Elevation Point Wealth Partners LLC Purchases Shares of 32,118 Microchip Technology Incorporated $MCHP

Key Points

• Elevation Point Wealth Partners acquired 32,118 shares of Microchip Technology valued at approximately $2.9 million. Institutional investors own 91.51% of the semiconductor company.
• Analyst sentiment remains positive overall, with a consensus rating of “Moderate Buy” and an average price target of $98.67, although TD Cowen downgraded the stock to “Hold” with a $90 target.
• Microchip reported quarterly EPS of $0.76, beating estimates of $0.70, while revenue rose 38% year over year to $1.48 billion. The company also declared a quarterly dividend of $0.455 per share, representing a 2.4% yield.

Elevation Point Wealth Partners LLC purchased a new stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 32,118 shares of the semiconductor company's stock, valued at approximately $2,929,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Norges Bank bought a new position in shares of Microchip Technology in the 4th quarter valued at about $664,564,000. Barclays PLC increased its position in shares of Microchip Technology by 66.5% in the fourth quarter. Barclays PLC now owns 13,996,883 shares of the semiconductor company's stock valued at $891,881,000 after acquiring an additional 5,590,210 shares during the last quarter. Rafferty Asset Management LLC raised its holdings in Microchip Technology by 41.0% during the second quarter. Rafferty Asset Management LLC now owns 6,203,762 shares of the semiconductor company's stock worth $436,559,000 after acquiring an additional 1,803,945 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in Microchip Technology by 255.7% during the second quarter. Ameriprise Financial Inc. now owns 2,135,140 shares of the semiconductor company's stock worth $150,271,000 after acquiring an additional 1,534,829 shares in the last quarter. Finally, Worldquant Millennium Advisors LLC acquired a new position in Microchip Technology during the second quarter valued at approximately $101,359,000. 91.51% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on MCHP shares. TD Cowen decreased their price target on Microchip Technology from $105.00 to $90.00 and set a "hold" rating for the company in a research note on Monday, July 13th. Needham & Company LLC upped their price objective on Microchip Technology from $84.00 to $120.00 and gave the stock a "buy" rating in a research note on Friday, May 8th. UBS Group reissued a "buy" rating and issued a $120.00 price objective (down from $130.00) on shares of Microchip Technology in a report on Friday, August 7th. Susquehanna raised their target price on shares of Microchip Technology from $95.00 to $120.00 and gave the company a "positive" rating in a research note on Friday, May 8th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Microchip Technology from $95.00 to $120.00 and gave the stock an "overweight" rating in a report on Friday, May 8th. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $98.67.

Microchip Technology Trading Up 0.4%

Microchip Technology stock opened at $76.08 on Friday. The stock has a 50-day simple moving average of $84.29 and a 200 day simple moving average of $81.49. The stock has a market capitalization of $41.31 billion, a P/E ratio of 113.55, a PEG ratio of 0.53 and a beta of 1.76. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.11 and a current ratio of 1.92. Microchip Technology Incorporated has a 52 week low of $48.52 and a 52 week high of $105.91.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The semiconductor company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.06. Microchip Technology had a return on equity of 14.97% and a net margin of 9.34%.The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.46 billion. During the same quarter in the prior year, the company earned $0.27 earnings per share. The business's revenue for the quarter was up 38.0% compared to the same quarter last year. Microchip Technology has set its Q2 2027 guidance at 0.910-0.950 EPS. Analysts expect that Microchip Technology Incorporated will post 3.16 earnings per share for the current year.

Microchip Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 9th. Investors of record on Monday, August 24th will be paid a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Monday, August 24th. Microchip Technology's dividend payout ratio is 271.64%.

Insider Activity at Microchip Technology

In other Microchip Technology news, Director Matthew W. Chapman sold 3,000 shares of the company's stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $97.52, for a total value of $292,560.00. Following the transaction, the director directly owned 17,665 shares in the company, valued at $1,722,690.80. The trade was a 14.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO James Eric Bjornholt sold 837 shares of the company's stock in a transaction on Monday, August 17th. The shares were sold at an average price of $80.26, for a total transaction of $67,177.62. Following the completion of the transaction, the chief financial officer owned 30,960 shares in the company, valued at approximately $2,484,849.60. This represents a 2.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 8,837 shares of company stock worth $847,338. Company insiders own 1.79% of the company's stock.

Microchip Technology Company 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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