TD Private Client Wealth LLC Cuts Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

TD Private Client Wealth LLC lessened its holdings in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 34.3% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 18,829 shares of the semiconductor company's stock after selling 9,834 shares during the period. TD Private Client Wealth LLC's holdings in Microchip Technology were worth $912,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. one8zero8 LLC bought a new position in shares of Microchip Technology in the 4th quarter worth approximately $384,000. Vanguard Group Inc. increased its holdings in Microchip Technology by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company's stock worth $3,952,123,000 after acquiring an additional 569,699 shares in the last quarter. Franklin Resources Inc. increased its holdings in Microchip Technology by 90.0% in the 4th quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company's stock worth $364,792,000 after acquiring an additional 3,013,162 shares in the last quarter. Potomac Fund Management Inc. ADV purchased a new stake in Microchip Technology in the 4th quarter worth approximately $738,000. Finally, First Citizens Bank & Trust Co. increased its holdings in Microchip Technology by 468.2% in the 1st quarter. First Citizens Bank & Trust Co. now owns 73,737 shares of the semiconductor company's stock worth $3,570,000 after acquiring an additional 60,760 shares in the last quarter. Institutional investors own 91.51% of the company's stock.

Insider Buying and Selling at Microchip Technology

In other news, Director Karlton D. Johnson sold 494 shares of the firm'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 transaction, the director owned 3,468 shares in the company, valued at approximately $210,472.92. This trade represents a 12.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO James Eric Bjornholt sold 2,015 shares of the firm's stock in a transaction 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 transaction, the chief financial officer owned 34,313 shares in the company, valued at approximately $1,913,979.14. This represents a 5.55% decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.10% of the company's stock.

Microchip Technology Trading Down 0.6%

MCHP traded down $0.44 during trading on Friday, reaching $74.64. The company had a trading volume of 2,143,239 shares, compared to its average volume of 8,923,662. The stock has a market cap of $40.28 billion, a P/E ratio of -7,466.50, a PEG ratio of 2.22 and a beta of 1.52. The business has a 50 day simple moving average of $63.83 and a 200-day simple moving average of $56.23. Microchip Technology Incorporated has a 52 week low of $34.13 and a 52 week high of $96.98. The company has a quick ratio of 1.47, a current ratio of 2.59 and a debt-to-equity ratio of 0.80.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $962.86 million. During the same period last year, the company earned $0.57 earnings per share. The business's revenue for the quarter was down 26.8% compared to the same quarter last year. On average, equities analysts anticipate that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd were paid a dividend of $0.455 per share. The ex-dividend date of this dividend was Thursday, May 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.44%. Microchip Technology's dividend payout ratio is currently -18,200.00%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Stifel Nicolaus increased their target price on shares of Microchip Technology from $60.00 to $70.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Evercore ISI increased their price objective on shares of Microchip Technology from $69.00 to $83.00 and gave the company an "outperform" rating in a report on Thursday, June 12th. Cantor Fitzgerald began coverage on shares of Microchip Technology in a report on Wednesday, June 18th. They set a "neutral" rating and a $70.00 price objective for the company. Raymond James Financial increased their price objective on shares of Microchip Technology from $60.00 to $65.00 and gave the company a "strong-buy" rating in a report on Friday, May 9th. Finally, TD Cowen increased their price objective on shares of Microchip Technology from $35.00 to $55.00 and gave the company a "hold" rating in a report on Friday, May 9th. Six analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $75.10.

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.