Boomfish Wealth Group LLC Purchases 1,520 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Boomfish Wealth Group LLC raised its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 3.9% in the 1st quarter, Holdings Channel reports. The firm owned 40,383 shares of the semiconductor company’s stock after buying an additional 1,520 shares during the quarter. Boomfish Wealth Group LLC’s holdings in Microchip Technology were worth $1,955,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. Savant Capital LLC grew its position in Microchip Technology by 11.5% during the fourth quarter. Savant Capital LLC now owns 6,158 shares of the semiconductor company’s stock worth $353,000 after buying an additional 636 shares in the last quarter. Asset Management One Co. Ltd. grew its holdings in shares of Microchip Technology by 2.1% during the fourth quarter. Asset Management One Co. Ltd. now owns 210,669 shares of the semiconductor company’s stock worth $12,290,000 after purchasing an additional 4,309 shares in the last quarter. Vontobel Holding Ltd. increased its position in shares of Microchip Technology by 1.4% in the fourth quarter. Vontobel Holding Ltd. now owns 68,510 shares of the semiconductor company’s stock worth $3,929,000 after purchasing an additional 978 shares during the last quarter. V Square Quantitative Management LLC raised its stake in Microchip Technology by 30.9% in the fourth quarter. V Square Quantitative Management LLC now owns 5,145 shares of the semiconductor company’s stock valued at $295,000 after purchasing an additional 1,215 shares in the last quarter. Finally, Allworth Financial LP raised its stake in Microchip Technology by 24.5% in the fourth quarter. Allworth Financial LP now owns 6,477 shares of the semiconductor company’s stock valued at $379,000 after purchasing an additional 1,275 shares in the last quarter. 91.51% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Needham & Company LLC reissued a “buy” rating and issued a $66.00 price target on shares of Microchip Technology in a report on Friday, May 9th. TD Cowen raised their price objective 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. Morgan Stanley raised their price objective on shares of Microchip Technology from $39.00 to $50.00 and gave the company an “equal weight” rating in a research report on Friday, May 9th. Raymond James raised their price objective on shares of Microchip Technology from $60.00 to $65.00 and gave the company a “strong-buy” rating in a research report on Friday, May 9th. Finally, Bank of America upgraded shares of Microchip Technology from an “underperform” rating to a “neutral” rating and set a $56.00 price objective on the stock in a research report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Microchip Technology currently has an average rating of “Moderate Buy” and an average price target of $69.53.

Insider Activity at Microchip Technology

In other Microchip Technology news, Director Karlton D. Johnson sold 494 shares of the stock in a transaction on 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 transaction, the director now owns 3,468 shares in the company, valued at $210,472.92. This trade represents a 12.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO James Eric Bjornholt sold 2,015 shares of Microchip Technology stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $55.78, for a total transaction of $112,396.70. Following the transaction, the chief financial officer now directly owns 34,313 shares of the company’s stock, valued at approximately $1,913,979.14. This represents a 5.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.10% of the stock is owned by insiders.

Microchip Technology Price Performance

MCHP stock opened at $68.19 on Tuesday. The firm’s 50-day moving average price is $53.43 and its two-hundred day moving average price is $54.81. Microchip Technology Incorporated has a 12-month low of $34.13 and a 12-month high of $96.98. The stock has a market capitalization of $36.78 billion, a price-to-earnings ratio of 121.77 and a beta of 1.48. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.01. The company had revenue of $970.50 million for 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%. Microchip Technology’s quarterly revenue 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. As a group, equities analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 22nd were given a dividend of $0.455 per share. The ex-dividend date was Thursday, May 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.67%. Microchip Technology’s dividend payout ratio (DPR) is -18,200.00%.

About Microchip Technology

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.