Proficio Capital Partners LLC Acquires New Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Proficio Capital Partners LLC acquired a new stake in Microchip Technology Incorporated (NASDAQ:MCHP) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 66,577 shares of the semiconductor company’s stock, valued at approximately $3,818,000.

A number of other large investors have also modified their holdings of the business. Prospera Private Wealth LLC acquired a new position in Microchip Technology during the third quarter worth $29,000. Truvestments Capital LLC purchased a new stake in shares of Microchip Technology during the 3rd quarter worth $34,000. Mainstream Capital Management LLC acquired a new position in shares of Microchip Technology during the 4th quarter worth $26,000. Financial Life Planners purchased a new position in shares of Microchip Technology in the 4th quarter valued at about $32,000. Finally, Kohmann Bosshard Financial Services LLC purchased a new stake in Microchip Technology during the fourth quarter worth about $34,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Stock Up 3.3 %

Shares of MCHP opened at $55.26 on Tuesday. The company’s fifty day moving average is $56.45 and its two-hundred day moving average is $65.40. Microchip Technology Incorporated has a fifty-two week low of $50.21 and a fifty-two week high of $100.57. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. The firm has a market cap of $29.72 billion, a PE ratio of 98.68 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. Analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were given a $0.455 dividend. This represents a $1.82 annualized dividend and a dividend yield of 3.29%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology’s payout ratio is 325.00%.

Insider Activity

In related news, CFO James Eric Bjornholt sold 3,724 shares of the firm’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total transaction of $226,717.12. Following the completion of the sale, the chief financial officer now directly owns 33,272 shares of the company’s stock, valued at approximately $2,025,599.36. This trade represents a 10.07 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on MCHP shares. Bank of America cut Microchip Technology from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $80.00 to $65.00 in a report on Monday, December 16th. KeyCorp decreased their price objective on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating on the stock in a research report on Friday, February 7th. Evercore ISI increased their price target on shares of Microchip Technology from $65.00 to $71.00 and gave the company an “outperform” rating in a research report on Tuesday, March 4th. Mizuho raised their price target on Microchip Technology from $58.00 to $68.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 4th. Finally, The Goldman Sachs Group reduced their price objective on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a research report on Friday, January 10th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $74.37.

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.