Consolidated Planning Corp Grows Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Consolidated Planning Corp grew its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 50.2% in the second quarter, Holdings Channel reports. The firm owned 7,196 shares of the semiconductor company’s stock after acquiring an additional 2,405 shares during the period. Consolidated Planning Corp’s holdings in Microchip Technology were worth $658,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Norges Bank purchased a new stake in Microchip Technology in the 4th quarter valued at about $672,196,000. Clearbridge Investments LLC boosted its holdings in shares of Microchip Technology by 18,944.8% in the first quarter. Clearbridge Investments LLC now owns 1,973,045 shares of the semiconductor company’s stock valued at $177,002,000 after purchasing an additional 1,962,685 shares during the period. Vanguard Group Inc. grew its stake in Microchip Technology by 2.9% in the first quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock worth $6,152,646,000 after purchasing an additional 1,921,497 shares in the last quarter. Canada Pension Plan Investment Board increased its holdings in Microchip Technology by 425.3% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,377,099 shares of the semiconductor company’s stock worth $123,540,000 after purchasing an additional 1,114,962 shares during the period. Finally, Van ECK Associates Corp raised its position in Microchip Technology by 17.2% during the 1st quarter. Van ECK Associates Corp now owns 6,068,311 shares of the semiconductor company’s stock valued at $544,388,000 after purchasing an additional 891,297 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Matthew W. Chapman sold 2,748 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $93.88, for a total transaction of $257,982.24. Following the sale, the director now owns 35,682 shares of the company’s stock, valued at approximately $3,349,826.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Matthew W. Chapman sold 2,748 shares of the business’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $93.88, for a total transaction of $257,982.24. Following the transaction, the director now directly owns 35,682 shares in the company, valued at $3,349,826.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the transaction, the chief financial officer now owns 33,257 shares in the company, valued at $2,710,445.50. The disclosure for this sale can be found here. Insiders own 2.07% of the company’s stock.

Microchip Technology Stock Performance

Shares of NASDAQ:MCHP traded up $0.56 on Wednesday, hitting $76.96. 1,067,945 shares of the company were exchanged, compared to its average volume of 5,980,775. The firm has a market capitalization of $41.29 billion, a P/E ratio of 22.02 and a beta of 1.54. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.96. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $100.57. The stock’s 50 day moving average price is $85.24 and its 200 day moving average price is $88.43.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.01. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter in the previous year, the business earned $1.56 EPS. The company’s quarterly revenue was down 45.8% compared to the same quarter last year. Sell-side analysts predict that Microchip Technology Incorporated will post 1.74 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd will be paid a dividend of $0.454 per share. This represents a $1.82 annualized dividend and a yield of 2.36%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Thursday, August 22nd. Microchip Technology’s payout ratio is presently 52.16%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on MCHP shares. Citigroup cut their price target on Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Rosenblatt Securities reissued a “buy” rating and set a $100.00 target price on shares of Microchip Technology in a research report on Wednesday, July 31st. Piper Sandler raised shares of Microchip Technology from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $90.00 to $100.00 in a research report on Friday, August 16th. Truist Financial cut their price objective on shares of Microchip Technology from $96.00 to $89.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Finally, JPMorgan Chase & Co. dropped their target price on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $99.95.

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.