CIBC Private Wealth Group LLC Has $137.43 Million Position in Microchip Technology Incorporated (NASDAQ:MCHP)

CIBC Private Wealth Group LLC trimmed its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 0.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 885,398 shares of the semiconductor company’s stock after selling 4,365 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Microchip Technology were worth $137,430,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also made changes to their positions in the company. IFP Advisors Inc lifted its position in shares of Microchip Technology by 2.9% during the first quarter. IFP Advisors Inc now owns 2,367 shares of the semiconductor company’s stock worth $366,000 after acquiring an additional 67 shares in the last quarter. Parallel Advisors LLC increased its holdings in shares of Microchip Technology by 3.9% in the first quarter. Parallel Advisors LLC now owns 1,847 shares of the semiconductor company’s stock worth $287,000 after purchasing an additional 69 shares during the period. Ellsworth Advisors LLC increased its holdings in shares of Microchip Technology by 0.5% in the first quarter. Ellsworth Advisors LLC now owns 14,069 shares of the semiconductor company’s stock worth $2,184,000 after purchasing an additional 70 shares during the period. Gilbert & Cook Inc. increased its holdings in shares of Microchip Technology by 4.1% in the first quarter. Gilbert & Cook Inc. now owns 1,835 shares of the semiconductor company’s stock worth $285,000 after purchasing an additional 72 shares during the period. Finally, Nissay Asset Management Corp Japan ADV increased its holdings in shares of Microchip Technology by 0.3% in the first quarter. Nissay Asset Management Corp Japan ADV now owns 27,479 shares of the semiconductor company’s stock worth $4,265,000 after purchasing an additional 76 shares during the period. 91.59% of the stock is currently owned by institutional investors.

Several research analysts have recently weighed in on the stock. Longbow Research raised shares of Microchip Technology from a “neutral” rating to a “buy” rating and set a $188.00 price target on the stock in a report on Tuesday, March 23rd. Rosenblatt Securities increased their target price on Microchip Technology from $165.00 to $180.00 and gave the company a “buy” rating in a research note on Friday, May 7th. Morgan Stanley increased their target price on Microchip Technology from $165.00 to $177.00 and gave the company an “overweight” rating in a research note on Friday, May 7th. Mizuho raised their price objective on Microchip Technology from $158.00 to $165.00 and gave the company a “buy” rating in a research note on Friday, May 7th. Finally, TheStreet raised Microchip Technology from a “c+” rating to a “b” rating in a research note on Thursday, May 6th. Six research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. Microchip Technology presently has a consensus rating of “Buy” and a consensus target price of $159.89.

In other Microchip Technology news, VP Mitchell R. Little sold 2,529 shares of the company’s stock in a transaction that occurred on Monday, May 10th. The shares were sold at an average price of $145.79, for a total transaction of $368,702.91. Following the transaction, the vice president now owns 6,235 shares in the company, valued at approximately $909,000.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO James Eric Bjornholt sold 1,163 shares of the company’s stock in a transaction that occurred on Monday, May 24th. The shares were sold at an average price of $151.15, for a total transaction of $175,787.45. The disclosure for this sale can be found here. Insiders have sold a total of 6,192 shares of company stock worth $930,015 over the last quarter. 2.15% of the stock is currently owned by insiders.

Shares of Microchip Technology stock traded down $0.05 on Friday, hitting $153.39. 5,802 shares of the company’s stock were exchanged, compared to its average volume of 2,001,587. The firm has a 50-day moving average of $153.04. The company has a market capitalization of $41.96 billion, a PE ratio of 118.95, a PEG ratio of 1.38 and a beta of 1.68. Microchip Technology Incorporated has a 1 year low of $95.53 and a 1 year high of $166.67. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.89 and a quick ratio of 0.61.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, May 6th. The semiconductor company reported $1.85 earnings per share for the quarter, beating analysts’ consensus estimates of $1.74 by $0.11. Microchip Technology had a net margin of 6.42% and a return on equity of 29.62%. The company had revenue of $1.47 billion for the quarter, compared to analysts’ expectations of $1.46 billion. During the same quarter in the previous year, the company earned $1.46 EPS. Microchip Technology’s revenue for the quarter was up 10.7% on a year-over-year basis. Equities research analysts predict that Microchip Technology Incorporated will post 7.28 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, June 4th. Shareholders of record on Friday, May 21st were paid a $0.413 dividend. The ex-dividend date was Thursday, May 20th. This represents a $1.65 annualized dividend and a yield of 1.08%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.39. Microchip Technology’s payout ratio is presently 28.16%.

About Microchip Technology

Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications in the Americas, Europe, and Asia. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit embedded microprocessors; and microcontrollers for automotive, industrial, aerospace, office communication, and computing applications.

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Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

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