Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by SYSTM Wealth Solutions LLC

SYSTM Wealth Solutions LLC lowered its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 12.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 64,341 shares of the semiconductor company’s stock after selling 9,384 shares during the period. Microchip Technology accounts for approximately 1.3% of SYSTM Wealth Solutions LLC’s portfolio, making the stock its 21st biggest holding. SYSTM Wealth Solutions LLC’s holdings in Microchip Technology were worth $5,887,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Microchip Technology by 2.9% during the first quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock valued at $6,152,646,000 after acquiring an additional 1,921,497 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Microchip Technology by 0.4% during the second quarter. Principal Financial Group Inc. now owns 9,246,403 shares of the semiconductor company’s stock valued at $846,046,000 after acquiring an additional 33,603 shares during the last quarter. Boston Partners lifted its position in Microchip Technology by 10.7% during the first quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock worth $681,838,000 after buying an additional 736,818 shares during the period. Van ECK Associates Corp lifted its position in Microchip Technology by 4.9% during the second quarter. Van ECK Associates Corp now owns 6,363,937 shares of the semiconductor company’s stock worth $582,301,000 after buying an additional 295,626 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its position in Microchip Technology by 17.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 4,527,709 shares of the semiconductor company’s stock worth $406,182,000 after buying an additional 673,992 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. B. Riley reduced their target price on Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Morgan Stanley downgraded Microchip Technology from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $102.00 to $100.00 in a research report on Thursday, July 11th. Mizuho upgraded Microchip Technology from a “neutral” rating to a “buy” rating and increased their target price for the stock from $85.00 to $115.00 in a research report on Friday, May 24th. Piper Sandler upgraded Microchip Technology from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $90.00 to $100.00 in a research report on Friday, August 16th. Finally, Susquehanna cut their price objective on Microchip Technology from $115.00 to $105.00 and set a “positive” rating on the stock in a report on Friday, August 2nd. Five analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat, Microchip Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $99.95.

Microchip Technology Stock Performance

Shares of NASDAQ:MCHP opened at $77.00 on Wednesday. The company has a market cap of $41.31 billion, a P/E ratio of 22.19 and a beta of 1.53. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $100.57. The business’s 50-day simple moving average is $82.12 and its 200 day simple moving average is $87.94.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.52 by $0.01. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same period last year, the business posted $1.56 EPS. The company’s revenue was down 45.8% on a year-over-year basis. On average, sell-side analysts forecast that Microchip Technology Incorporated will post 1.74 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were paid a dividend of $0.454 per share. This represents a $1.82 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date of this dividend was Thursday, August 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is 52.16%.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the sale, the chief financial officer now owns 33,257 shares in the company, valued at approximately $2,710,445.50. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.07% of the stock is owned by insiders.

Microchip Technology Profile

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.