Microchip Technology Incorporated (NASDAQ:MCHP) Shares Acquired by Legacy Capital Wealth Partners LLC

Legacy Capital Wealth Partners LLC grew its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 9.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 11,269 shares of the semiconductor company’s stock after acquiring an additional 928 shares during the period. Legacy Capital Wealth Partners LLC’s holdings in Microchip Technology were worth $1,016,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the company. Northern Trust Corp raised its position in shares of Microchip Technology by 1.1% in the third quarter. Northern Trust Corp now owns 7,521,409 shares of the semiconductor company’s stock worth $587,046,000 after acquiring an additional 80,431 shares during the period. Van ECK Associates Corp raised its position in shares of Microchip Technology by 7.8% during the 3rd quarter. Van ECK Associates Corp now owns 4,462,638 shares of the semiconductor company’s stock worth $348,309,000 after purchasing an additional 322,540 shares during the last quarter. Mizuho Markets Americas LLC acquired a new position in shares of Microchip Technology during the 3rd quarter worth about $225,800,000. Charles Schwab Investment Management Inc. raised its position in shares of Microchip Technology by 0.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,830,397 shares of the semiconductor company’s stock worth $220,913,000 after purchasing an additional 25,002 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of Microchip Technology by 0.5% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,457,152 shares of the semiconductor company’s stock worth $221,586,000 after purchasing an additional 11,163 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Insider Activity

In other news, Director Karlton D. Johnson sold 370 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total value of $31,080.00. Following the completion of the transaction, the director now owns 1,789 shares of the company’s stock, valued at $150,276. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total transaction of $165,283.00. Following the completion of the transaction, the chief financial officer now owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Karlton D. Johnson sold 370 shares of the company’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the transaction, the director now directly owns 1,789 shares of the company’s stock, valued at approximately $150,276. The disclosure for this sale can be found here. Company insiders own 2.07% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on MCHP shares. Needham & Company LLC upped their price target on shares of Microchip Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, February 2nd. Truist Financial lowered their target price on shares of Microchip Technology from $97.00 to $93.00 and set a “buy” rating on the stock in a report on Tuesday, January 9th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $100.00 target price on shares of Microchip Technology in a report on Tuesday, January 30th. Piper Sandler downgraded shares of Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 target price on the stock. in a report on Thursday, January 4th. Finally, The Goldman Sachs Group lowered their target price on shares of Microchip Technology from $87.00 to $77.00 and set a “neutral” rating on the stock in a report on Friday, February 2nd. Six equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $92.50.

Microchip Technology Price Performance

MCHP traded up $1.39 during midday trading on Friday, reaching $93.60. 5,621,114 shares of the company’s stock were exchanged, compared to its average volume of 4,575,927. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58. The stock has a market capitalization of $50.58 billion, a PE ratio of 21.87, a P/E/G ratio of 2.86 and a beta of 1.65. The business’s 50-day moving average price is $87.24 and its 200 day moving average price is $84.68. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $94.63.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. The company had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.77 billion. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The firm’s quarterly revenue was down 18.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.48 earnings per share. As a group, equities analysts anticipate that Microchip Technology Incorporated will post 4.64 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date was Thursday, February 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.44. Microchip Technology’s payout ratio is currently 42.06%.

Microchip Technology Company 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.