volume of 2,740,630 shares, compared to its average volume of 5,129,656. The company’s 50 day simple moving average is $93.35 and its 200 day simple moving average is $89.16. Microchip Technology Incorporated has a twelve month low of $68.75 and a twelve month high of $100.57. The company has a current ratio of 1.20, a quick ratio of 0.67 and a debt-to-equity ratio of 0.75. The firm has a market capitalization of $49.47 billion, a price-to-earnings ratio of 26.55 and a beta of 1.54.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.57. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter last year, the firm posted $1.56 EPS. Microchip Technology’s revenue was down 40.6% compared to the same quarter last year. Analysts anticipate that Microchip Technology Incorporated will post 2.35 earnings per share for the current year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 5th. Investors of record on Wednesday, May 22nd were given a $0.452 dividend. The ex-dividend date of this dividend was Tuesday, May 21st. This represents a $1.81 annualized dividend and a yield of 1.96%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is presently 52.16%.

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.