Choreo LLC Takes $2.25 Million Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Choreo LLC acquired a new stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) during the 4th quarter, HoldingsChannel.com reports. The firm acquired 24,930 shares of the semiconductor company’s stock, valued at approximately $2,248,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. BKM Wealth Management LLC bought a new stake in shares of Microchip Technology during the fourth quarter valued at approximately $27,000. Rakuten Securities Inc. bought a new stake in shares of Microchip Technology during the fourth quarter valued at approximately $27,000. Fortitude Family Office LLC purchased a new position in shares of Microchip Technology in the fourth quarter valued at $29,000. OFI Invest Asset Management purchased a new position in shares of Microchip Technology in the third quarter valued at $26,000. Finally, Milestone Investment Advisors LLC purchased a new position in shares of Microchip Technology in the third quarter valued at $36,000. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Down 0.4 %

Shares of MCHP opened at $93.18 on Tuesday. The firm has a market capitalization of $50.35 billion, a P/E ratio of 21.77, a P/E/G ratio of 2.86 and a beta of 1.65. Microchip Technology Incorporated has a 12-month low of $68.75 and a 12-month high of $94.63. 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 firm has a fifty day moving average price of $87.47 and a 200-day moving average price of $84.79.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share (EPS) 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 analyst estimates of $1.77 billion. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The business’s revenue was down 18.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.48 earnings per share. Equities research analysts expect that Microchip Technology Incorporated will post 4.64 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were paid a dividend of $0.45 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.44. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date of this dividend was Thursday, February 22nd. Microchip Technology’s payout ratio is currently 42.06%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on MCHP. Truist Financial cut their target price on shares of Microchip Technology from $97.00 to $93.00 and set a “buy” rating for the company in a report on Tuesday, January 9th. Wolfe Research raised shares of Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 target price for the company in a report on Thursday, January 18th. UBS Group cut their target price on shares of Microchip Technology from $105.00 to $95.00 and set a “buy” rating for the company in a report on Friday, February 2nd. The Goldman Sachs Group cut their target price on shares of Microchip Technology from $87.00 to $77.00 and set a “neutral” rating for the company in a report on Friday, February 2nd. Finally, TD Cowen raised their target price on shares of Microchip Technology from $75.00 to $80.00 and gave the company a “market perform” rating in a report on Friday, February 2nd. Six research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, Microchip Technology presently has a consensus rating of “Moderate Buy” and an average target price of $92.50.

Insider Activity

In related news, Director Karlton D. Johnson sold 370 shares of Microchip Technology stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total value of $31,080.00. Following the completion of the sale, the director now directly 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 accessible through this hyperlink. In related news, Director Karlton D. Johnson sold 370 shares of Microchip Technology stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total value of $31,080.00. Following the completion of the sale, the director now directly 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 accessible through this hyperlink. Also, CFO James Eric Bjornholt sold 1,970 shares of Microchip Technology stock in a transaction dated 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 of the company’s stock, valued at $2,759,722.70. The disclosure for this sale can be found here. 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.