Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Cahaba Wealth Management Inc.

Cahaba Wealth Management Inc. decreased its holdings in Microchip Technology Incorporated (NASDAQ:MCHPFree Report) by 4.9% in the 4th quarter, HoldingsChannel.com reports. The fund owned 4,599 shares of the semiconductor company’s stock after selling 238 shares during the quarter. Cahaba Wealth Management Inc.’s holdings in Microchip Technology were worth $415,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of MCHP. Norges Bank acquired a new position in shares of Microchip Technology in the fourth quarter worth $412,120,000. Mizuho Markets Americas LLC acquired a new position in shares of Microchip Technology in the third quarter worth $225,800,000. Prudential Financial Inc. grew its stake in shares of Microchip Technology by 98.5% in the first quarter. Prudential Financial Inc. now owns 2,056,405 shares of the semiconductor company’s stock worth $154,518,000 after acquiring an additional 1,020,624 shares in the last quarter. Qube Research & Technologies Ltd grew its stake in shares of Microchip Technology by 122.1% in the third quarter. Qube Research & Technologies Ltd now owns 1,529,186 shares of the semiconductor company’s stock worth $119,353,000 after acquiring an additional 840,526 shares in the last quarter. Finally, Virginia Retirement Systems ET AL acquired a new position in shares of Microchip Technology in the second quarter worth $69,092,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

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 shares were 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 of the company’s stock, valued at $2,759,722.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Microchip Technology news, Director Karlton D. Johnson sold 370 shares of the stock in a transaction that occurred 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 transaction, the director now owns 1,789 shares of the company’s stock, valued at $150,276. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, 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 directly owns 32,893 shares in the company, valued at approximately $2,759,722.70. The disclosure for this sale can be found here. Insiders own 2.07% of the company’s stock.

Microchip Technology Stock Performance

Shares of Microchip Technology stock traded down $1.76 on Tuesday, reaching $87.98. 4,253,186 shares of the stock were exchanged, compared to its average volume of 5,721,465. The company has a current ratio of 0.98, a quick ratio of 0.58 and a debt-to-equity ratio of 0.57. The business has a fifty day moving average price of $86.36 and a two-hundred day moving average price of $83.42. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $94.30. The firm has a market capitalization of $47.54 billion, a PE ratio of 20.56, a PEG ratio of 1.60 and a beta of 1.65.

Microchip Technology (NASDAQ:MCHPGet Free Report) last issued its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.04. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The company had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.77 billion. During the same period in the prior year, the business posted $1.48 earnings per share. The firm’s revenue for the quarter was down 18.6% compared to the same quarter last year. As a group, research analysts anticipate that Microchip Technology Incorporated will post 4.64 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were paid a dividend of $0.45 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $1.80 annualized dividend and a dividend yield of 2.05%. Microchip Technology’s dividend payout ratio is presently 42.06%.

Wall Street Analysts Forecast Growth

MCHP has been the subject of several research reports. UBS Group dropped their price target on shares of Microchip Technology from $105.00 to $95.00 and set a “buy” rating for the company in a research note on Friday, February 2nd. Needham & Company LLC lifted their price objective on shares of Microchip Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, February 2nd. Wolfe Research raised shares of Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price objective for the company in a research report on Thursday, January 18th. Susquehanna decreased their price objective on shares of Microchip Technology from $105.00 to $100.00 and set a “positive” rating for the company in a research report on Friday, February 2nd. Finally, The Goldman Sachs Group decreased their price objective 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. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $91.33.

Get Our Latest Report on MCHP

Microchip Technology Company Profile

(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.

Further Reading

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

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