Kestra Private Wealth Services LLC Cuts Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Kestra Private Wealth Services LLC reduced its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHPGet Rating) by 17.6% during the 1st quarter, HoldingsChannel reports. The fund owned 14,221 shares of the semiconductor company’s stock after selling 3,045 shares during the period. Kestra Private Wealth Services LLC’s holdings in Microchip Technology were worth $1,069,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the business. Neuberger Berman Group LLC raised its holdings in Microchip Technology by 39.1% in the first quarter. Neuberger Berman Group LLC now owns 24,985 shares of the semiconductor company’s stock valued at $1,886,000 after buying an additional 7,022 shares during the period. EP Wealth Advisors LLC raised its holdings in Microchip Technology by 17.5% in the first quarter. EP Wealth Advisors LLC now owns 7,328 shares of the semiconductor company’s stock valued at $551,000 after buying an additional 1,092 shares during the period. Toroso Investments LLC raised its holdings in Microchip Technology by 14.5% in the first quarter. Toroso Investments LLC now owns 13,231 shares of the semiconductor company’s stock valued at $994,000 after buying an additional 1,680 shares during the period. Baader Bank INC purchased a new position in Microchip Technology in the first quarter valued at approximately $714,000. Finally, Worldquant Millennium Advisors LLC purchased a new position in Microchip Technology in the first quarter valued at approximately $23,692,000. Hedge funds and other institutional investors own 89.81% of the company’s stock.

Microchip Technology Stock Performance

Shares of MCHP opened at $65.70 on Friday. Microchip Technology Incorporated has a 1 year low of $54.33 and a 1 year high of $90.00. The company has a market cap of $36.30 billion, a price-to-earnings ratio of 24.15, a price-to-earnings-growth ratio of 0.81 and a beta of 1.62. The company has a debt-to-equity ratio of 1.27, a quick ratio of 1.17 and a current ratio of 1.78. The firm has a fifty day moving average of $66.96 and a 200-day moving average of $67.19.

Microchip Technology (NASDAQ:MCHPGet Rating) last announced its quarterly earnings results on Tuesday, August 2nd. The semiconductor company reported $1.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.10. Microchip Technology had a net margin of 21.34% and a return on equity of 44.90%. During the same quarter in the prior year, the business earned $0.88 earnings per share. As a group, equities analysts anticipate that Microchip Technology Incorporated will post 5.42 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 2nd. Stockholders of record on Friday, August 19th were issued a dividend of $0.301 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.28. The ex-dividend date was Thursday, August 18th. This represents a $1.20 annualized dividend and a dividend yield of 1.83%. Microchip Technology’s payout ratio is 44.12%.

Insider Activity

In other news, CFO James Eric Bjornholt sold 2,379 shares of the business’s stock in a transaction on Tuesday, August 23rd. The shares were sold at an average price of $68.21, for a total transaction of $162,271.59. Following the completion of the transaction, the chief financial officer now owns 35,333 shares of the company’s stock, valued at $2,410,063.93. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, Director Matthew W. Chapman sold 1,000 shares of Microchip Technology stock in a transaction dated Tuesday, August 23rd. The shares were sold at an average price of $68.21, for a total transaction of $68,210.00. Following the sale, the director now directly owns 37,682 shares in the company, valued at $2,570,289.22. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO James Eric Bjornholt sold 2,379 shares of Microchip Technology stock in a transaction dated Tuesday, August 23rd. The shares were sold at an average price of $68.21, for a total transaction of $162,271.59. Following the sale, the chief financial officer now owns 35,333 shares in the company, valued at $2,410,063.93. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on MCHP shares. Mizuho lifted their price objective on shares of Microchip Technology from $72.00 to $75.00 and gave the company a “neutral” rating in a research note on Wednesday, August 3rd. The Goldman Sachs Group dropped their price objective on shares of Microchip Technology from $76.00 to $61.00 in a research note on Friday, July 15th. Morgan Stanley lifted their price objective on shares of Microchip Technology from $81.00 to $82.00 and gave the company an “overweight” rating in a research note on Wednesday, August 3rd. Needham & Company LLC lifted their price objective on shares of Microchip Technology from $75.00 to $92.00 and gave the company a “buy” rating in a research note on Wednesday, August 3rd. Finally, Bank of America dropped their price objective on shares of Microchip Technology from $85.00 to $74.00 and set a “buy” rating on the stock in a research note on Wednesday, June 29th. Four analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $89.73.

About Microchip Technology

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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 microprocessors markets; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.

See Also

Want to see what other hedge funds are holding MCHP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Microchip Technology Incorporated (NASDAQ:MCHPGet Rating).

Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

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