Everhart Financial Group Inc. Invests $221,000 in Microchip Technology Incorporated (NASDAQ:MCHP)

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

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Savant Capital LLC raised its position in shares of Microchip Technology by 11.5% during the 4th quarter. Savant Capital LLC now owns 6,158 shares of the semiconductor company's stock valued at $353,000 after acquiring an additional 636 shares during the last quarter. Asset Management One Co. Ltd. boosted its stake in shares of Microchip Technology by 2.1% during the 4th quarter. Asset Management One Co. Ltd. now owns 210,669 shares of the semiconductor company's stock worth $12,290,000 after buying an additional 4,309 shares during the last quarter. Vontobel Holding Ltd. lifted its stake in Microchip Technology by 1.4% in the 4th quarter. Vontobel Holding Ltd. now owns 68,510 shares of the semiconductor company's stock valued at $3,929,000 after purchasing an additional 978 shares during the last quarter. V Square Quantitative Management LLC raised its holdings in Microchip Technology by 30.9% in the 4th quarter. V Square Quantitative Management LLC now owns 5,145 shares of the semiconductor company's stock valued at $295,000 after acquiring an additional 1,215 shares during the period. Finally, WASHINGTON TRUST Co raised its holdings in Microchip Technology by 3.5% in the 4th quarter. WASHINGTON TRUST Co now owns 12,094 shares of the semiconductor company's stock valued at $694,000 after acquiring an additional 409 shares during the period. 91.51% of the stock is currently owned by institutional investors.

Microchip Technology Stock Performance

NASDAQ:MCHP traded down $2.20 during midday trading on Friday, hitting $65.73. The company's stock had a trading volume of 9,841,187 shares, compared to its average volume of 8,808,250. Microchip Technology Incorporated has a fifty-two week low of $34.13 and a fifty-two week high of $96.98. The firm's 50 day moving average is $52.78 and its 200-day moving average is $54.90. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. The firm has a market cap of $35.45 billion, a P/E ratio of 117.38 and a beta of 1.48.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.10 by $0.01. The firm had revenue of $970.50 million for the quarter, compared to analyst estimates of $962.86 million. Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. The business's revenue was down 26.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.57 EPS. Equities analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd were given a $0.455 dividend. The ex-dividend date of this dividend was Thursday, May 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.77%. Microchip Technology's dividend payout ratio is currently -18,200.00%.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 2,015 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $55.78, for a total value of $112,396.70. Following the sale, the chief financial officer now owns 34,313 shares of the company's stock, valued at approximately $1,913,979.14. This trade represents a 5.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Karlton D. Johnson sold 494 shares of Microchip Technology 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 transaction, the director now owns 3,468 shares in the company, valued at $210,472.92. This represents a 12.47% decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages recently issued reports on MCHP. Needham & Company LLC reissued a "buy" rating and issued a $66.00 price objective on shares of Microchip Technology in a research note on Friday, May 9th. Mizuho boosted their target price on shares of Microchip Technology from $68.00 to $78.00 and gave the company an "outperform" rating in a report on Thursday. Citigroup boosted their target price on shares of Microchip Technology from $55.00 to $68.00 and gave the company a "buy" rating in a report on Monday, June 9th. Bank of America upgraded shares of Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price target for the company in a report on Friday, May 9th. Finally, Wall Street Zen cut shares of Microchip Technology from a "hold" rating to a "sell" rating in a report on Saturday, June 7th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $69.53.

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.