Microchip Technology Incorporated (NASDAQ:MCHP) Shares Bought by SOA Wealth Advisors LLC.

SOA Wealth Advisors LLC. grew its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 90.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 530 shares of the semiconductor company’s stock after purchasing an additional 251 shares during the period. SOA Wealth Advisors LLC.’s holdings in Microchip Technology were worth $48,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of MCHP. BKM Wealth Management LLC acquired a new stake in shares of Microchip Technology during the 4th quarter worth about $27,000. Rakuten Securities Inc. acquired a new stake in shares of Microchip Technology during the 4th quarter worth about $27,000. Rise Advisors LLC acquired a new stake in shares of Microchip Technology in the first quarter worth approximately $28,000. Fortitude Family Office LLC acquired a new stake in shares of Microchip Technology in the fourth quarter worth approximately $29,000. Finally, Pineridge Advisors LLC acquired a new stake in shares of Microchip Technology in the fourth quarter worth approximately $33,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, VP Stephen V. Drehobl sold 10,000 shares of the business’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total transaction of $908,800.00. Following the completion of the transaction, the vice president now owns 82,203 shares of the company’s stock, valued at $7,470,608.64. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, VP Stephen V. Drehobl sold 10,000 shares of the business’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total transaction of $908,800.00. Following the completion of the transaction, the vice president now owns 82,203 shares of the company’s stock, valued at $7,470,608.64. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO James Eric Bjornholt sold 3,188 shares of Microchip Technology stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total transaction of $318,736.24. Following the sale, the chief financial officer now owns 33,257 shares in the company, valued at $3,325,034.86. The disclosure for this sale can be found here. Over the last quarter, insiders sold 23,993 shares of company stock valued at $2,251,857. 2.07% of the stock is currently owned by company insiders.

Microchip Technology Stock Up 2.9 %

MCHP stock opened at $91.58 on Friday. Microchip Technology Incorporated has a twelve month low of $68.75 and a twelve month high of $100.57. The company has a current ratio of 1.20, a quick ratio of 0.67 and a debt-to-equity ratio of 0.75. The company has a market capitalization of $49.17 billion, a P/E ratio of 26.39 and a beta of 1.55. The firm has a 50 day simple moving average of $92.48 and a 200-day simple moving average of $88.96.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, hitting analysts’ consensus estimates of $0.57. The firm had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.33 billion. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The firm’s revenue was down 40.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.56 earnings per share. On average, equities research analysts predict that Microchip Technology Incorporated will post 2.35 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd were issued a dividend of $0.452 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Tuesday, May 21st. This represents a $1.81 annualized dividend and a dividend yield of 1.97%. Microchip Technology’s payout ratio is 52.16%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. UBS Group raised their target price on shares of Microchip Technology from $95.00 to $103.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. Mizuho upgraded shares of Microchip Technology from a “neutral” rating to a “buy” rating and raised their price target for the company from $85.00 to $115.00 in a report on Friday, May 24th. Needham & Company LLC raised their price target on shares of Microchip Technology from $90.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. Susquehanna raised their price target on shares of Microchip Technology from $100.00 to $105.00 and gave the company a “positive” rating in a report on Tuesday, May 7th. Finally, KeyCorp raised their price target on shares of Microchip Technology from $90.00 to $110.00 and gave the company an “overweight” rating in a report on Tuesday, May 7th. Five research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $101.06.

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.