Envestnet Portfolio Solutions Inc. Has $10.99 Million Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Envestnet Portfolio Solutions Inc. boosted its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 200.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 122,533 shares of the semiconductor company’s stock after purchasing an additional 81,757 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Microchip Technology were worth $10,992,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MCHP. Creative Planning lifted its position in shares of Microchip Technology by 5.0% during the 3rd quarter. Creative Planning now owns 94,971 shares of the semiconductor company’s stock worth $7,413,000 after purchasing an additional 4,503 shares during the last quarter. EP Wealth Advisors LLC increased its holdings in shares of Microchip Technology by 98.0% during the 3rd quarter. EP Wealth Advisors LLC now owns 13,232 shares of the semiconductor company’s stock worth $1,033,000 after purchasing an additional 6,549 shares during the period. Deutsche Bank AG grew its position in Microchip Technology by 27.8% during the third quarter. Deutsche Bank AG now owns 1,927,892 shares of the semiconductor company’s stock worth $150,472,000 after buying an additional 418,869 shares in the last quarter. B. Riley Wealth Advisors Inc. raised its holdings in Microchip Technology by 4.1% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 8,143 shares of the semiconductor company’s stock valued at $636,000 after acquiring an additional 318 shares in the last quarter. Finally, Raleigh Capital Management Inc. lifted its position in shares of Microchip Technology by 8.2% in the 3rd quarter. Raleigh Capital Management Inc. now owns 3,079 shares of the semiconductor company’s stock worth $240,000 after acquiring an additional 234 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Insider Buying and Selling at Microchip Technology

In other news, Director Matthew W. Chapman sold 2,748 shares of the stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $93.88, for a total value of $257,982.24. Following the completion of the sale, the director now owns 35,682 shares of the company’s stock, valued at approximately $3,349,826.16. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Matthew W. Chapman sold 2,748 shares of Microchip Technology stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $93.88, for a total transaction of $257,982.24. Following the completion of the transaction, the director now directly owns 35,682 shares in the company, valued at approximately $3,349,826.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Stephen V. Drehobl sold 7,830 shares of the business’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $95.06, for a total value of $744,319.80. Following the transaction, the vice president now directly owns 79,509 shares in the company, valued at $7,558,125.54. The disclosure for this sale can be found here. Insiders sold a total of 23,993 shares of company stock worth $2,251,857 over the last ninety days. 2.07% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages recently commented on MCHP. The Goldman Sachs Group raised their target price on Microchip Technology from $77.00 to $88.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 7th. Stifel Nicolaus upped their price target on shares of Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. KeyCorp upped their target price on shares of Microchip Technology from $90.00 to $110.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 7th. Citigroup raised their price target on shares of Microchip Technology from $100.00 to $104.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $90.00 price objective (up previously from $80.00) on shares of Microchip Technology in a report on Tuesday, May 7th. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $101.61.

Microchip Technology Trading Up 0.6 %

Shares of NASDAQ:MCHP opened at $92.61 on Friday. The firm has a market cap of $49.69 billion, a price-to-earnings ratio of 26.69 and a beta of 1.54. The company has a quick ratio of 0.67, a current ratio of 1.20 and a debt-to-equity ratio of 0.75. Microchip Technology Incorporated has a 12 month low of $68.75 and a 12 month high of $100.57. The company’s fifty day simple moving average is $93.58 and its 200 day simple moving average is $89.27.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, hitting the consensus estimate of $0.57. Microchip Technology had a return on equity of 36.78% and a net margin of 24.98%. The company had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same period in the prior year, the firm earned $1.56 earnings per share. Microchip Technology’s revenue for the quarter was down 40.6% compared to the same quarter last year. As a group, research analysts forecast that Microchip Technology Incorporated will post 2.35 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 5th. Investors of record on Wednesday, May 22nd were given a dividend of $0.452 per share. The ex-dividend date was Tuesday, May 21st. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.81 annualized dividend and a yield of 1.95%. Microchip Technology’s dividend payout ratio is 52.16%.

About Microchip Technology

Microchip Technology Incorporated develops, manufactures, and sells 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 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.