Microchip Technology Incorporated (NASDAQ:MCHP) Holdings Lowered by Migdal Insurance & Financial Holdings Ltd.

Migdal Insurance & Financial Holdings Ltd. trimmed its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 19.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 951 shares of the semiconductor company’s stock after selling 224 shares during the period. Migdal Insurance & Financial Holdings Ltd.’s holdings in Microchip Technology were worth $86,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. Rakuten Securities Inc. acquired a new position in Microchip Technology during the fourth quarter valued at $27,000. Carl P. Sherr & Co. LLC raised its position in Microchip Technology by 1.4% during 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 period. United Asset Strategies Inc. raised its position in Microchip Technology by 9.7% during 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 period. Peirce Capital Management LLC acquired a new position in Microchip Technology during the fourth quarter valued at $541,000. Finally, VELA Investment Management LLC raised its position in Microchip Technology by 6.8% during the fourth quarter. VELA Investment Management LLC now owns 14,896 shares of the semiconductor company’s stock valued at $1,343,000 after buying an additional 942 shares during the period. 91.51% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Stock Down 1.0 %

MCHP stock opened at $84.21 on Friday. 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 stock has a market capitalization of $45.51 billion, a P/E ratio of 19.68, a P/E/G ratio of 2.60 and a beta of 1.65. The business has a 50-day moving average of $86.58 and a 200-day moving average of $84.24. Microchip Technology Incorporated has a fifty-two week low of $68.75 and a fifty-two week high of $94.30.

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

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.14%. The ex-dividend date of this dividend was Thursday, February 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.44. Microchip Technology’s dividend payout ratio is presently 42.06%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Evercore ISI assumed coverage on Microchip Technology in a research report on Tuesday. They issued an “outperform” rating and a $106.00 target price on the stock. Rosenblatt Securities reaffirmed a “buy” rating and issued a $100.00 target price on shares of Microchip Technology in a research report on Tuesday, January 30th. Piper Sandler lowered Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 target price on the stock. in a research report on Thursday, January 4th. Truist Financial dropped their target price on Microchip Technology from $97.00 to $93.00 and set a “buy” rating on the stock in a research report on Tuesday, January 9th. Finally, TD Cowen upped their target price on Microchip Technology from $75.00 to $80.00 and gave the stock a “market perform” rating in a research report on Friday, February 2nd. Six equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $92.50.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the sale, the chief financial officer now owns 32,893 shares in the company, valued at $2,759,722.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Microchip Technology news, Director Karlton D. Johnson sold 370 shares of the company’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 value of $31,080.00. Following the sale, the director now owns 1,789 shares in the company, valued at $150,276. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO James Eric Bjornholt sold 1,970 shares of the company’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 value of $165,283.00. Following the completion of the sale, the chief financial officer now owns 32,893 shares in the company, valued at approximately $2,759,722.70. The disclosure for this sale can be found here. 2.07% of the stock is currently owned by corporate insiders.

About Microchip Technology

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.