Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Davis R M Inc.

Davis R M Inc. cut its holdings in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 9.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 837,955 shares of the semiconductor company's stock after selling 90,205 shares during the period. Microchip Technology comprises approximately 1.7% of Davis R M Inc.'s portfolio, making the stock its 13th biggest holding. Davis R M Inc. owned about 0.16% of Microchip Technology worth $75,567,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. BKM Wealth Management LLC bought a new position in Microchip Technology during the fourth quarter valued at $27,000. Rakuten Securities Inc. bought a new position in shares of Microchip Technology during the 4th quarter worth $27,000. Fortitude Family Office LLC bought a new position in shares of Microchip Technology during the 4th quarter worth $29,000. Milestone Investment Advisors LLC bought a new stake in Microchip Technology in the 3rd quarter valued at about $36,000. Finally, Operose Advisors LLC lifted its holdings in Microchip Technology by 79.3% during the third quarter. Operose Advisors LLC now owns 502 shares of the semiconductor company's stock valued at $39,000 after purchasing an additional 222 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Microchip Technology

In other Microchip Technology news, VP Stephen V. Drehobl sold 10,000 shares of the stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total value of $908,800.00. Following the completion of the sale, the vice president now owns 82,203 shares in the company, valued at approximately $7,470,608.64. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Microchip Technology news, VP Stephen V. Drehobl sold 10,000 shares of the company's stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total value of $908,800.00. Following the completion of the transaction, the vice president now directly owns 82,203 shares in the company, valued at approximately $7,470,608.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Stephen V. Drehobl sold 7,830 shares of the firm's stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $95.06, for a total transaction of $744,319.80. Following the completion of the sale, the vice president now directly owns 79,509 shares of the company's stock, valued at $7,558,125.54. The disclosure for this sale can be found here. Insiders sold 19,800 shares of company stock worth $1,818,403 in the last three months. 2.07% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

MCHP has been the topic of a number of recent research reports. TD Cowen upped their price target on shares of Microchip Technology from $80.00 to $90.00 and gave the company a "hold" rating in a research note on Tuesday, May 7th. Susquehanna boosted their price objective on Microchip Technology from $100.00 to $105.00 and gave the company a "positive" rating in a research note on Tuesday, May 7th. Mizuho raised their target price on Microchip Technology from $82.00 to $85.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 7th. Jefferies Financial Group initiated coverage on Microchip Technology in a research report on Monday, May 13th. They set a "buy" rating and a $115.00 price target on the stock. Finally, Rosenblatt Securities restated a "buy" rating and issued a $100.00 price objective on shares of Microchip Technology in a research report on Tuesday, January 30th. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $99.39.

Microchip Technology Price Performance

Shares of Microchip Technology stock traded down $0.68 during trading on Tuesday, hitting $95.78. 3,680,887 shares of the stock traded hands, compared to its average volume of 5,504,238. The stock has a market cap of $51.76 billion, a price-to-earnings ratio of 27.60, a PEG ratio of 3.29 and a beta of 1.60. The company has a quick ratio of 0.67, a current ratio of 1.20 and a debt-to-equity ratio of 0.75. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $97.59. The firm's fifty day moving average is $89.63 and its 200-day moving average is $86.83.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, meeting analysts' consensus estimates of $0.57. The business had revenue of $1.33 billion for the quarter, compared to analysts' expectations of $1.33 billion. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The business's quarterly revenue was down 40.6% on a year-over-year basis. During the same period last year, the business earned $1.56 earnings per share. Research analysts expect that Microchip Technology Incorporated will post 2.38 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd will be given a $0.452 dividend. The ex-dividend date of this dividend is Tuesday, May 21st. This represents a $1.81 annualized dividend and a yield of 1.89%. This is an increase from Microchip Technology's previous quarterly dividend of $0.45. Microchip Technology's payout ratio is presently 51.87%.

About Microchip Technology

Microchip Technology Incorporated develops, manufactures, and sells 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 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.