CIBC Private Wealth Group LLC Has $73.92 Million Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

CIBC Private Wealth Group LLC lessened its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 27.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,311,055 shares of the semiconductor company’s stock after selling 485,844 shares during the quarter. CIBC Private Wealth Group LLC owned 0.24% of Microchip Technology worth $73,917,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Mainstream Capital Management LLC bought a new stake in Microchip Technology in the fourth quarter valued at about $26,000. Rakuten Securities Inc. boosted its holdings in Microchip Technology by 309.5% during the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 359 shares in the last quarter. OFI Invest Asset Management bought a new stake in shares of Microchip Technology in the 4th quarter valued at approximately $29,000. Financial Life Planners acquired a new position in shares of Microchip Technology in the 4th quarter worth approximately $32,000. Finally, Kohmann Bosshard Financial Services LLC bought a new position in shares of Microchip Technology during the 4th quarter worth approximately $34,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total transaction of $226,717.12. Following the transaction, the chief financial officer now directly owns 33,272 shares in the company, valued at approximately $2,025,599.36. The trade was a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 2.10% of the company’s stock.

Microchip Technology Price Performance

Shares of MCHP stock opened at $48.70 on Monday. The firm’s 50 day moving average price is $55.65 and its two-hundred day moving average price is $63.80. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. Microchip Technology Incorporated has a 52-week low of $48.27 and a 52-week high of $100.57. The stock has a market cap of $26.19 billion, a PE ratio of 86.96 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. As a group, analysts forecast that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Monday, February 24th were paid a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 3.74%. The ex-dividend date was Monday, February 24th. Microchip Technology’s payout ratio is 325.00%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. KeyCorp lowered their price target on Microchip Technology from $70.00 to $60.00 and set an “overweight” rating on the stock in a research report on Friday, February 7th. TD Cowen upped their price objective on shares of Microchip Technology from $50.00 to $60.00 and gave the stock a “hold” rating in a research note on Tuesday, March 4th. Mizuho lifted their target price on shares of Microchip Technology from $58.00 to $68.00 and gave the company an “outperform” rating in a research note on Tuesday, March 4th. Piper Sandler restated an “overweight” rating and set a $65.00 price target (down from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Finally, Bank of America cut Microchip Technology from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $80.00 to $65.00 in a report on Monday, December 16th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Microchip Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $74.37.

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.