Microchip Technology Incorporated (NASDAQ:MCHP) Shares Bought by Kingsview Wealth Management LLC

Kingsview Wealth Management LLC raised its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 43.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 86,418 shares of the semiconductor company’s stock after purchasing an additional 26,337 shares during the quarter. Kingsview Wealth Management LLC’s holdings in Microchip Technology were worth $7,793,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. BKM Wealth Management LLC acquired a new position in shares of Microchip Technology during the 4th quarter valued at $27,000. Rakuten Securities Inc. acquired a new position in shares of Microchip Technology during the 4th quarter valued at $27,000. Fortitude Family Office LLC acquired a new position in shares of Microchip Technology during the 4th quarter valued at $29,000. OFI Invest Asset Management purchased a new stake in Microchip Technology during the 3rd quarter worth $26,000. Finally, Milestone Investment Advisors LLC purchased a new stake in Microchip Technology during the 3rd quarter worth $36,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on MCHP. Citigroup boosted their target price on shares of Microchip Technology from $100.00 to $104.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. UBS Group boosted their price objective on shares of Microchip Technology from $95.00 to $103.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. TD Cowen boosted their price objective on shares of Microchip Technology from $80.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday, May 7th. KeyCorp boosted their price objective on shares of Microchip Technology from $90.00 to $110.00 and gave the company an “overweight” rating in a research report on Tuesday, May 7th. Finally, Needham & Company LLC boosted their price objective on shares of Microchip Technology from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $99.39.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP traded up $0.09 during trading on Friday, reaching $94.33. The company had a trading volume of 3,609,766 shares, compared to its average volume of 5,567,478. The firm’s fifty day moving average is $89.44 and its 200 day moving average is $86.32. The firm has a market capitalization of $50.98 billion, a PE ratio of 27.18, a price-to-earnings-growth ratio of 3.29 and a beta of 1.60. Microchip Technology Incorporated has a twelve month low of $68.75 and a twelve month high of $96.14. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.67 and a current ratio of 1.20.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, meeting the consensus estimate of $0.57. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The business had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.33 billion. During the same period in the prior year, the business earned $1.56 earnings per share. The business’s quarterly revenue was down 40.6% on a year-over-year basis. On average, equities analysts forecast that Microchip Technology Incorporated will post 2.38 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 5th. Investors of record on Wednesday, May 22nd will be paid a dividend of $0.452 per share. The ex-dividend date of this dividend is Tuesday, May 21st. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.81 annualized dividend and a yield of 1.92%. Microchip Technology’s dividend payout ratio is currently 51.87%.

Insider Activity

In other news, VP Stephen V. Drehobl sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total transaction of $908,800.00. Following the sale, the vice president now owns 82,203 shares in the company, valued at $7,470,608.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Microchip Technology news, VP Stephen V. Drehobl sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total value of $908,800.00. Following the transaction, the vice president now owns 82,203 shares in the company, valued at approximately $7,470,608.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Stephen V. Drehobl sold 7,830 shares of the company’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $95.06, for a total transaction of $744,319.80. Following the completion of the transaction, the vice president now owns 79,509 shares in the company, valued at approximately $7,558,125.54. The disclosure for this sale can be found here. Insiders have sold 19,800 shares of company stock worth $1,818,403 over the last 90 days. 2.07% of the stock is owned by company insiders.

Microchip Technology Profile

Microchip Technology Incorporated develops, manufactures, and sells 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 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.