Dakota Wealth Management Boosts Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Dakota Wealth Management grew its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 13.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,951 shares of the semiconductor company’s stock after acquiring an additional 722 shares during the quarter. Dakota Wealth Management’s holdings in Microchip Technology were worth $478,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in MCHP. Pathway Financial Advisers LLC bought a new stake in Microchip Technology in the first quarter worth about $39,000. Versant Capital Management Inc boosted its holdings in Microchip Technology by 148.8% during the 2nd quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock valued at $48,000 after acquiring an additional 317 shares during the period. CarsonAllaria Wealth Management Ltd. bought a new position in Microchip Technology in the 1st quarter valued at $54,000. TruNorth Capital Management LLC purchased a new stake in Microchip Technology in the second quarter worth $55,000. Finally, Wolff Wiese Magana LLC lifted its position in shares of Microchip Technology by 55.2% during the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after purchasing an additional 218 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the sale, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.07% of the stock is currently owned by corporate insiders.

Microchip Technology Stock Performance

Shares of MCHP stock opened at $77.20 on Tuesday. The business has a fifty day moving average of $77.84 and a 200 day moving average of $85.60. Microchip Technology Incorporated has a 1 year low of $68.75 and a 1 year high of $100.57. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08. The firm has a market capitalization of $41.42 billion, a price-to-earnings ratio of 22.25 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.01. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The company’s revenue for the quarter was down 45.8% compared to the same quarter last year. During the same period last year, the business posted $1.56 earnings per share. As a group, research analysts expect that Microchip Technology Incorporated will post 1.73 earnings per share for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were paid a $0.454 dividend. The ex-dividend date was Thursday, August 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.35%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is presently 52.16%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on MCHP shares. Citigroup cut their price target on shares of Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. JPMorgan Chase & Co. lowered their price target on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Morgan Stanley downgraded Microchip Technology from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $102.00 to $100.00 in a report on Thursday, July 11th. TD Cowen lowered their target price on Microchip Technology from $90.00 to $80.00 and set a “hold” rating for the company in a report on Friday, August 2nd. Finally, Piper Sandler upgraded Microchip Technology from a “neutral” rating to an “overweight” rating and raised their price target for the company from $90.00 to $100.00 in a research note on Friday, August 16th. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $97.89.

About Microchip Technology

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.