Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by World Investment Advisors

World Investment Advisors lowered its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 51.5% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 21,348 shares of the semiconductor company's stock after selling 22,699 shares during the quarter. World Investment Advisors' holdings in Microchip Technology were worth $1,033,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in MCHP. one8zero8 LLC purchased a new stake in Microchip Technology in the fourth quarter worth $384,000. Vanguard Group Inc. increased its stake in Microchip Technology by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company's stock worth $3,952,123,000 after purchasing an additional 569,699 shares during the period. Franklin Resources Inc. increased its stake in Microchip Technology by 90.0% in the fourth quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company's stock worth $364,792,000 after purchasing an additional 3,013,162 shares during the period. Potomac Fund Management Inc. ADV purchased a new stake in Microchip Technology in the fourth quarter worth $738,000. Finally, First Citizens Bank & Trust Co. increased its stake in Microchip Technology by 468.2% in the first quarter. First Citizens Bank & Trust Co. now owns 73,737 shares of the semiconductor company's stock worth $3,570,000 after purchasing an additional 60,760 shares during the period. Hedge funds and other institutional investors own 91.51% of the company's stock.

Wall Street Analysts Forecast Growth

MCHP has been the topic of several research reports. Citigroup raised their price target on Microchip Technology from $68.00 to $90.00 and gave the company a "buy" rating in a research note on Monday. Raymond James Financial raised their price target on Microchip Technology from $60.00 to $65.00 and gave the company a "strong-buy" rating in a research note on Friday, May 9th. KeyCorp raised their price target on Microchip Technology from $70.00 to $85.00 and gave the company an "overweight" rating in a research note on Tuesday. The Goldman Sachs Group initiated coverage on Microchip Technology in a research note on Thursday. They set a "buy" rating and a $88.00 price target on the stock. Finally, TD Cowen raised their price target on Microchip Technology from $35.00 to $55.00 and gave the company a "hold" rating in a research note on Friday, May 9th. Six equities research 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. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $75.10.

Microchip Technology Stock Performance

Shares of Microchip Technology stock traded up $0.40 on Thursday, reaching $75.08. 7,550,327 shares of the stock were exchanged, compared to its average volume of 8,950,893. 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 quick ratio of 1.47, a current ratio of 2.59 and a debt-to-equity ratio of 0.80. The firm has a market capitalization of $40.52 billion, a price-to-earnings ratio of -7,508.00, a PEG ratio of 2.22 and a beta of 1.52. Microchip Technology Incorporated has a twelve month low of $34.13 and a twelve month high of $96.98.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, beating 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 period in the previous year, the business earned $0.57 earnings per share. The business's revenue was down 26.8% compared to the same quarter last year. 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. Investors of record on Thursday, May 22nd were given a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a dividend yield of 2.42%. The ex-dividend date was Thursday, May 22nd. Microchip Technology's payout ratio is -18,200.00%.

Insider Activity at Microchip Technology

In other Microchip Technology news, Director Karlton D. Johnson sold 494 shares of the business'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 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 transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO James Eric Bjornholt sold 2,015 shares of the business's stock in a transaction 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 transaction, the chief financial officer directly owned 34,313 shares in the company, valued at $1,913,979.14. This trade represents a 5.55% decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is currently owned by insiders.

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.