Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by WealthPLAN Partners LLC

WealthPLAN Partners LLC decreased its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 74.9% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 11,567 shares of the semiconductor company's stock after selling 34,468 shares during the quarter. WealthPLAN Partners LLC's holdings in Microchip Technology were worth $929,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Pathway Financial Advisers LLC bought a new stake in Microchip Technology in the 1st quarter worth about $39,000. Versant Capital Management Inc lifted its holdings in shares of Microchip Technology by 148.8% in the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company's stock worth $48,000 after buying an additional 317 shares in the last quarter. Wolff Wiese Magana LLC grew its position in shares of Microchip Technology by 55.2% during the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company's stock valued at $49,000 after purchasing an additional 218 shares in the last quarter. TruNorth Capital Management LLC purchased a new position in Microchip Technology during the second quarter worth about $55,000. Finally, Family Firm Inc. bought a new position in shares of Microchip Technology in the second quarter worth approximately $62,000. 91.51% of the stock is owned by institutional investors.

Microchip Technology Stock Performance

MCHP stock traded down $2.46 during midday trading on Tuesday, reaching $67.42. 2,381,035 shares of the company's stock traded hands, compared to its average volume of 5,954,263. The company has a current ratio of 0.88, a quick ratio of 1.08 and a debt-to-equity ratio of 0.71. The stock has a market cap of $36.21 billion, a P/E ratio of 48.87 and a beta of 1.53. Microchip Technology Incorporated has a 52-week low of $67.26 and a 52-week high of $100.57. The stock's 50-day moving average is $76.49 and its 200 day moving average is $84.77.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, topping analysts' consensus estimates of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same period in the prior year, the business posted $1.54 earnings per share. The company's revenue was down 48.4% on a year-over-year basis. As a group, analysts anticipate that Microchip Technology Incorporated will post 1.69 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be given a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a dividend yield of 2.70%. This is a boost from Microchip Technology's previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, November 22nd. Microchip Technology's dividend payout ratio is currently 127.27%.

Analyst Ratings Changes

A number of research firms have weighed in on MCHP. Truist Financial downgraded Microchip Technology from a "buy" rating to a "hold" rating and lowered their price target for the company from $89.00 to $80.00 in a research report on Monday, September 23rd. Needham & Company LLC lowered their price objective on shares of Microchip Technology from $96.00 to $85.00 and set a "buy" rating for the company in a research note on Wednesday, November 6th. Rosenblatt Securities reiterated a "buy" rating and issued a $90.00 price target on shares of Microchip Technology in a report on Wednesday, November 6th. TD Cowen decreased their target price on Microchip Technology from $80.00 to $70.00 and set a "hold" rating for the company in a research report on Wednesday, November 6th. Finally, KeyCorp dropped their price objective on shares of Microchip Technology from $100.00 to $95.00 and set an "overweight" rating on the stock in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Microchip Technology currently has an average rating of "Moderate Buy" and a consensus target price of $92.00.

Insider Activity

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction on 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 sale, 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 2.10% of the company's stock.

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.