EverSource Wealth Advisors LLC Acquires 784 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

EverSource Wealth Advisors LLC raised its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 53.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,242 shares of the semiconductor company’s stock after acquiring an additional 784 shares during the period. EverSource Wealth Advisors LLC’s holdings in Microchip Technology were worth $206,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of MCHP. DekaBank Deutsche Girozentrale grew its holdings in shares of Microchip Technology by 11.0% in the first quarter. DekaBank Deutsche Girozentrale now owns 276,157 shares of the semiconductor company’s stock worth $24,503,000 after purchasing an additional 27,273 shares during the last quarter. Pathway Financial Advisers LLC bought a new position in shares of Microchip Technology in the first quarter worth approximately $39,000. Boston Partners grew its holdings in shares of Microchip Technology by 10.7% in the first quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock worth $681,838,000 after purchasing an additional 736,818 shares during the last quarter. Cetera Advisors LLC grew its holdings in shares of Microchip Technology by 294.0% in the first quarter. Cetera Advisors LLC now owns 22,416 shares of the semiconductor company’s stock worth $2,011,000 after purchasing an additional 16,726 shares during the last quarter. Finally, Cetera Investment Advisers boosted its holdings in Microchip Technology by 513.4% in the first quarter. Cetera Investment Advisers now owns 146,025 shares of the semiconductor company’s stock valued at $13,100,000 after acquiring an additional 122,221 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Susquehanna cut their price target on shares of Microchip Technology from $115.00 to $105.00 and set a “positive” rating on the stock in a report on Friday. Citigroup cut their price target on shares of Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a report on Friday. Needham & Company LLC lifted their price target on shares of Microchip Technology from $90.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. Morgan Stanley cut shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $102.00 to $100.00 in a report on Thursday, July 11th. Finally, TD Cowen cut their price target on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating on the stock in a report on Friday. Seven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $99.15.

Microchip Technology Stock Performance

NASDAQ:MCHP traded down $8.94 during mid-day trading on Friday, reaching $75.43. The company’s stock had a trading volume of 17,482,866 shares, compared to its average volume of 6,510,382. Microchip Technology Incorporated has a 12-month low of $68.75 and a 12-month high of $100.57. The firm’s fifty day moving average price is $91.66 and its two-hundred day moving average price is $89.42. The company has a current ratio of 1.20, a quick ratio of 0.67 and a debt-to-equity ratio of 0.75. The stock has a market cap of $40.47 billion, a P/E ratio of 21.74 and a beta of 1.54.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. Microchip Technology had a return on equity of 27.82% and a net margin of 20.80%. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the previous year, the firm earned $1.56 EPS. Microchip Technology’s revenue was down 45.8% on a year-over-year basis. On average, equities analysts forecast that Microchip Technology Incorporated will post 2.35 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. Shareholders of record on Thursday, August 22nd will be paid a dividend of $0.454 per share. 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 dividend yield of 2.41%. The ex-dividend date is Thursday, August 22nd. Microchip Technology’s payout ratio is currently 52.16%.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, VP Stephen V. Drehobl sold 7,830 shares of the business’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $95.06, for a total transaction of $744,319.80. Following the completion of the sale, the vice president now directly owns 79,509 shares in the company, valued at approximately $7,558,125.54. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, VP Stephen V. Drehobl sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total transaction of $908,800.00. Following the completion of the transaction, the vice president now directly owns 82,203 shares in the company, valued at approximately $7,470,608.64. The sale was disclosed in a filing with the SEC, which is available at 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 shares were sold at an average price of $95.06, for a total value of $744,319.80. Following the transaction, the vice president now owns 79,509 shares of the company’s stock, 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 in the last three months. 2.07% of the stock is currently owned by company insiders.

Microchip Technology Company Profile

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.