Checchi Capital Advisers LLC Sells 828 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Checchi Capital Advisers LLC lowered its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 10.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 7,181 shares of the semiconductor company’s stock after selling 828 shares during the quarter. Checchi Capital Advisers LLC’s holdings in Microchip Technology were worth $412,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Prospera Private Wealth LLC acquired a new stake in shares of Microchip Technology in the third quarter valued at approximately $29,000. Financial Life Planners acquired a new position in Microchip Technology during the 4th quarter worth $32,000. Peterson Financial Group Inc. bought a new position in Microchip Technology in the 3rd quarter valued at $34,000. Truvestments Capital LLC acquired a new stake in shares of Microchip Technology in the 3rd quarter valued at $34,000. Finally, Hobbs Group Advisors LLC raised its position in shares of Microchip Technology by 390.6% during the third quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock worth $50,000 after acquiring an additional 500 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. B. Riley reiterated a “buy” rating and issued a $75.00 price target (down previously from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. StockNews.com lowered shares of Microchip Technology from a “hold” rating to a “sell” rating in a research note on Monday, February 10th. KeyCorp dropped their price target on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a research note on Friday, February 7th. Evercore ISI reaffirmed an “outperform” rating and issued a $95.00 price objective (down from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. Finally, Piper Sandler reiterated an “overweight” rating and set a $65.00 target price (down previously from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.11.

Insider Activity

In related news, CFO James Eric Bjornholt sold 3,724 shares of the company’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total transaction of $226,717.12. Following the sale, the chief financial officer now owns 33,272 shares in the company, valued at approximately $2,025,599.36. This represents a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.10% of the stock is owned by corporate insiders.

Microchip Technology Price Performance

Shares of MCHP opened at $57.12 on Friday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. Microchip Technology Incorporated has a 52-week low of $50.21 and a 52-week high of $100.57. The stock has a 50 day simple moving average of $56.87 and a 200 day simple moving average of $67.64. The firm has a market capitalization of $30.72 billion, a PE ratio of 102.00 and a beta of 1.50.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 EPS 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%. Sell-side analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Monday, February 24th will be issued a dividend of $0.455 per share. The ex-dividend date of this dividend is Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.19%. Microchip Technology’s payout ratio is presently 325.00%.

About Microchip Technology

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.