Waterfront Wealth Inc. Boosts Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Waterfront Wealth Inc. raised its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 1.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,081 shares of the semiconductor company’s stock after purchasing an additional 203 shares during the period. Waterfront Wealth Inc.’s holdings in Microchip Technology were worth $1,089,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Livforsakringsbolaget Skandia Omsesidigt raised its position in shares of Microchip Technology by 0.7% in the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 68,230 shares of the semiconductor company’s stock valued at $6,153,000 after buying an additional 500 shares during the last quarter. Daiwa Securities Group Inc. raised its position in shares of Microchip Technology by 0.3% in the fourth quarter. Daiwa Securities Group Inc. now owns 125,536 shares of the semiconductor company’s stock valued at $11,321,000 after buying an additional 399 shares during the last quarter. Rakuten Securities Inc. acquired a new stake in shares of Microchip Technology in the fourth quarter valued at about $27,000. Carl P. Sherr & Co. LLC raised its position in shares of Microchip Technology by 1.4% in the fourth quarter. Carl P. Sherr & Co. LLC now owns 11,570 shares of the semiconductor company’s stock valued at $1,043,000 after buying an additional 165 shares during the last quarter. Finally, United Asset Strategies Inc. raised its position in shares of Microchip Technology by 9.7% in the fourth quarter. United Asset Strategies Inc. now owns 8,965 shares of the semiconductor company’s stock valued at $809,000 after buying an additional 789 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently commented on MCHP. Truist Financial reduced their target price on shares of Microchip Technology from $97.00 to $93.00 and set a “buy” rating for the company in a research report on Tuesday, January 9th. The Goldman Sachs Group reduced their target price on shares of Microchip Technology from $87.00 to $77.00 and set a “neutral” rating for the company in a research report on Friday, February 2nd. TD Cowen raised their price objective on shares of Microchip Technology from $75.00 to $80.00 and gave the stock a “market perform” rating in a research report on Friday, February 2nd. Susquehanna restated a “positive” rating and set a $100.00 price objective on shares of Microchip Technology in a research report on Monday, April 8th. Finally, StockNews.com cut shares of Microchip Technology from a “buy” rating to a “hold” rating in a research report on Friday, December 29th. Six analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $92.25.

Microchip Technology Stock Down 1.0 %

Shares of NASDAQ MCHP traded down $0.86 during midday trading on Wednesday, hitting $85.07. The company’s stock had a trading volume of 4,820,388 shares, compared to its average volume of 5,533,114. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58. The firm has a market capitalization of $45.97 billion, a price-to-earnings ratio of 19.88, a price-to-earnings-growth ratio of 2.62 and a beta of 1.65. The business’s fifty day simple moving average is $86.58 and its two-hundred day simple moving average is $84.24. Microchip Technology Incorporated has a 1 year low of $68.75 and a 1 year high of $94.30.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $1.04 by $0.04. The firm had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.77 billion. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The business’s quarterly revenue was down 18.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.48 earnings per share. On average, equities analysts predict that Microchip Technology Incorporated will post 4.64 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were issued a $0.45 dividend. The ex-dividend date was Thursday, February 22nd. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.12%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.44. Microchip Technology’s payout ratio is 42.06%.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total transaction of $165,283.00. Following the completion of the transaction, the chief financial officer now owns 32,893 shares in the company, valued at approximately $2,759,722.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total transaction of $165,283.00. Following the completion of the transaction, the chief financial officer now owns 32,893 shares in the company, valued at approximately $2,759,722.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Karlton D. Johnson sold 370 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the transaction, the director now owns 1,789 shares of the company’s stock, valued at approximately $150,276. The disclosure for this sale can be found here. Company insiders own 2.07% of the company’s stock.

Microchip Technology 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.