Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Whipplewood Advisors LLC

Whipplewood Advisors LLC trimmed its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 27.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 872 shares of the semiconductor company’s stock after selling 322 shares during the quarter. Whipplewood Advisors LLC’s holdings in Microchip Technology were worth $42,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Consolidated Planning Corp acquired a new position in Microchip Technology in the 4th quarter worth approximately $308,000. one8zero8 LLC purchased a new stake in shares of Microchip Technology in the 4th quarter valued at $384,000. Truist Financial Corp increased its stake in shares of Microchip Technology by 5.8% in the fourth quarter. Truist Financial Corp now owns 959,439 shares of the semiconductor company’s stock worth $55,024,000 after acquiring an additional 52,222 shares during the period. Vanguard Group Inc. increased its stake in shares of Microchip Technology by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company’s stock worth $3,952,123,000 after acquiring an additional 569,699 shares during the period. Finally, Franklin Resources Inc. raised its holdings in shares of Microchip Technology by 90.0% during the fourth quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company’s stock worth $364,792,000 after purchasing an additional 3,013,162 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Stock Up 1.3%

MCHP stock opened at $64.67 on Thursday. Microchip Technology Incorporated has a 52 week low of $34.13 and a 52 week high of $96.98. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. The firm has a 50-day simple moving average of $49.29 and a 200-day simple moving average of $54.97. The stock has a market capitalization of $34.88 billion, a P/E ratio of 115.48 and a beta of 1.48.

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

Microchip Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Thursday, May 22nd will be paid a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 2.81%. The ex-dividend date is Thursday, May 22nd. Microchip Technology’s dividend payout ratio is currently -18,200.00%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on MCHP shares. Piper Sandler reaffirmed an “overweight” rating and issued a $65.00 price target (down from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Stifel Nicolaus lifted their target price on shares of Microchip Technology from $60.00 to $70.00 and gave the company a “buy” rating in a report on Friday, May 9th. Needham & Company LLC reiterated a “buy” rating and issued a $66.00 target price on shares of Microchip Technology in a research note on Friday, May 9th. UBS Group increased their price target on shares of Microchip Technology from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Friday, May 30th. Finally, Rosenblatt Securities raised their price target on shares of Microchip Technology from $63.00 to $70.00 and gave the company a “buy” rating in a research report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Microchip Technology has an average rating of “Moderate Buy” and an average target price of $67.68.

Insiders Place Their Bets

In related news, CFO James Eric Bjornholt sold 2,015 shares of the stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $55.78, for a total value of $112,396.70. Following the completion of the sale, the chief financial officer now owns 34,313 shares of the company’s stock, valued at approximately $1,913,979.14. This trade represents a 5.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Karlton D. Johnson sold 494 shares of Microchip Technology stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total value of $29,980.86. Following the transaction, the director now owns 3,468 shares in the company, valued at approximately $210,472.92. The trade was a 12.47% decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is currently owned by corporate insiders.

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.