Banque Cantonale Vaudoise Buys Shares of 21,190 Microchip Technology Incorporated (NASDAQ:MCHP)

Key Points

• Banque Cantonale Vaudoise has acquired 21,190 shares of Microchip Technology for around $1,026,000 in the first quarter, according to a Form 13F filing.
• Microchip Technology recently reported earnings of $0.11 per share, exceeding analysts’ estimates, while revenue decreased by 26.8% compared to the previous year.
• The company announced a quarterly dividend of $0.455, which corresponds to an annual yield of 2.7%.

Banque Cantonale Vaudoise acquired a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 21,190 shares of the semiconductor company's stock, valued at approximately $1,026,000.

A number of other institutional investors have also recently made changes to their positions in MCHP. Pinnacle Wealth Management Advisory Group LLC grew its position in shares of Microchip Technology by 87.8% in the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 9,686 shares of the semiconductor company's stock worth $469,000 after buying an additional 4,528 shares during the last quarter. Mackenzie Financial Corp boosted its holdings in shares of Microchip Technology by 11.5% during the 1st quarter. Mackenzie Financial Corp now owns 51,943 shares of the semiconductor company's stock valued at $2,515,000 after acquiring an additional 5,339 shares during the last quarter. Ridgewood Investments LLC grew its position in Microchip Technology by 47.0% in the 1st quarter. Ridgewood Investments LLC now owns 28,065 shares of the semiconductor company's stock worth $1,318,000 after purchasing an additional 8,979 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Microchip Technology by 9.8% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 128,808 shares of the semiconductor company's stock valued at $6,236,000 after acquiring an additional 11,498 shares during the last quarter. Finally, Empirical Finance LLC lifted its stake in shares of Microchip Technology by 2.9% in the 1st quarter. Empirical Finance LLC now owns 18,975 shares of the semiconductor company's stock worth $919,000 after purchasing an additional 537 shares during the period. Institutional investors own 91.51% of the company's stock.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP traded up $0.08 on Tuesday, hitting $66.67. The company had a trading volume of 4,139,241 shares, compared to its average volume of 10,457,561. The company has a market cap of $35.98 billion, a PE ratio of -6,651.30, a PEG ratio of 1.92 and a beta of 1.55. The company has a current ratio of 2.59, a quick ratio of 1.47 and a debt-to-equity ratio of 0.80. Microchip Technology Incorporated has a 52-week low of $34.13 and a 52-week high of $82.87. The business has a 50 day moving average of $69.05 and a 200 day moving average of $57.90.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, topping the consensus estimate of $0.10 by $0.01. Microchip Technology had a positive return on equity of 8.55% and a negative net margin of 0.01%. The firm had revenue of $970.50 million for the quarter, compared to analyst estimates of $962.86 million. During the same period in the previous year, the company posted $0.57 EPS. Microchip Technology's revenue for the quarter was down 26.8% on a year-over-year basis. As a group, equities analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd were paid a dividend of $0.455 per share. The ex-dividend date of this dividend was Thursday, May 22nd. This represents a $1.82 annualized dividend and a yield of 2.7%. Microchip Technology's dividend payout ratio (DPR) is presently -18,200.00%.

Insider Activity

In other news, CFO James Eric Bjornholt sold 2,015 shares of Microchip Technology stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $55.78, for a total value of $112,396.70. Following the transaction, the chief financial officer directly owned 34,313 shares of the company's stock, valued at $1,913,979.14. This trade represents a 5.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Karlton D. Johnson sold 494 shares of the stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total value of $29,980.86. Following the completion of the sale, the director owned 3,468 shares of the company's stock, valued at $210,472.92. The trade was a 12.47% decrease in their position. The disclosure for this sale can be found here. 1.94% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms recently commented on MCHP. Susquehanna boosted their price target on Microchip Technology from $60.00 to $90.00 and gave the stock a "positive" rating in a report on Tuesday, July 22nd. Cantor Fitzgerald began coverage on shares of Microchip Technology in a report on Wednesday, June 18th. They set a "neutral" rating and a $70.00 price objective for the company. Truist Financial increased their target price on Microchip Technology from $52.00 to $64.00 and gave the company a "hold" rating in a research report on Wednesday, June 18th. UBS Group increased their price objective on Microchip Technology from $65.00 to $85.00 and gave the company a "buy" rating in a report on Monday, July 7th. Finally, KeyCorp upped their price target on shares of Microchip Technology from $70.00 to $85.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Six research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Microchip Technology currently has a consensus rating of "Moderate Buy" and an average price target of $74.42.

About Microchip Technology

Microchip Technology Incorporated engages in the development, manufacture, and sale of 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 mixed-signal 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.