Microchip Technology Incorporated (NASDAQ:MCHP) Shares Acquired by Integrated Wealth Concepts LLC

Integrated Wealth Concepts LLC boosted its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 149.0% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,638 shares of the semiconductor company’s stock after purchasing an additional 6,965 shares during the quarter. Integrated Wealth Concepts LLC’s holdings in Microchip Technology were worth $934,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Prospera Private Wealth LLC acquired a new stake in shares of Microchip Technology during the third quarter worth about $29,000. Peterson Financial Group Inc. acquired a new position in Microchip Technology during the third quarter worth approximately $34,000. Truvestments Capital LLC acquired a new position in Microchip Technology during the third quarter worth approximately $34,000. Wolff Wiese Magana LLC lifted its stake in Microchip Technology by 55.2% in the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after buying an additional 218 shares during the last quarter. Finally, TruNorth Capital Management LLC purchased a new position in shares of Microchip Technology during the second quarter worth approximately $55,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Microchip Technology Price Performance

Microchip Technology stock opened at $61.87 on Tuesday. The firm has a fifty day moving average of $71.80 and a 200-day moving average of $80.83. The firm has a market capitalization of $33.22 billion, a P/E ratio of 43.27 and a beta of 1.50. Microchip Technology Incorporated has a 52-week low of $57.96 and a 52-week high of $100.57. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same period in the previous year, the company posted $1.54 earnings per share. The business’s revenue for the quarter was down 48.4% compared to the same quarter last year. As a group, analysts predict that Microchip Technology Incorporated will post 1.33 EPS for the current year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were given a $0.455 dividend. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Friday, November 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.94%. Microchip Technology’s dividend payout ratio (DPR) is presently 127.27%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Jefferies Financial Group decreased 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 note on Wednesday, November 6th. Stifel Nicolaus lowered their target price on Microchip Technology from $90.00 to $87.00 and set a “buy” rating on the stock in a research note on Tuesday, December 3rd. Truist Financial cut shares of Microchip Technology from a “buy” rating to a “hold” rating and cut their price target for the stock from $89.00 to $80.00 in a report on Monday, September 23rd. Mizuho set a $95.00 target price on shares of Microchip Technology in a report on Friday, October 18th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $90.00 price objective on shares of Microchip Technology in a research note on Wednesday, November 6th. One investment 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, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $90.95.

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.