Bessemer Group Inc. Buys 5,597 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Bessemer Group Inc. grew its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 15.2% in the first quarter, Holdings Channel reports. The fund owned 42,430 shares of the semiconductor company’s stock after acquiring an additional 5,597 shares during the quarter. Bessemer Group Inc.’s holdings in Microchip Technology were worth $3,806,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. BKM Wealth Management LLC bought a new position in shares of Microchip Technology during the 4th quarter valued at approximately $27,000. Rakuten Securities Inc. purchased a new stake in shares of Microchip Technology during the 4th quarter valued at approximately $27,000. Rise Advisors LLC purchased a new stake in shares of Microchip Technology during the 1st quarter valued at approximately $28,000. Pineridge Advisors LLC purchased a new stake in shares of Microchip Technology during the 4th quarter valued at approximately $33,000. Finally, Steph & Co. lifted its stake in shares of Microchip Technology by 57.4% during the 1st quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock valued at $37,000 after buying an additional 151 shares in the last quarter. 91.51% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. The Goldman Sachs Group upped their price target on shares of Microchip Technology from $77.00 to $88.00 and gave the company a “neutral” rating in a research note on Tuesday, May 7th. Stifel Nicolaus upped their price target on shares of Microchip Technology from $98.00 to $102.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. Needham & Company LLC upped their price target on shares of Microchip Technology from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. Citigroup upped their price target on shares of Microchip Technology from $100.00 to $104.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. Finally, Evercore ISI assumed coverage on shares of Microchip Technology in a research note on Tuesday, April 16th. They set an “outperform” rating and a $106.00 price target on the stock. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $102.17.

Insider Activity

In related news, VP Stephen V. Drehobl sold 10,000 shares of the stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total transaction of $908,800.00. Following the transaction, the vice president now owns 82,203 shares of the company’s stock, valued at approximately $7,470,608.64. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director Matthew W. Chapman sold 2,748 shares of the stock in a transaction on Monday, June 10th. The shares were sold at an average price of $93.88, for a total transaction of $257,982.24. Following the transaction, 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 through the SEC website. Also, VP Stephen V. Drehobl sold 10,000 shares of the stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total transaction of $908,800.00. Following the transaction, the vice president now directly owns 82,203 shares in the company, valued at approximately $7,470,608.64. The disclosure for this sale can be found here. In the last quarter, insiders have sold 23,993 shares of company stock worth $2,251,857. 2.07% of the stock is currently owned by corporate insiders.

Microchip Technology Price Performance

Shares of Microchip Technology stock traded down $3.14 on Wednesday, hitting $86.57. 7,966,283 shares of the company traded hands, compared to its average volume of 5,751,974. The firm’s 50-day simple moving average is $93.47 and its 200 day simple moving average is $89.46. 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 company has a market cap of $46.45 billion, a P/E ratio of 24.95 and a beta of 1.54. Microchip Technology Incorporated has a 12-month low of $68.75 and a 12-month high of $100.57.

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, meeting the consensus estimate of $0.57. The firm had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.33 billion. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The business’s quarterly revenue was down 40.6% on a year-over-year basis. During the same quarter last year, the company posted $1.56 EPS. Analysts expect that Microchip Technology Incorporated will post 2.35 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd were given a dividend of $0.452 per share. The ex-dividend date of this dividend was Tuesday, May 21st. This represents a $1.81 annualized dividend and a dividend yield of 2.09%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is 52.16%.

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.