Migdal Insurance & Financial Holdings Ltd. Sells 224 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Migdal Insurance & Financial Holdings Ltd. cut its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 19.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 951 shares of the semiconductor company’s stock after selling 224 shares during the period. Migdal Insurance & Financial Holdings Ltd.’s holdings in Microchip Technology were worth $86,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the business. Geode Capital Management LLC raised its position 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 worth $979,918,000 after acquiring an additional 217,223 shares in the last quarter. Northern Trust Corp raised its position 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 worth $567,576,000 after acquiring an additional 123,806 shares in the last quarter. Norges Bank bought a new position in shares of Microchip Technology in the 4th quarter worth about $412,120,000. Van ECK Associates Corp grew its stake 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 buying an additional 322,540 shares during the period. Finally, Mizuho Markets Americas LLC acquired a new stake in shares of Microchip Technology in the 3rd quarter valued at about $225,800,000. 91.51% of the stock is owned by institutional investors.

Microchip Technology Trading Down 1.0 %

Shares of MCHP stock opened at $84.21 on Friday. The company’s fifty day simple moving average is $86.58 and its two-hundred day simple moving average is $84.24. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58. Microchip Technology Incorporated has a 1 year low of $68.75 and a 1 year high of $94.30. The stock has a market capitalization of $45.51 billion, a price-to-earnings ratio of 19.68, a PEG ratio of 2.60 and a beta of 1.65.

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

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were given a dividend of $0.45 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.44. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date of this dividend was Thursday, February 22nd. Microchip Technology’s payout ratio is 42.06%.

Insider Activity

In related news, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of the transaction, the chief financial officer now directly owns 32,893 shares in the company, valued at $2,759,722.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Karlton D. Johnson sold 370 shares of the company’s stock in a transaction on Tuesday, February 6th. The shares were 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the completion of the transaction, 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. Company insiders own 2.07% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Rosenblatt Securities restated a “buy” rating and issued a $100.00 target price on shares of Microchip Technology in a research note on Tuesday, January 30th. TD Cowen lifted their price target on Microchip Technology from $75.00 to $80.00 and gave the company a “market perform” rating in a research note on Friday, February 2nd. Stifel Nicolaus boosted their target price on Microchip Technology from $94.00 to $98.00 and gave the stock a “buy” rating in a research note on Thursday. Evercore ISI initiated coverage on Microchip Technology in a research note on Tuesday. They issued an “outperform” rating and a $106.00 target price on the stock. Finally, Wolfe Research upgraded Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 target price on the stock in a research note on Thursday, January 18th. Six research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $92.50.

Microchip Technology Profile

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.