Choreo LLC Decreases Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Key Points

• Choreo LLC reduced its stake in Microchip Technology by 22.0%, now holding 21,180 shares valued at approximately $1,025,000.
• Other institutional investors have shown increased interest, with GW&K Investment Management raising its holdings by 161.0% during the same quarter.
• Analysts are bullish on Microchip Technology, with several raising their price targets, leading to a consensus rating of "Moderate Buy" and an average target price of $75.70.

Choreo LLC lessened its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 22.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 21,180 shares of the semiconductor company's stock after selling 5,975 shares during the quarter. Choreo LLC's holdings in Microchip Technology were worth $1,025,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Teacher Retirement System of Texas boosted its stake in shares of Microchip Technology by 781.0% during the 4th quarter. Teacher Retirement System of Texas now owns 31,646 shares of the semiconductor company's stock worth $1,815,000 after acquiring an additional 28,054 shares during the period. LPL Financial LLC boosted its stake in shares of Microchip Technology by 25.4% during the 4th quarter. LPL Financial LLC now owns 542,005 shares of the semiconductor company's stock worth $31,084,000 after acquiring an additional 109,885 shares during the period. Congress Wealth Management LLC DE boosted its stake in shares of Microchip Technology by 10.7% during the 4th quarter. Congress Wealth Management LLC DE now owns 15,952 shares of the semiconductor company's stock worth $915,000 after acquiring an additional 1,539 shares during the period. EntryPoint Capital LLC acquired a new stake in Microchip Technology during the 4th quarter worth approximately $269,000. Finally, TIAA Trust National Association lifted its holdings in Microchip Technology by 7.9% during the 4th quarter. TIAA Trust National Association now owns 11,055 shares of the semiconductor company's stock worth $634,000 after purchasing an additional 810 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Needham & Company LLC reissued a "buy" rating and set a $66.00 price target on shares of Microchip Technology in a report on Friday, May 9th. Raymond James Financial boosted their price target on Microchip Technology from $60.00 to $65.00 and gave the stock a "strong-buy" rating in a report on Friday, May 9th. Rosenblatt Securities boosted their price target on Microchip Technology from $63.00 to $70.00 and gave the stock a "buy" rating in a report on Friday, May 30th. Mizuho boosted their price target on Microchip Technology from $78.00 to $85.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Finally, Truist Financial boosted their price target on Microchip Technology from $52.00 to $64.00 and gave the stock a "hold" rating in a report on Wednesday, June 18th. Six equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $75.70.

Insiders Place Their Bets

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

Microchip Technology Stock Down 0.7%

Shares of MCHP stock traded down $0.48 during trading hours on Tuesday, reaching $70.05. The company had a trading volume of 1,259,726 shares, compared to its average volume of 10,471,508. Microchip Technology Incorporated has a 12 month low of $34.13 and a 12 month high of $89.59. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.59 and a quick ratio of 1.47. The business has a fifty day simple moving average of $68.03 and a 200-day simple moving average of $57.50. The company has a market cap of $37.80 billion, a price-to-earnings ratio of -7,011.20, a price-to-earnings-growth ratio of 1.96 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, beating analysts' consensus estimates 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 company had revenue of $970.50 million for the quarter, compared to analyst estimates of $962.86 million. During the same quarter last year, the company earned $0.57 earnings per share. The company's revenue for the quarter was down 26.8% on a year-over-year basis. On average, research analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 22nd were issued a dividend of $0.455 per share. The ex-dividend date was Thursday, May 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.60%. Microchip Technology's dividend payout ratio (DPR) is currently -18,200.00%.

Microchip Technology Profile

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.