Prospera Private Wealth LLC Buys New Shares in Microchip Technology Incorporated (NASDAQ:MCHP)

Prospera Private Wealth LLC purchased a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 356 shares of the semiconductor company’s stock, valued at approximately $29,000.

Several other large investors have also added to or reduced their stakes in the company. Peterson Financial Group Inc. acquired a new stake in shares of Microchip Technology during the third quarter worth about $34,000. Pathway Financial Advisers LLC acquired a new stake in Microchip Technology during the 1st quarter valued at approximately $39,000. Versant Capital Management Inc boosted its holdings in shares of Microchip Technology by 148.8% in the 2nd quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock valued at $48,000 after acquiring an additional 317 shares during the last quarter. TruNorth Capital Management LLC acquired a new stake in shares of Microchip Technology in the second quarter worth $55,000. Finally, Wolff Wiese Magana LLC raised its holdings in shares of Microchip Technology by 55.2% during the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after purchasing an additional 218 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Mizuho set a $95.00 price target on Microchip Technology in a research report on Friday, October 18th. Rosenblatt Securities reiterated a “buy” rating and set a $90.00 price target on shares of Microchip Technology in a research report on Wednesday, November 6th. B. Riley lowered their price objective on Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Bank of America cut shares of Microchip Technology from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $110.00 to $90.00 in a research note on Friday, August 2nd. Finally, Citigroup decreased their target price on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Microchip Technology has a consensus rating of “Moderate Buy” and a consensus price target of $92.00.

Microchip Technology Trading Up 1.0 %

Shares of MCHP stock opened at $66.69 on Friday. Microchip Technology Incorporated has a fifty-two week low of $62.63 and a fifty-two week high of $100.57. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. The stock’s fifty day moving average is $74.59 and its two-hundred day moving average is $83.24. The firm has a market capitalization of $35.81 billion, a P/E ratio of 46.64 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same period last year, the firm posted $1.54 earnings per share. The company’s revenue for the quarter was down 48.4% on a year-over-year basis. Research analysts expect that Microchip Technology Incorporated will post 1.38 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be paid a dividend of $0.455 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.73%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is 127.27%.

Microchip Technology Company 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.