Prospera Financial Services Inc Boosts Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Prospera Financial Services Inc increased its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 21.3% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 63,522 shares of the semiconductor company's stock after purchasing an additional 11,161 shares during the period. Prospera Financial Services Inc's holdings in Microchip Technology were worth $5,100,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. SeaCrest Wealth Management LLC boosted its holdings in shares of Microchip Technology by 3.3% during the second quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company's stock worth $379,000 after acquiring an additional 131 shares during the period. Corundum Group Inc. boosted its holdings in shares of Microchip Technology by 3.4% during the third quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company's stock worth $346,000 after acquiring an additional 143 shares during the period. Commerzbank Aktiengesellschaft FI boosted its holdings in shares of Microchip Technology by 4.5% during the second quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company's stock worth $318,000 after acquiring an additional 148 shares during the period. Busey Bank boosted its holdings in shares of Microchip Technology by 2.6% during the second quarter. Busey Bank now owns 6,006 shares of the semiconductor company's stock worth $550,000 after acquiring an additional 155 shares during the period. Finally, Financial Advocates Investment Management boosted its holdings in shares of 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 acquiring an additional 158 shares during the period. Institutional investors own 91.51% of the company's stock.

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of the company's stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the transaction, the chief financial officer now owns 33,257 shares in the company, valued at approximately $2,710,445.50. This represents a 6.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.10% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on MCHP shares. Citigroup dropped their price target on shares of Microchip Technology from $92.00 to $82.00 and set a "buy" rating for the company in a research report on Wednesday, November 6th. Mizuho set a $95.00 price target on shares of Microchip Technology in a research report on Friday, October 18th. B. Riley dropped their price target on shares of Microchip Technology from $110.00 to $103.00 and set a "buy" rating for the company in a research report on Friday, August 2nd. StockNews.com downgraded shares of Microchip Technology from a "hold" rating to a "sell" rating in a research report on Thursday, November 7th. Finally, Evercore ISI restated an "outperform" rating and set a $95.00 price objective (down from $101.00) on shares of Microchip Technology in a research report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $92.00.

Microchip Technology Trading Up 0.4 %

Shares of Microchip Technology stock traded up $0.24 during trading on Wednesday, hitting $65.12. The company's stock had a trading volume of 8,440,086 shares, compared to its average volume of 6,045,291. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48. Microchip Technology Incorporated has a 52 week low of $62.63 and a 52 week high of $100.57. The stock has a market cap of $34.97 billion, a price-to-earnings ratio of 45.37 and a beta of 1.53. The stock has a 50-day moving average price of $75.24 and a two-hundred day moving average price of $83.67.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, beating analysts' consensus estimates of $0.43 by $0.03. The business had revenue of $1.16 billion for the quarter, compared to analysts' expectations of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The business's quarterly revenue was down 48.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.54 earnings per share. Equities research analysts anticipate that Microchip Technology Incorporated will post 1.38 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be given a dividend of $0.455 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.79%. This is a boost from Microchip Technology's previous quarterly dividend of $0.45. Microchip Technology's dividend payout ratio is 127.27%.

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.