Microchip Technology Incorporated (NASDAQ:MCHP) Position Reduced by Cahaba Wealth Management Inc.

Cahaba Wealth Management Inc. cut its position in shares of Microchip Technology Incorporated (NASDAQ:MCHPFree Report) by 4.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,599 shares of the semiconductor company’s stock after selling 238 shares during the quarter. Cahaba Wealth Management Inc.’s holdings in Microchip Technology were worth $415,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Geode Capital Management LLC increased its holdings in shares of Microchip Technology by 1.9% in the 1st quarter. Geode Capital Management LLC now owns 11,714,851 shares of the semiconductor company’s stock valued at $979,918,000 after purchasing an additional 217,223 shares during the period. Northern Trust Corp increased its holdings in shares of Microchip Technology by 1.7% in the 1st quarter. Northern Trust Corp now owns 7,553,578 shares of the semiconductor company’s stock valued at $567,576,000 after purchasing an additional 123,806 shares during the period. Norges Bank acquired a new position in shares of Microchip Technology in the 4th quarter valued at about $412,120,000. Van ECK Associates Corp increased its holdings in shares of Microchip Technology by 7.8% in the 3rd quarter. Van ECK Associates Corp now owns 4,462,638 shares of the semiconductor company’s stock valued at $348,309,000 after purchasing an additional 322,540 shares during the period. Finally, Mizuho Markets Americas LLC acquired a new position in shares of Microchip Technology in the 3rd quarter valued at about $225,800,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Stifel Nicolaus reiterated a “buy” rating and issued a $94.00 target price on shares of Microchip Technology in a report on Thursday, March 14th. StockNews.com downgraded Microchip Technology from a “buy” rating to a “hold” rating in a report on Friday, December 29th. The Goldman Sachs Group dropped their price objective on Microchip Technology from $87.00 to $77.00 and set a “neutral” rating on the stock in a report on Friday, February 2nd. Wolfe Research upgraded Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price objective on the stock in a report on Thursday, January 18th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $100.00 price objective on shares of Microchip Technology in a report on Tuesday, January 30th. Six investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $91.33.

Read Our Latest Stock Report on MCHP

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, Director Karlton D. Johnson sold 370 shares of the stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total value of $31,080.00. Following the completion of the transaction, the director now directly owns 1,789 shares in the company, valued at $150,276. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Karlton D. Johnson sold 370 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the completion of the transaction, the director now directly owns 1,789 shares in the company, valued at $150,276. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO James Eric Bjornholt sold 1,970 shares of Microchip Technology stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of the sale, the chief financial officer now owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The disclosure for this sale can be found here. Corporate insiders own 2.07% of the company’s stock.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP traded down $1.76 during trading on Tuesday, reaching $87.98. 4,253,186 shares of the company traded hands, compared to its average volume of 5,721,465. The company’s 50 day moving average is $86.36 and its two-hundred day moving average is $83.42. The firm has a market capitalization of $47.54 billion, a PE ratio of 20.56, a PEG ratio of 1.60 and a beta of 1.65. The company has a quick ratio of 0.58, a current ratio of 0.98 and a debt-to-equity ratio of 0.57. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $94.30.

Microchip Technology (NASDAQ:MCHPGet Free Report) last released its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $1.04 by $0.04. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The firm had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same period in the prior year, the company posted $1.48 EPS. The company’s revenue was down 18.6% compared to the same quarter last year. As a group, sell-side analysts predict that Microchip Technology Incorporated will post 4.64 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 23rd were given a $0.45 dividend. The ex-dividend date of this dividend was Thursday, February 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.44. This represents a $1.80 annualized dividend and a yield of 2.05%. Microchip Technology’s dividend payout ratio (DPR) is currently 42.06%.

Microchip Technology Profile

(Free Report)

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.

Further Reading

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

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