SVB Wealth LLC Acquires 1,934 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

SVB Wealth LLC grew its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 2.4% in the 1st quarter, Holdings Channel reports. The firm owned 83,922 shares of the semiconductor company’s stock after acquiring an additional 1,934 shares during the quarter. SVB Wealth LLC’s holdings in Microchip Technology were worth $7,529,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Rakuten Securities Inc. bought a new position in Microchip Technology during the fourth quarter worth about $27,000. Rise Advisors LLC purchased a new stake in shares of Microchip Technology in the 1st quarter worth about $28,000. Pineridge Advisors LLC bought a new position in shares of Microchip Technology during the fourth quarter valued at $33,000. Steph & Co. increased its position in shares of Microchip Technology by 57.4% during the first quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock valued at $37,000 after acquiring an additional 151 shares in the last quarter. Finally, Bfsg LLC bought a new stake in shares of Microchip Technology in the fourth quarter worth approximately $45,000. Institutional investors own 91.51% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on MCHP shares. KeyCorp boosted their price objective on Microchip Technology from $90.00 to $110.00 and gave the company an “overweight” rating in a research note on Tuesday, May 7th. Stifel Nicolaus raised their target price on shares of Microchip Technology from $98.00 to $102.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. The Goldman Sachs Group raised their price objective on Microchip Technology from $77.00 to $88.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 7th. Susquehanna lifted their price objective on shares of Microchip Technology from $105.00 to $115.00 and gave the company a “positive” rating in a research note on Wednesday, July 17th. Finally, Morgan Stanley cut Microchip Technology from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $102.00 to $100.00 in a report on Thursday, July 11th. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, Microchip Technology currently has an average rating of “Moderate Buy” and a consensus price target of $102.17.

Microchip Technology Trading Up 1.3 %

MCHP traded up $1.13 during mid-day trading on Monday, reaching $87.96. The stock had a trading volume of 4,552,748 shares, compared to its average volume of 5,773,907. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $100.57. The firm’s fifty day simple moving average is $92.96 and its two-hundred day simple moving average is $89.48. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.67 and a current ratio of 1.20. The stock has a market capitalization of $47.19 billion, a P/E ratio of 25.22 and a beta of 1.54.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.57. Microchip Technology had a return on equity of 36.78% and a net margin of 24.98%. The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same period in the previous year, the company posted $1.56 EPS. The firm’s quarterly revenue was down 40.6% on a year-over-year basis. On average, equities analysts predict that Microchip Technology Incorporated will post 2.35 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd were paid a $0.452 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.81 annualized dividend and a yield of 2.06%. The ex-dividend date was Tuesday, May 21st. Microchip Technology’s payout ratio is 52.16%.

Insider Activity

In related news, CFO James Eric Bjornholt sold 3,188 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $99.98, for a total value of $318,736.24. Following the transaction, the chief financial officer now owns 33,257 shares in the company, valued at $3,325,034.86. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Microchip Technology news, CFO James Eric Bjornholt sold 3,188 shares of the business’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total value of $318,736.24. Following the transaction, the chief financial officer now owns 33,257 shares in the company, valued at $3,325,034.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Stephen V. Drehobl sold 7,830 shares of Microchip Technology 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 sale, 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 23,993 shares of company stock worth $2,251,857 over the last three months. 2.07% of the stock is currently owned by insiders.

Microchip Technology 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.