Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Leo Wealth LLC

Leo Wealth LLC lowered its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 39.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,273 shares of the semiconductor company’s stock after selling 1,469 shares during the quarter. Leo Wealth LLC’s holdings in Microchip Technology were worth $204,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Orion Portfolio Solutions LLC grew its holdings in Microchip Technology by 3.9% during the first quarter. Orion Portfolio Solutions LLC now owns 27,296 shares of the semiconductor company’s stock worth $2,449,000 after acquiring an additional 1,021 shares during the period. Midwest Professional Planners LTD. purchased a new position in shares of Microchip Technology during the first quarter valued at approximately $993,000. Scout Investments Inc. boosted its holdings in shares of Microchip Technology by 455.5% during the first quarter. Scout Investments Inc. now owns 198,283 shares of the semiconductor company’s stock worth $17,794,000 after purchasing an additional 162,587 shares during the last quarter. Kingsview Wealth Management LLC boosted its stake in Microchip Technology by 5.4% in the 1st quarter. Kingsview Wealth Management LLC now owns 91,106 shares of the semiconductor company’s stock worth $8,173,000 after buying an additional 4,688 shares during the last quarter. Finally, SageView Advisory Group LLC grew its holdings in Microchip Technology by 507.5% in the first quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock valued at $1,553,000 after purchasing an additional 14,458 shares during the period. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Microchip Technology

In other Microchip Technology news, VP Stephen V. Drehobl sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total value of $908,800.00. Following the transaction, the vice president now directly owns 82,203 shares of the company’s stock, valued at $7,470,608.64. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, VP Stephen V. Drehobl sold 7,830 shares of Microchip Technology stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $95.06, for a total transaction of $744,319.80. Following the sale, the vice president now directly owns 79,509 shares in the company, valued at approximately $7,558,125.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Stephen V. Drehobl sold 10,000 shares of the company’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 value of $908,800.00. Following the completion of the transaction, the vice president now owns 82,203 shares in the company, valued at approximately $7,470,608.64. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 23,993 shares of company stock worth $2,251,857. Company insiders own 2.07% of the company’s stock.

Microchip Technology Stock Performance

Shares of MCHP stock traded down $2.75 during midday trading on Friday, hitting $88.77. 5,818,664 shares of the company were exchanged, compared to its average volume of 5,721,555. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $100.57. The firm has a market capitalization of $47.63 billion, a P/E ratio of 25.72 and a beta of 1.54. The firm’s 50 day moving average price is $93.59 and its two-hundred day moving average price is $89.31. 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 earnings results on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, hitting the consensus estimate of $0.57. The company had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.33 billion. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The business’s revenue for the quarter was down 40.6% on a year-over-year basis. During the same period last year, the firm earned $1.56 earnings per share. As a group, equities research analysts anticipate that Microchip Technology Incorporated will post 2.35 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd were given a dividend of $0.452 per share. This represents a $1.81 dividend on an annualized basis and a dividend yield of 2.04%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Tuesday, May 21st. Microchip Technology’s dividend payout ratio (DPR) is 52.16%.

Analysts Set New Price Targets

MCHP has been the subject of several recent research reports. B. Riley increased their price objective on shares of Microchip Technology from $105.00 to $110.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. Stifel Nicolaus increased their price target 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. The Goldman Sachs Group boosted their target price on shares of Microchip Technology from $77.00 to $88.00 and gave the company a “neutral” rating in a research note on Tuesday, May 7th. Citigroup upped their target price on Microchip Technology from $100.00 to $104.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $90.00 price objective (up previously from $80.00) on shares of Microchip Technology in a report on Tuesday, May 7th. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $102.17.

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.