Confluence Wealth Services Inc. Buys 368 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Confluence Wealth Services Inc. grew its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 3.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,430 shares of the semiconductor company’s stock after buying an additional 368 shares during the quarter. Confluence Wealth Services Inc.’s holdings in Microchip Technology were worth $936,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Bleakley Financial Group LLC grew its stake in shares of Microchip Technology by 1.3% during the 4th quarter. Bleakley Financial Group LLC now owns 9,415 shares of the semiconductor company’s stock valued at $849,000 after purchasing an additional 119 shares during the period. RFG Advisory LLC grew its stake in shares of Microchip Technology by 3.2% during the 4th quarter. RFG Advisory LLC now owns 3,910 shares of the semiconductor company’s stock valued at $353,000 after purchasing an additional 123 shares during the period. Twelve Points Wealth Management LLC grew its stake in shares of Microchip Technology by 1.0% during the 4th quarter. Twelve Points Wealth Management LLC now owns 12,229 shares of the semiconductor company’s stock valued at $1,103,000 after purchasing an additional 125 shares during the period. Merit Financial Group LLC grew its stake in shares of Microchip Technology by 1.9% during the 3rd quarter. Merit Financial Group LLC now owns 7,096 shares of the semiconductor company’s stock valued at $554,000 after acquiring an additional 134 shares during the period. Finally, Financial Advocates Investment Management grew its stake in shares of Microchip Technology by 4.1% during the 3rd quarter. Financial Advocates Investment Management now owns 3,607 shares of the semiconductor company’s stock valued at $281,000 after acquiring an additional 142 shares during the period. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Microchip Technology news, Director Karlton D. Johnson sold 370 shares of Microchip Technology stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total transaction of $31,080.00. Following the completion of the transaction, the director now directly owns 1,789 shares of the company’s stock, valued at $150,276. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO James Eric Bjornholt sold 1,970 shares of Microchip Technology stock in a transaction 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 completion of the sale, the chief financial officer now directly owns 32,893 shares in the company, valued at $2,759,722.70. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Karlton D. Johnson sold 370 shares of Microchip Technology stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total value of $31,080.00. Following the sale, the director now owns 1,789 shares of the company’s stock, valued at $150,276. The disclosure for this sale can be found here. 2.07% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on MCHP. Truist Financial cut their price objective on Microchip Technology from $97.00 to $93.00 and set a “buy” rating for the company in a research note on Tuesday, January 9th. TD Cowen boosted their price target on Microchip Technology from $75.00 to $80.00 and gave the stock a “market perform” rating in a report on Friday, February 2nd. Wolfe Research raised Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price target on the stock in a report on Thursday, January 18th. Stifel Nicolaus boosted their price target on Microchip Technology from $94.00 to $98.00 and gave the stock a “buy” rating in a report on Thursday, April 18th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $100.00 price target on shares of Microchip Technology in a report on Tuesday, January 30th. Six equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $92.50.

Microchip Technology Trading Down 1.3 %

MCHP traded down $1.20 during trading on Tuesday, reaching $91.98. The company had a trading volume of 6,026,112 shares, compared to its average volume of 5,571,717. The company has a quick ratio of 0.58, a current ratio of 0.98 and a debt-to-equity ratio of 0.57. The business has a 50 day simple moving average of $87.66 and a 200-day simple moving average of $84.89. The stock has a market cap of $49.71 billion, a P/E ratio of 21.49, a PEG ratio of 2.86 and a beta of 1.65. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $94.63.

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

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 23rd were paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 1.96%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.44. The ex-dividend date was Thursday, February 22nd. Microchip Technology’s payout ratio is presently 42.06%.

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.