Confluence Wealth Services Inc. Buys 336 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Confluence Wealth Services Inc. raised its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 3.2% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 10,766 shares of the semiconductor company’s stock after acquiring an additional 336 shares during the period. Confluence Wealth Services Inc.’s holdings in Microchip Technology were worth $985,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in MCHP. Rise Advisors LLC purchased a new stake in Microchip Technology in the 1st quarter valued at about $28,000. Pineridge Advisors LLC purchased a new stake in Microchip Technology in the 4th quarter valued at about $33,000. Steph & Co. boosted its position in Microchip Technology by 57.4% in the 1st quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock valued at $37,000 after buying an additional 151 shares during the period. Pathway Financial Advisers LLC purchased a new stake in Microchip Technology in the 1st quarter valued at about $39,000. Finally, Richardson Capital Management LLC purchased a new stake in Microchip Technology in the 1st quarter valued at about $45,000. 91.51% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on MCHP shares. JPMorgan Chase & Co. lowered their price target on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Mizuho raised shares of Microchip Technology from a “neutral” rating to a “buy” rating and upped their price target for the stock from $85.00 to $115.00 in a research report on Friday, May 24th. Morgan Stanley cut shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $102.00 to $100.00 in a research report on Thursday, July 11th. TD Cowen reduced their price objective on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating for the company in a research note on Friday, August 2nd. Finally, KeyCorp boosted their price objective on shares of Microchip Technology from $90.00 to $110.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 7th. Five investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, Microchip Technology currently has an average rating of “Moderate Buy” and an average price target of $99.95.

Microchip Technology Stock Performance

Shares of MCHP stock traded up $1.18 during trading hours on Friday, hitting $82.16. The company’s stock had a trading volume of 4,872,835 shares, compared to its average volume of 6,936,915. The company has a 50 day moving average of $85.64 and a 200 day moving average of $88.42. The stock has a market cap of $44.08 billion, a PE ratio of 23.68 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 12-month low of $68.75 and a 12-month high of $100.57.

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

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Thursday, August 22nd will be issued a dividend of $0.454 per share. The ex-dividend date of this dividend is Thursday, August 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a yield of 2.21%. Microchip Technology’s dividend payout ratio is 52.16%.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, Director Matthew W. Chapman sold 2,748 shares of the stock in a transaction 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 transaction, the director now directly owns 35,682 shares of the company’s stock, valued at $3,349,826.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Microchip Technology news, Director Matthew W. Chapman sold 2,748 shares of the stock in a transaction 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 transaction, the director now directly owns 35,682 shares of the company’s stock, valued at $3,349,826.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the transaction, the chief financial officer now directly 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 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.