Microchip Technology Incorporated (NASDAQ:MCHP) Stock Holdings Increased by Wealth Advisors of Tampa Bay LLC

Wealth Advisors of Tampa Bay LLC grew its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 1.1% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 32,133 shares of the semiconductor company’s stock after buying an additional 335 shares during the period. Wealth Advisors of Tampa Bay LLC’s holdings in Microchip Technology were worth $2,940,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Rise Advisors LLC bought a new position in Microchip Technology during the first quarter worth $28,000. Pineridge Advisors LLC bought a new position in shares of Microchip Technology in the 4th quarter worth about $33,000. Steph & Co. boosted its holdings in shares of Microchip Technology by 57.4% in the 1st quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock valued at $37,000 after buying an additional 151 shares during the period. Pathway Financial Advisers LLC bought a new stake in shares of Microchip Technology during the 1st quarter valued at about $39,000. Finally, Richardson Capital Management LLC bought a new stake in shares of Microchip Technology during the 1st quarter valued at about $45,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Wall Street Analysts Forecast Growth

MCHP has been the subject of a number of research reports. Piper Sandler upgraded Microchip Technology from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $90.00 to $100.00 in a research note on Friday, August 16th. Susquehanna reduced their price objective on Microchip Technology from $115.00 to $105.00 and set a “positive” rating for the company in a research report on Friday, August 2nd. Truist Financial lowered their price objective on Microchip Technology from $96.00 to $89.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Needham & Company LLC cut their target price on Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $99.95.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the sale, the chief financial officer now owns 33,257 shares in the company, valued at approximately $2,710,445.50. The transaction was disclosed in a filing with the SEC, which is available through this link. 2.07% of the stock is currently owned by corporate insiders.

Microchip Technology Stock Performance

NASDAQ:MCHP opened at $78.83 on Friday. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.96. The company has a 50-day moving average of $81.46 and a 200-day moving average of $87.80. Microchip Technology Incorporated has a twelve month low of $68.75 and a twelve month high of $100.57. The firm has a market cap of $42.29 billion, a price-to-earnings ratio of 22.72 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The firm’s revenue for the quarter was down 45.8% compared to the same quarter last year. During the same period last year, the firm posted $1.56 earnings per share. Analysts forecast that Microchip Technology Incorporated will post 1.74 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were issued a dividend of $0.454 per share. This represents a $1.82 annualized dividend and a dividend yield of 2.30%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Thursday, August 22nd. Microchip Technology’s dividend payout ratio is currently 52.16%.

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.