Verdence Capital Advisors LLC Makes New $449,000 Investment in Microchip Technology Incorporated (NASDAQ:MCHP)

Verdence Capital Advisors LLC acquired a new position in Microchip Technology Incorporated (NASDAQ:MCHP) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 5,587 shares of the semiconductor company’s stock, valued at approximately $449,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. SeaCrest Wealth Management LLC raised its stake in shares of Microchip Technology by 3.3% in the second quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company’s stock valued at $379,000 after acquiring an additional 131 shares in the last quarter. Corundum Group Inc. increased its holdings in Microchip Technology by 3.4% in the third quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock valued at $346,000 after buying an additional 143 shares during the last quarter. Commerzbank Aktiengesellschaft FI raised its stake in Microchip Technology by 4.5% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company’s stock valued at $318,000 after buying an additional 148 shares in the last quarter. Busey Bank raised its position in shares of Microchip Technology by 2.6% during the 2nd quarter. Busey Bank now owns 6,006 shares of the semiconductor company’s stock worth $550,000 after acquiring an additional 155 shares in the last quarter. Finally, Financial Advocates Investment Management raised its holdings in Microchip Technology by 1.5% during the third quarter. Financial Advocates Investment Management now owns 10,795 shares of the semiconductor company’s stock worth $867,000 after purchasing an additional 158 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at $2,710,445.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 2.10% of the company’s stock.

Microchip Technology Stock Performance

Shares of NASDAQ MCHP opened at $69.88 on Tuesday. The company has a market cap of $37.53 billion, a PE ratio of 50.96 and a beta of 1.53. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 1.08. Microchip Technology Incorporated has a 12 month low of $69.00 and a 12 month high of $100.57. The company has a 50-day simple moving average of $76.73 and a 200-day simple moving average of $84.93.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter in the previous year, the business earned $1.54 EPS. The firm’s revenue was down 48.4% on a year-over-year basis. On average, equities analysts anticipate that Microchip Technology Incorporated will post 1.69 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be paid a dividend of $0.455 per share. The ex-dividend date is Friday, November 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a dividend yield of 2.60%. Microchip Technology’s payout ratio is currently 127.27%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Needham & Company LLC reduced their price target on shares of Microchip Technology from $96.00 to $85.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Bank of America downgraded shares of Microchip Technology from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $110.00 to $90.00 in a research note on Friday, August 2nd. Citigroup dropped their price objective on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. TD Cowen dropped their target price on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a research report on Wednesday, November 6th. Finally, Evercore ISI reiterated an “outperform” rating and issued a $95.00 price target (down previously from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. 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. According to data from MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $92.00.

Microchip Technology Company 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.