Heritage Wealth Management Inc. Makes New $322,000 Investment in Microchip Technology Incorporated (NASDAQ:MCHP)

Heritage Wealth Management Inc. bought a new stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 3,496 shares of the semiconductor company’s stock, valued at approximately $322,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in MCHP. Clearbridge Investments LLC lifted its position in shares of Microchip Technology by 18,944.8% during the 1st quarter. Clearbridge Investments LLC now owns 1,973,045 shares of the semiconductor company’s stock valued at $177,002,000 after buying an additional 1,962,685 shares in the last quarter. Vanguard Group Inc. raised its stake in Microchip Technology by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock valued at $6,152,646,000 after purchasing an additional 1,921,497 shares during the last quarter. Canada Pension Plan Investment Board raised its stake in Microchip Technology by 425.3% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,377,099 shares of the semiconductor company’s stock valued at $123,540,000 after purchasing an additional 1,114,962 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in Microchip Technology by 78.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,189,390 shares of the semiconductor company’s stock valued at $200,329,000 after purchasing an additional 961,801 shares during the last quarter. Finally, Van ECK Associates Corp raised its stake in Microchip Technology by 17.2% in the 1st quarter. Van ECK Associates Corp now owns 6,068,311 shares of the semiconductor company’s stock valued at $544,388,000 after purchasing an additional 891,297 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Performance

Shares of Microchip Technology stock opened at $78.22 on Thursday. The business has a 50-day moving average of $79.14 and a 200 day moving average of $87.09. Microchip Technology Incorporated has a 12 month low of $68.75 and a 12 month high of $100.57. The stock has a market capitalization of $41.97 billion, a price-to-earnings ratio of 22.54 and a beta of 1.53. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08.

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

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were issued a dividend of $0.454 per share. This represents a $1.82 dividend on an annualized basis and a yield of 2.32%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Thursday, August 22nd. Microchip Technology’s dividend payout ratio (DPR) is 52.16%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on MCHP. Rosenblatt Securities reissued a “buy” rating and issued a $100.00 price objective on shares of Microchip Technology in a research note on Wednesday, July 31st. Citigroup cut their target price on Microchip Technology from $104.00 to $92.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Morgan Stanley downgraded Microchip Technology from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $102.00 to $100.00 in a research note on Thursday, July 11th. TD Cowen cut their target price on Microchip Technology from $90.00 to $80.00 and set a “hold” rating for the company in a research note on Friday, August 2nd. Finally, B. Riley cut their target price on Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $99.47.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,154 shares of the firm’s 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 completion of the transaction, the chief financial officer now directly owns 33,257 shares in the company, valued at approximately $2,710,445.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.07% of the stock is currently owned by company 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.