Beta Wealth Group Inc. Sells 797 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Beta Wealth Group Inc. cut its position in shares of Microchip Technology Incorporated (NASDAQ:MCHPFree Report) by 12.1% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,806 shares of the semiconductor company’s stock after selling 797 shares during the period. Beta Wealth Group Inc.’s holdings in Microchip Technology were worth $524,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Principal Financial Group Inc. raised its position in shares of Microchip Technology by 0.9% in the 4th quarter. Principal Financial Group Inc. now owns 9,279,166 shares of the semiconductor company’s stock worth $836,795,000 after acquiring an additional 87,203 shares in the last quarter. Northern Trust Corp raised its position in shares of Microchip Technology by 1.1% in the 3rd quarter. Northern Trust Corp now owns 7,521,409 shares of the semiconductor company’s stock worth $587,046,000 after acquiring an additional 80,431 shares in the last quarter. Norges Bank bought a new position in shares of Microchip Technology in the 4th quarter worth $672,196,000. Van ECK Associates Corp raised its position in shares of Microchip Technology by 16.0% in the 4th quarter. Van ECK Associates Corp now owns 5,177,014 shares of the semiconductor company’s stock worth $466,863,000 after acquiring an additional 714,376 shares in the last quarter. Finally, Mizuho Markets Americas LLC bought a new position in shares of Microchip Technology in the 3rd quarter worth $225,800,000. 91.51% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 3,188 shares of the company’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $99.98, for a total value of $318,736.24. Following the completion of the transaction, the chief financial officer now owns 33,257 shares of the company’s stock, valued at approximately $3,325,034.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Microchip Technology news, VP Stephen V. Drehobl sold 7,830 shares of the stock in a transaction that occurred on 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 transaction, the vice president now owns 79,509 shares of the company’s stock, valued at $7,558,125.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO James Eric Bjornholt sold 3,188 shares of the stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total value of $318,736.24. Following the transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at approximately $3,325,034.86. The disclosure for this sale can be found here. In the last 90 days, insiders sold 21,018 shares of company stock valued at $1,971,856. 2.07% of the stock is owned by company insiders.

Microchip Technology Stock Performance

Shares of MCHP traded up $0.09 during mid-day trading on Friday, reaching $98.23. The company had a trading volume of 5,206,172 shares, compared to its average volume of 5,565,557. Microchip Technology Incorporated has a 52-week low of $68.75 and a 52-week high of $100.57. The company has a quick ratio of 0.67, a current ratio of 1.20 and a debt-to-equity ratio of 0.75. The stock has a market capitalization of $53.08 billion, a P/E ratio of 28.31, a PEG ratio of 3.43 and a beta of 1.60. The stock has a 50 day moving average of $90.19 and a two-hundred day moving average of $87.33.

Microchip Technology (NASDAQ:MCHPGet Free Report) last issued its earnings results on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, hitting analysts’ consensus estimates of $0.57. Microchip Technology had a return on equity of 36.78% and a net margin of 24.98%. The firm had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter in the prior year, the business earned $1.56 earnings per share. The company’s revenue was down 40.6% compared to the same quarter last year. On average, analysts expect that Microchip Technology Incorporated will post 2.38 earnings per share for the current year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 5th. Investors of record on Wednesday, May 22nd will be issued a $0.452 dividend. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Tuesday, May 21st. This represents a $1.81 dividend on an annualized basis and a yield of 1.84%. Microchip Technology’s dividend payout ratio is presently 52.16%.

Wall Street Analysts Forecast Growth

MCHP has been the subject of several recent research reports. Citigroup boosted their price target on Microchip Technology from $100.00 to $104.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. Needham & Company LLC boosted their target price on Microchip Technology from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday, May 7th. TD Cowen boosted their target price on Microchip Technology from $80.00 to $90.00 and gave the stock a “hold” rating in a research note on Tuesday, May 7th. B. Riley boosted their target price on Microchip Technology from $105.00 to $110.00 and gave the stock a “buy” rating in a research note on Tuesday, May 7th. Finally, Susquehanna boosted their target price on Microchip Technology from $100.00 to $105.00 and gave the stock a “positive” rating in a research note on Tuesday, May 7th. Five equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and an average price target of $101.06.

Read Our Latest Stock Analysis on MCHP

About Microchip Technology

(Free Report)

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.

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Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

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