Defined Wealth Management LLC Invests $203,000 in Microchip Technology Incorporated (NASDAQ:MCHP)

Defined Wealth Management LLC bought a new stake in Microchip Technology Incorporated (NASDAQ:MCHP) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 2,222 shares of the semiconductor company’s stock, valued at approximately $203,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Swedbank AB acquired a new position in Microchip Technology during the first quarter worth approximately $1,079,000. Caxton Associates LP raised its position in Microchip Technology by 4,511.5% in the 4th quarter. Caxton Associates LP now owns 400,000 shares of the semiconductor company’s stock valued at $36,072,000 after purchasing an additional 391,326 shares during the last quarter. SageView Advisory Group LLC grew its position in Microchip Technology by 507.5% during the 1st quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock worth $1,553,000 after purchasing an additional 14,458 shares during the last quarter. RFG Advisory LLC increased its stake in Microchip Technology by 228.4% in the first quarter. RFG Advisory LLC now owns 12,841 shares of the semiconductor company’s stock valued at $1,152,000 after purchasing an additional 8,931 shares during the period. Finally, Hennessy Advisors Inc. raised its holdings in shares of Microchip Technology by 2,194.5% in the first quarter. Hennessy Advisors Inc. now owns 33,454 shares of the semiconductor company’s stock valued at $3,001,000 after buying an additional 31,996 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MCHP has been the topic of several analyst reports. Truist Financial lowered their target price on Microchip Technology from $96.00 to $89.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Jefferies Financial Group assumed coverage on shares of Microchip Technology in a research report on Monday, May 13th. They set a “buy” rating and a $115.00 price objective for the company. Mizuho raised shares of Microchip Technology from a “neutral” rating to a “buy” rating and lifted their target price for the company from $85.00 to $115.00 in a report on Friday, May 24th. Susquehanna reduced their price objective on shares of Microchip Technology from $115.00 to $105.00 and set a “positive” rating for the company in a research report on Friday, August 2nd. Finally, Needham & Company LLC dropped their target price on Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Five research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $99.95.

Microchip Technology Stock Performance

Microchip Technology stock opened at $76.75 on Friday. The stock has a fifty day moving average price of $84.72 and a 200 day moving average price of $88.27. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.96. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $100.57. The firm has a market capitalization of $41.18 billion, a P/E ratio of 22.12 and a beta of 1.54.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. Microchip Technology’s revenue was down 45.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.56 earnings per share. Equities research analysts anticipate that Microchip Technology Incorporated will post 1.74 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were issued a $0.454 dividend. The ex-dividend date was Thursday, August 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.37%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is presently 52.16%.

Insider Buying and Selling at Microchip Technology

In other news, Director Matthew W. Chapman sold 2,748 shares of Microchip Technology stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $93.88, for a total value of $257,982.24. Following the transaction, the director now directly owns 35,682 shares of the company’s stock, valued at approximately $3,349,826.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other 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 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 $3,349,826.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the transaction, the chief financial officer now owns 33,257 shares in the company, valued at approximately $2,710,445.50. The disclosure for this sale can be found here. 2.07% of the stock is owned by company insiders.

Microchip Technology 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.