Empirical Financial Services LLC d.b.a. Empirical Wealth Management Purchases 2,083 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 5.7% during the 4th quarter, Holdings Channel reports. The fund owned 38,365 shares of the semiconductor company’s stock after buying an additional 2,083 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management’s holdings in Microchip Technology were worth $3,460,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of MCHP. Horizon Bancorp Inc. IN bought a new position in Microchip Technology in the fourth quarter worth about $110,000. Rockline Wealth Management LLC purchased a new stake in Microchip Technology during the fourth quarter valued at approximately $4,449,000. 17 Capital Partners LLC purchased a new stake in Microchip Technology during the fourth quarter valued at approximately $1,827,000. AIA Group Ltd boosted its stake in Microchip Technology by 80.4% in the fourth quarter. AIA Group Ltd now owns 29,910 shares of the semiconductor company’s stock valued at $2,697,000 after acquiring an additional 13,326 shares in the last quarter. Finally, GAM Holding AG grew its holdings in Microchip Technology by 13.9% in the fourth quarter. GAM Holding AG now owns 145,575 shares of the semiconductor company’s stock worth $13,128,000 after purchasing an additional 17,776 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Performance

MCHP stock traded down $1.70 during trading on Tuesday, hitting $92.06. 7,414,199 shares of the company traded hands, compared to its average volume of 5,645,306. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58. Microchip Technology Incorporated has a 1 year low of $68.75 and a 1 year high of $96.14. The stock’s 50-day simple moving average is $88.45 and its 200 day simple moving average is $85.37. The company has a market cap of $49.75 billion, a PE ratio of 21.51, a P/E/G ratio of 2.79 and a beta of 1.60.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, meeting the consensus estimate of $0.57. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The firm had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.33 billion. During the same period in the previous year, the firm earned $1.56 EPS. The business’s quarterly revenue was down 40.6% on a year-over-year basis. On average, equities analysts expect that Microchip Technology Incorporated will post 4.64 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd will be given a dividend of $0.452 per share. The ex-dividend date of this dividend is Tuesday, May 21st. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.81 dividend on an annualized basis and a dividend yield of 1.96%. Microchip Technology’s dividend payout ratio (DPR) is 42.06%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on MCHP shares. 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. Wolfe Research upgraded Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price target on the stock in a research note on Thursday, January 18th. Susquehanna increased their price objective on shares of Microchip Technology from $100.00 to $105.00 and gave the company a “positive” rating in a research report on Tuesday. Citigroup boosted their target price on shares of Microchip Technology from $100.00 to $104.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, UBS Group upped their price target on shares of Microchip Technology from $95.00 to $103.00 and gave the company a “buy” rating in a research note on Tuesday. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $98.47.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the transaction, the chief financial officer now owns 32,893 shares in the company, valued at $2,759,722.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.07% of the stock is owned by company insiders.

Microchip Technology Company Profile

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.