Microchip Technology Incorporated (NASDAQ:MCHP) Shares Bought by Broadway Wealth Solutions Inc.

Broadway Wealth Solutions Inc. raised its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 11.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,055 shares of the semiconductor company’s stock after purchasing an additional 708 shares during the quarter. Broadway Wealth Solutions Inc.’s holdings in Microchip Technology were worth $342,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the company. Washington Capital Management Inc. acquired a new stake in shares of Microchip Technology in the first quarter valued at approximately $686,000. Miracle Mile Advisors LLC acquired a new stake in shares of Microchip Technology in the first quarter valued at approximately $226,000. Godsey & Gibb Inc. boosted its holdings in shares of Microchip Technology by 6.8% in the first quarter. Godsey & Gibb Inc. now owns 274,906 shares of the semiconductor company’s stock valued at $13,308,000 after acquiring an additional 17,572 shares in the last quarter. Reinhart Partners LLC. boosted its holdings in shares of Microchip Technology by 35.8% in the first quarter. Reinhart Partners LLC. now owns 135,822 shares of the semiconductor company’s stock valued at $6,575,000 after acquiring an additional 35,797 shares in the last quarter. Finally, SeaCrest Wealth Management LLC boosted its holdings in shares of Microchip Technology by 21.6% in the first quarter. SeaCrest Wealth Management LLC now owns 4,435 shares of the semiconductor company’s stock valued at $215,000 after acquiring an additional 788 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on MCHP shares. TD Cowen upped their price target on shares of Microchip Technology from $35.00 to $55.00 and gave the company a “hold” rating in a research report on Friday, May 9th. Citigroup upped their price target on shares of Microchip Technology from $50.00 to $55.00 and gave the company a “buy” rating in a research report on Friday, May 9th. Evercore ISI upped their price target on shares of Microchip Technology from $65.00 to $71.00 and gave the company an “outperform” rating in a research report on Tuesday, March 4th. Truist Financial increased their target price on shares of Microchip Technology from $43.00 to $52.00 and gave the stock a “hold” rating in a research report on Friday, May 9th. Finally, UBS Group raised their price target on shares of Microchip Technology from $60.00 to $65.00 and gave the company a “buy” rating in a report on Friday, May 30th. One research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Microchip Technology presently has an average rating of “Moderate Buy” and a consensus target price of $67.68.

Insider Activity

In other news, CFO James Eric Bjornholt sold 2,015 shares of the business’s stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $55.78, for a total value of $112,396.70. Following the sale, the chief financial officer now owns 34,313 shares of the company’s stock, valued at $1,913,979.14. The trade was a 5.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Karlton D. Johnson sold 494 shares of the company’s stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total transaction of $29,980.86. Following the completion of the sale, the director now directly owns 3,468 shares in the company, valued at approximately $210,472.92. The trade was a 12.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.10% of the company’s stock.

Microchip Technology Stock Up 1.4%

Shares of NASDAQ:MCHP opened at $65.25 on Friday. Microchip Technology Incorporated has a one year low of $34.13 and a one year high of $96.98. The company has a 50 day moving average of $49.94 and a 200-day moving average of $54.89. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. The stock has a market cap of $35.20 billion, a price-to-earnings ratio of 116.52 and a beta of 1.48.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.01. The firm had revenue of $970.50 million during the quarter, compared to analysts’ expectations of $962.86 million. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. The business’s revenue for the quarter was down 26.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.57 earnings per share. On average, sell-side analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd were issued a $0.455 dividend. This represents a $1.82 annualized dividend and a dividend yield of 2.79%. The ex-dividend date was Thursday, May 22nd. Microchip Technology’s dividend payout ratio (DPR) is presently -18,200.00%.

Microchip Technology 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.