Insider Selling: Microchip Technology Incorporated (NASDAQ:MCHP) CFO Sells $318,736.24 in Stock

Microchip Technology Incorporated (NASDAQ:MCHP) CFO James Eric Bjornholt sold 3,188 shares of the stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total transaction of $318,736.24. Following the completion of the transaction, the chief financial officer now owns 33,257 shares in the company, valued at $3,325,034.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Microchip Technology Price Performance

MCHP stock opened at $98.23 on Friday. The company has a current ratio of 1.20, a quick ratio of 0.67 and a debt-to-equity ratio of 0.75. Microchip Technology Incorporated has a 1 year low of $68.75 and a 1 year high of $100.57. The stock has a market cap of $53.08 billion, a PE ratio of 28.31, a price-to-earnings-growth ratio of 3.42 and a beta of 1.60. The stock has a 50-day moving average price of $90.19 and a two-hundred day moving average price of $87.24.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.57. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The firm had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same period last year, the business posted $1.56 earnings per share. The business’s revenue for the quarter was down 40.6% compared to the same quarter last year. Equities analysts forecast that Microchip Technology Incorporated will post 2.38 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd will be issued a $0.452 dividend. This represents a $1.81 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date is Tuesday, May 21st. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is currently 51.87%.

Analysts Set New Price Targets

MCHP has been the topic of a number of analyst reports. Susquehanna increased their price target on Microchip Technology from $100.00 to $105.00 and gave the company a “positive” rating in a research note on Tuesday, May 7th. Stifel Nicolaus increased their target price on Microchip Technology from $98.00 to $102.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. B. Riley boosted their target price on Microchip Technology from $105.00 to $110.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. TD Cowen increased their price target 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. Finally, The Goldman Sachs Group lifted their price objective on shares of Microchip Technology from $77.00 to $88.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 7th. Five research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Microchip Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $101.06.

Institutional Trading of Microchip Technology

A number of hedge funds have recently added to or reduced their stakes in MCHP. Bleakley Financial Group LLC increased its stake in shares of Microchip Technology by 1.3% in the fourth quarter. Bleakley Financial Group LLC now owns 9,415 shares of the semiconductor company’s stock valued at $849,000 after buying an additional 119 shares during the period. Financial Counselors Inc. raised its stake in shares of Microchip Technology by 1.1% during the first quarter. Financial Counselors Inc. now owns 10,689 shares of the semiconductor company’s stock valued at $959,000 after acquiring an additional 119 shares during the last quarter. RFG Advisory LLC lifted its holdings in shares of Microchip Technology by 3.2% during the fourth quarter. RFG Advisory LLC now owns 3,910 shares of the semiconductor company’s stock worth $353,000 after purchasing an additional 123 shares during the period. Twelve Points Wealth Management LLC grew its stake in shares of Microchip Technology by 1.0% in the fourth quarter. Twelve Points Wealth Management LLC now owns 12,229 shares of the semiconductor company’s stock worth $1,103,000 after purchasing an additional 125 shares during the last quarter. Finally, Merit Financial Group LLC increased its holdings in Microchip Technology by 1.9% in the third quarter. Merit Financial Group LLC now owns 7,096 shares of the semiconductor company’s stock valued at $554,000 after purchasing an additional 134 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

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.