HB Wealth Management LLC Has $780,000 Stock Position in 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 holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 53.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 16,108 shares of the semiconductor company's stock after acquiring 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 SEC filing.

Several other large investors also recently modified their holdings of the business. TD Asset Management Inc grew its stake in shares of Microchip Technology by 8.4% during the first quarter. TD Asset Management Inc now owns 1,708,733 shares of the semiconductor company's stock valued at $82,720,000 after acquiring an additional 131,833 shares in the last quarter. Applied Finance Capital Management LLC grew its stake in Microchip Technology by 15.5% in the first quarter. Applied Finance Capital Management LLC now owns 13,128 shares of the semiconductor company's stock worth $636,000 after purchasing an additional 1,758 shares in the last quarter. Heartland Advisors Inc. acquired a new position in Microchip Technology in the first quarter worth about $3,314,000. Skandinaviska Enskilda Banken AB publ grew its stake in Microchip Technology by 3.1% in the first quarter. Skandinaviska Enskilda Banken AB publ now owns 113,300 shares of the semiconductor company's stock worth $5,492,000 after purchasing an additional 3,412 shares in the last quarter. Finally, Trilogy Capital Inc. grew its stake in Microchip Technology by 47.2% in the first quarter. Trilogy Capital Inc. now owns 51,847 shares of the semiconductor company's stock worth $2,510,000 after purchasing an additional 16,628 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,015 shares of the stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $55.78, for a total transaction of $112,396.70. Following the sale, the chief financial officer directly owned 34,313 shares of the company's stock, valued at $1,913,979.14. This represents a 5.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Karlton D. Johnson sold 494 shares of the 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 sale, the director directly owned 3,468 shares in the company, valued at $210,472.92. This trade represents 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 owned by insiders.

Wall Street Analysts Forecast Growth

MCHP has been the subject of a number of research reports. UBS Group lifted their price target on Microchip Technology from $65.00 to $85.00 and gave the stock a "buy" rating in a research note on Monday, July 7th. B. Riley raised their target price on shares of Microchip Technology from $60.00 to $75.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Evercore ISI raised their target price on shares of Microchip Technology from $69.00 to $83.00 and gave the stock an "outperform" rating in a report on Thursday, June 12th. Susquehanna raised their target price on shares of Microchip Technology from $60.00 to $90.00 and gave the stock a "positive" rating in a report on Tuesday, July 22nd. Finally, Citigroup raised their target price on shares of Microchip Technology from $68.00 to $90.00 and gave the stock a "buy" rating in a report on Monday, July 7th. Six research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $75.70.

Microchip Technology Stock Performance

Shares of MCHP traded down $1.23 during trading hours on Friday, reaching $66.36. 11,541,664 shares of the company traded hands, compared to its average volume of 7,927,445. The stock's fifty day moving average is $68.84 and its 200 day moving average is $57.82. The stock has a market cap of $35.81 billion, a P/E ratio of -6,636.00, a price-to-earnings-growth ratio of 1.95 and a beta of 1.55. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.47 and a current ratio of 2.59. Microchip Technology Incorporated has a 1-year low of $34.13 and a 1-year high of $82.87.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 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 negative net margin of 0.01% and a positive return on equity of 8.55%. The company's revenue for the quarter was down 26.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.57 earnings per share. Equities research analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

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

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.