Prospera Private Wealth LLC Makes New $29,000 Investment in Microchip Technology Incorporated (NASDAQ:MCHP)

Prospera Private Wealth LLC purchased a new stake in Microchip Technology Incorporated (NASDAQ:MCHP) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 356 shares of the semiconductor company’s stock, valued at approximately $29,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Empowered Funds LLC grew its position in Microchip Technology by 25.7% in the third quarter. Empowered Funds LLC now owns 96,163 shares of the semiconductor company’s stock worth $7,721,000 after acquiring an additional 19,663 shares during the period. Pinnacle Associates Ltd. lifted its stake in shares of Microchip Technology by 50.0% in the 3rd quarter. Pinnacle Associates Ltd. now owns 105,694 shares of the semiconductor company’s stock valued at $8,486,000 after purchasing an additional 35,213 shares during the last quarter. Swedbank AB purchased a new position in shares of Microchip Technology during the 1st quarter worth $1,079,000. Aigen Investment Management LP acquired a new stake in shares of Microchip Technology during the 3rd quarter worth about $2,391,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in Microchip Technology by 12.0% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 870,072 shares of the semiconductor company’s stock valued at $69,355,000 after buying an additional 93,464 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on MCHP shares. Jefferies Financial Group dropped their price target on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Evercore ISI reiterated an “outperform” rating and issued a $95.00 target price (down previously from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. Susquehanna decreased their price target on Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a research note on Wednesday, November 6th. JPMorgan Chase & Co. dropped their price objective on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Finally, Needham & Company LLC decreased their target price on Microchip Technology from $96.00 to $85.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, Microchip Technology presently has an average rating of “Moderate Buy” and a consensus target price of $92.00.

Microchip Technology Price Performance

Shares of MCHP opened at $66.69 on Friday. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. The firm’s fifty day simple moving average is $74.59 and its 200-day simple moving average is $83.24. The firm has a market capitalization of $35.81 billion, a price-to-earnings ratio of 46.64 and a beta of 1.53. Microchip Technology Incorporated has a twelve month low of $62.63 and a twelve month high of $100.57.

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

Microchip Technology Increases Dividend

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

About Microchip Technology

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.