Everhart Financial Group Inc. Purchases New Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Everhart Financial Group Inc. acquired a new position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 4,560 shares of the semiconductor company's stock, valued at approximately $221,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MCHP. Norges Bank bought a new stake in Microchip Technology in the fourth quarter worth approximately $452,627,000. Barrow Hanley Mewhinney & Strauss LLC grew its position in shares of Microchip Technology by 273.2% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,345,096 shares of the semiconductor company's stock worth $306,541,000 after buying an additional 3,912,895 shares during the period. Franklin Resources Inc. increased its stake in shares of Microchip Technology by 90.0% in the 4th quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company's stock valued at $364,792,000 after acquiring an additional 3,013,162 shares in the last quarter. Meritage Group LP acquired a new position in shares of Microchip Technology during the 4th quarter valued at $145,033,000. Finally, Fiduciary Management Inc. WI bought a new position in Microchip Technology during the fourth quarter worth $119,431,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Stock Performance

Shares of NASDAQ MCHP traded up $0.30 during mid-day trading on Wednesday, hitting $67.99. The company had a trading volume of 3,590,321 shares, compared to its average volume of 8,797,164. The company has a current ratio of 2.59, a quick ratio of 1.47 and a debt-to-equity ratio of 0.80. The company has a market capitalization of $36.67 billion, a price-to-earnings ratio of -6,789.70, a P/E/G ratio of 2.03 and a beta of 1.48. Microchip Technology Incorporated has a 1 year low of $34.13 and a 1 year high of $96.98. The stock's 50-day moving average price is $53.89 and its 200-day moving average price is $54.90.

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 (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.01. The business had revenue of $970.50 million for the quarter, compared to analysts' expectations of $962.86 million. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. The business's revenue for the quarter was down 26.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.57 EPS. On average, sell-side analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 22nd were given a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 2.68%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology's payout ratio is -18,200.00%.

Analysts Set New Price Targets

MCHP has been the subject of a number of research reports. Wall Street Zen cut Microchip Technology from a "hold" rating to a "sell" rating in a research note on Saturday, June 7th. Truist Financial lifted their price target on Microchip Technology from $52.00 to $64.00 and gave the company a "hold" rating in a research note on Wednesday. Raymond James Financial increased their price objective on Microchip Technology from $60.00 to $65.00 and gave the stock a "strong-buy" rating in a research note on Friday, May 9th. Evercore ISI raised their price target on shares of Microchip Technology from $69.00 to $83.00 and gave the company an "outperform" rating in a research report on Thursday, June 12th. Finally, Rosenblatt Securities boosted their price objective on Microchip Technology from $63.00 to $70.00 and gave the stock a "buy" rating in a research report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Microchip Technology presently has a consensus rating of "Moderate Buy" and an average target price of $70.15.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 2,015 shares of the business's 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 completion of the sale, the chief financial officer now directly owns 34,313 shares in the company, valued at approximately $1,913,979.14. The trade was a 5.55% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Karlton D. Johnson sold 494 shares of the business's stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total transaction of $29,980.86. Following the completion of the sale, the director now directly owns 3,468 shares of the company's stock, valued at $210,472.92. This represents a 12.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.10% of the company's stock.

Microchip Technology Company 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.