Elevation Point Wealth Partners LLC Buys Shares of 22,775 Microchip Technology Incorporated $MCHP

Key Points

• Elevation Point Wealth Partners opened a new position in Microchip Technology, buying 22,775 shares worth about $1.47 million in the first quarter.
• Insider selling has been notable, with the CFO and a director both selling shares recently; insiders have sold 553,302 shares worth about $49.7 million over the past 90 days.
• Microchip Technology beat quarterly earnings expectations, reporting $0.57 EPS on $1.31 billion in revenue, while analysts currently rate the stock a Moderate Buy with a consensus target price of $98.18.

Elevation Point Wealth Partners LLC bought a new stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 22,775 shares of the semiconductor company's stock, valued at approximately $1,471,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Keybank National Association OH lifted its holdings in shares of Microchip Technology by 161.9% in the 1st quarter. Keybank National Association OH now owns 13,460 shares of the semiconductor company's stock worth $870,000 after purchasing an additional 8,321 shares during the last quarter. Root Financial Partners LLC boosted its position in Microchip Technology by 80.7% during the 1st quarter. Root Financial Partners LLC now owns 656 shares of the semiconductor company's stock valued at $42,000 after purchasing an additional 293 shares during the period. Essex Financial Services Inc. bought a new position in Microchip Technology during the 1st quarter worth $254,000. Deltec Asset Management LLC bought a new position in Microchip Technology during the 1st quarter worth $678,000. Finally, Fulton Bank N.A. increased its position in Microchip Technology by 2.7% in the first quarter. Fulton Bank N.A. now owns 12,948 shares of the semiconductor company's stock worth $837,000 after buying an additional 338 shares during the period. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Microchip Technology

In other news, CFO James Eric Bjornholt sold 3,667 shares of the stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $90.87, for a total value of $333,220.29. Following the completion of the transaction, the chief financial officer directly owned 28,573 shares in the company, valued at $2,596,428.51. This trade represents a 11.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Matthew W. Chapman sold 10,000 shares of the firm's stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $95.48, for a total transaction of $954,800.00. Following the transaction, the director owned 20,665 shares in the company, valued at $1,973,094.20. This represents a 32.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 553,302 shares of company stock worth $49,673,635 in the last 90 days. Corporate insiders own 1.94% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Cantor Fitzgerald reiterated an "overweight" rating and issued a $125.00 target price on shares of Microchip Technology in a research note on Wednesday, May 13th. JPMorgan Chase & Co. upped their price target on shares of Microchip Technology from $95.00 to $120.00 and gave the stock an "overweight" rating in a research report on Friday, May 8th. Wall Street Zen raised shares of Microchip Technology from a "hold" rating to a "buy" rating in a report on Saturday, May 9th. Susquehanna lifted their price objective on shares of Microchip Technology from $95.00 to $120.00 and gave the company a "positive" rating in a research report on Friday, May 8th. Finally, Rosenblatt Securities boosted their target price on shares of Microchip Technology from $115.00 to $120.00 and gave the company a "buy" rating in a research note on Friday, May 8th. Four research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, Microchip Technology has a consensus rating of "Moderate Buy" and a consensus target price of $98.18.

Microchip Technology Stock Performance

Shares of MCHP stock opened at $84.64 on Monday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.18 and a current ratio of 2.09. Microchip Technology Incorporated has a 1 year low of $48.52 and a 1 year high of $105.91. The stock has a fifty day moving average of $93.79 and a two-hundred day moving average of $79.15. The firm has a market capitalization of $45.88 billion, a PE ratio of 403.07, a price-to-earnings-growth ratio of 0.87 and a beta of 1.74.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The semiconductor company reported $0.57 EPS for the quarter, beating analysts' consensus estimates of $0.50 by $0.07. Microchip Technology had a return on equity of 10.87% and a net margin of 4.88%.The company had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same period last year, the company earned $0.11 earnings per share. The company's quarterly revenue was up 35.1% compared to the same quarter last year. Microchip Technology has set its Q1 2027 guidance at 0.670-0.710 EPS. As a group, research analysts expect that Microchip Technology Incorporated will post 2.66 EPS for the current year.

Microchip Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 5th. Shareholders of record on Friday, May 22nd were paid a dividend of $0.455 per share. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $1.82 annualized dividend and a yield of 2.2%. Microchip Technology's dividend payout ratio (DPR) is presently 866.67%.

Microchip Technology Profile

Microchip Technology Inc is a semiconductor company headquartered in Chandler, Arizona, that designs, develops and supplies a broad portfolio of embedded control and analog semiconductors. Its product lineup centers on microcontrollers (including the well-known PIC family), digital signal controllers and associated development tools and software, along with a range of mixed-signal and analog devices, nonvolatile memory, power management, timing, interface, wireless and security products. The company also provides integrated hardware and software solutions intended to simplify embedded design and accelerate time to market for OEMs and contract manufacturers.

Microchip's products are used across a wide range of end markets, including automotive, industrial automation, consumer electronics, communications, aerospace and defense, and Internet of Things (IoT) applications.

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