Microchip Technology Incorporated (NASDAQ:MCHP) Stock Holdings Trimmed by TD Private Client Wealth LLC

TD Private Client Wealth LLC reduced its holdings in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 34.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,829 shares of the semiconductor company's stock after selling 9,834 shares during the quarter. TD Private Client Wealth LLC's holdings in Microchip Technology were worth $912,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the business. Federated Hermes Inc. boosted its position in shares of Microchip Technology by 0.5% during the 4th quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company's stock worth $2,254,000 after purchasing an additional 209 shares in the last quarter. Northwest Bank & Trust Co grew its position in Microchip Technology by 3.0% during the fourth quarter. Northwest Bank & Trust Co now owns 7,392 shares of the semiconductor company's stock worth $424,000 after buying an additional 217 shares during the period. Oregon Public Employees Retirement Fund increased its holdings in Microchip Technology by 0.5% in the first quarter. Oregon Public Employees Retirement Fund now owns 46,235 shares of the semiconductor company's stock valued at $2,238,000 after buying an additional 230 shares in the last quarter. Bartlett & CO. Wealth Management LLC boosted its stake in shares of Microchip Technology by 3.4% during the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 8,360 shares of the semiconductor company's stock worth $405,000 after acquiring an additional 276 shares in the last quarter. Finally, State of Wyoming grew its holdings in shares of Microchip Technology by 27.3% in the 4th quarter. State of Wyoming now owns 1,300 shares of the semiconductor company's stock worth $75,000 after acquiring an additional 279 shares during the period. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on MCHP. Bank of America raised shares of Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price objective for the company in a research note on Friday, May 9th. Citigroup boosted their price target on Microchip Technology from $68.00 to $90.00 and gave the stock a "buy" rating in a report on Monday. Evercore ISI increased their price objective on Microchip Technology from $69.00 to $83.00 and gave the company an "outperform" rating in a research note on Thursday, June 12th. Rosenblatt Securities upped their target price on shares of Microchip Technology from $63.00 to $70.00 and gave the company a "buy" rating in a report on Friday, May 30th. Finally, Cantor Fitzgerald began coverage on shares of Microchip Technology in a research report on Wednesday, June 18th. They set a "neutral" rating and a $70.00 target price on the stock. Six equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Microchip Technology has an average rating of "Moderate Buy" and a consensus target price of $75.10.

Microchip Technology Trading Up 0.5%

MCHP stock traded up $0.40 during midday trading on Thursday, reaching $75.08. 7,550,327 shares of the company's stock traded hands, compared to its average volume of 8,940,677. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.59 and a quick ratio of 1.47. Microchip Technology Incorporated has a fifty-two week low of $34.13 and a fifty-two week high of $96.98. The business has a 50-day moving average price of $63.24 and a two-hundred day moving average price of $56.12. The company has a market capitalization of $40.52 billion, a P/E ratio of -7,508.00, a PEG ratio of 2.22 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.01. The firm had revenue of $970.50 million during the quarter, compared to the consensus estimate of $962.86 million. Microchip Technology had a positive return on equity of 8.55% and a negative net margin of 0.01%. The firm's quarterly revenue was down 26.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.57 EPS. Equities research analysts forecast that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd were given a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 2.42%. The ex-dividend date was Thursday, May 22nd. Microchip Technology's dividend payout ratio (DPR) is -18,200.00%.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 2,015 shares of Microchip Technology stock in a transaction 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 owned 34,313 shares of the company's stock, valued at $1,913,979.14. The trade was a 5.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Karlton D. Johnson sold 494 shares of the firm's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total value of $29,980.86. Following the sale, the director owned 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. Company insiders own 2.10% of the company's stock.

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.