Waddell & Reed Financial Inc. Sells 214,190 Shares of Microchip Technology Inc. (MCHP)
Waddell & Reed Financial Inc. trimmed its position in Microchip Technology Inc. (NASDAQ:MCHP) by 6.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,053,103 shares of the semiconductor company’s stock after selling 214,190 shares during the period. Waddell & Reed Financial Inc.’s holdings in Microchip Technology were worth $277,679,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of MCHP. Artisan Partners Limited Partnership bought a new stake in Microchip Technology in the second quarter worth $96,187,000. OppenheimerFunds Inc. boosted its holdings in Microchip Technology by 114.5% in the second quarter. OppenheimerFunds Inc. now owns 1,753,557 shares of the semiconductor company’s stock worth $159,486,000 after acquiring an additional 935,884 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in Microchip Technology by 4.7% in the second quarter. Janus Henderson Group PLC now owns 12,919,605 shares of the semiconductor company’s stock worth $1,175,042,000 after acquiring an additional 582,965 shares in the last quarter. Platinum Investment Management Ltd. boosted its holdings in Microchip Technology by 138.7% in the first quarter. Platinum Investment Management Ltd. now owns 651,200 shares of the semiconductor company’s stock worth $59,493,000 after acquiring an additional 378,400 shares in the last quarter. Finally, Point72 Asset Management L.P. bought a new stake in Microchip Technology in the second quarter worth $34,037,000.
In other Microchip Technology news, VP Stephen V. Drehobl sold 3,998 shares of the stock in a transaction dated Wednesday, August 22nd. The stock was sold at an average price of $84.33, for a total value of $337,151.34. Following the transaction, the vice president now owns 16,931 shares of the company’s stock, valued at $1,427,791.23. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Ganesh Moorthy bought 12,000 shares of the stock in a transaction on Tuesday, August 14th. The stock was purchased at an average cost of $84.10 per share, for a total transaction of $1,009,200.00. The disclosure for this purchase can be found here. Corporate insiders own 2.13% of the company’s stock.
Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, August 9th. The semiconductor company reported $1.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.48 by $0.13. The firm had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.21 billion. Microchip Technology had a return on equity of 36.33% and a net margin of 2.85%. The company’s quarterly revenue was up 24.7% on a year-over-year basis. During the same period in the prior year, the company posted $1.31 earnings per share. research analysts predict that Microchip Technology Inc. will post 6.51 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 4th. Stockholders of record on Tuesday, August 21st were issued a dividend of $0.364 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.46 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date was Monday, August 20th. Microchip Technology’s dividend payout ratio is presently 28.13%.
Several equities research analysts have commented on the company. BidaskClub downgraded Microchip Technology from a “buy” rating to a “hold” rating in a report on Thursday, July 26th. SunTrust Banks boosted their target price on Microchip Technology from $115.00 to $117.00 and gave the stock a “buy” rating in a report on Wednesday, May 30th. TheStreet downgraded Microchip Technology from an “a-” rating to a “c+” rating in a report on Thursday, August 9th. ValuEngine downgraded Microchip Technology from a “hold” rating to a “sell” rating in a report on Tuesday, August 14th. Finally, Needham & Company LLC dropped their target price on Microchip Technology from $130.00 to $120.00 and set a “strong-buy” rating on the stock in a report on Monday, August 13th. One research analyst has rated the stock with a sell rating, five have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $115.76.
Microchip Technology Company Profile
Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.
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