HB Wealth Management LLC Buys 5,642 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Key Points

• HB Wealth Management LLC increased its holdings in Microchip Technology by 53.9% in Q1, acquiring an additional 5,642 shares, bringing its total to 16,108 shares valued at $780,000.
• A significant portion of Microchip Technology's stock, approximately 91.51%, is owned by institutional investors and hedge funds, reflecting strong institutional interest in the company.
• Microchip Technology recently announced a $0.455 per share quarterly dividend, translating to an annualized dividend yield of 2.59%.

HB Wealth Management LLC grew its stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 53.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 16,108 shares of the semiconductor company's stock after purchasing an additional 5,642 shares during the period. HB Wealth Management LLC's holdings in Microchip Technology were worth $780,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Schroder Investment Management Group boosted its position in Microchip Technology by 7.1% in the 4th quarter. Schroder Investment Management Group now owns 621,164 shares of the semiconductor company's stock valued at $35,481,000 after buying an additional 41,077 shares during the last quarter. Summit Financial LLC lifted its stake in shares of Microchip Technology by 6.9% in the 4th quarter. Summit Financial LLC now owns 5,372 shares of the semiconductor company's stock valued at $308,000 after purchasing an additional 349 shares during the period. Headlands Technologies LLC bought a new position in shares of Microchip Technology in the 4th quarter worth $2,120,000. Potomac Fund Management Inc. ADV acquired a new stake in shares of Microchip Technology during the fourth quarter worth $738,000. Finally, Huntington National Bank increased its holdings in Microchip Technology by 2.0% in the fourth quarter. Huntington National Bank now owns 16,716 shares of the semiconductor company's stock valued at $959,000 after purchasing an additional 329 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

MCHP has been the topic of a number of recent analyst reports. Needham & Company LLC restated a "buy" rating and set a $66.00 target price on shares of Microchip Technology in a report on Friday, May 9th. Rosenblatt Securities increased their price target on shares of Microchip Technology from $63.00 to $70.00 and gave the company a "buy" rating in a research report on Friday, May 30th. B. Riley increased their price target on shares of Microchip Technology from $60.00 to $75.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Mizuho increased their price target on shares of Microchip Technology from $78.00 to $85.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Finally, Morgan Stanley increased their price target on shares of Microchip Technology from $39.00 to $50.00 and gave the company an "equal weight" rating in a research report on Friday, May 9th. Six investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $74.42.

Insider Buying and Selling

In other news, CFO James Eric Bjornholt sold 2,015 shares of Microchip Technology 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 directly owned 34,313 shares in the company, valued at approximately $1,913,979.14. The trade was a 5.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Karlton D. Johnson sold 494 shares of Microchip Technology stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total transaction of $29,980.86. Following the completion of the sale, the director owned 3,468 shares of the company's stock, valued at approximately $210,472.92. The trade was a 12.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.94% of the stock is currently owned by insiders.

Microchip Technology Stock Up 1.2%

Shares of NASDAQ MCHP traded up $0.78 during mid-day trading on Monday, hitting $67.14. The company had a trading volume of 2,739,695 shares, compared to its average volume of 10,461,079. The company has a market capitalization of $36.23 billion, a PE ratio of -6,708.80, a price-to-earnings-growth ratio of 1.92 and a beta of 1.55. The firm has a 50-day simple moving average of $68.84 and a two-hundred day simple moving average of $57.84. The company has a current ratio of 2.59, a quick ratio of 1.47 and a debt-to-equity ratio of 0.80. Microchip Technology Incorporated has a one year low of $34.13 and a one year high of $82.87.

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

Microchip Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd were given a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date was Thursday, May 22nd. Microchip Technology's payout ratio is presently -18,200.00%.

About Microchip Technology

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.