DAVENPORT & Co LLC Increases Position in Microchip Technology Incorporated (NASDAQ:MCHP)

DAVENPORT & Co LLC grew its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHPFree Report) by 377.8% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 67,967 shares of the semiconductor company’s stock after purchasing an additional 53,741 shares during the period. DAVENPORT & Co LLC’s holdings in Microchip Technology were worth $6,129,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Geode Capital Management LLC raised its stake in Microchip Technology by 1.9% during the first quarter. Geode Capital Management LLC now owns 11,714,851 shares of the semiconductor company’s stock valued at $979,918,000 after buying an additional 217,223 shares during 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 purchasing an additional 123,806 shares during the last quarter. Norges Bank bought a new position in Microchip Technology in the 4th quarter worth about $412,120,000. Van ECK Associates Corp boosted its stake in 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 worth $348,309,000 after purchasing an additional 322,540 shares in the last quarter. Finally, Mizuho Markets Americas LLC purchased a new stake in Microchip Technology during the 3rd quarter valued at about $225,800,000. 91.51% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on MCHP. Susquehanna dropped their target price on shares of Microchip Technology from $105.00 to $100.00 and set a “positive” rating on the stock in a research note on Friday, February 2nd. The Goldman Sachs Group lowered their price objective on Microchip Technology from $87.00 to $77.00 and set a “neutral” rating on the stock in a research report on Friday, February 2nd. Stifel Nicolaus reissued a “buy” rating and issued a $94.00 target price on shares of Microchip Technology in a report on Thursday, March 14th. TD Cowen upped their price target on Microchip Technology from $75.00 to $80.00 and gave the company a “market perform” rating in a report on Friday, February 2nd. Finally, Needham & Company LLC lifted their price objective on Microchip Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, February 2nd. Six equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and an average price target of $91.33.

Check Out Our Latest Report on MCHP

Microchip Technology Stock Performance

MCHP opened at $88.14 on Thursday. The company’s 50 day moving average is $86.28 and its 200 day moving average is $83.50. The company has a current ratio of 0.98, a quick ratio of 0.58 and a debt-to-equity ratio of 0.57. The company has a market cap of $47.63 billion, a price-to-earnings ratio of 20.59, a PEG ratio of 2.68 and a beta of 1.65. Microchip Technology Incorporated has a 12-month low of $68.75 and a 12-month high of $94.30.

Microchip Technology (NASDAQ:MCHPGet Free Report) last issued its quarterly earnings data 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. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The firm had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter in the previous year, the firm posted $1.48 EPS. The company’s revenue for the quarter was down 18.6% compared to the same quarter last year. On average, equities research analysts predict that Microchip Technology Incorporated will post 4.64 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were paid a $0.45 dividend. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $1.80 annualized dividend and a dividend yield of 2.04%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.44. Microchip Technology’s dividend payout ratio (DPR) is 42.06%.

Insider Activity

In other Microchip Technology news, Director Karlton D. Johnson sold 370 shares of the company’s stock in a transaction that occurred 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Microchip Technology 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 sale, the director now directly owns 1,789 shares of the company’s stock, valued at $150,276. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction dated 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 transaction, the chief financial officer now directly owns 32,893 shares of the company’s stock, valued at approximately $2,759,722.70. The disclosure for this sale can be found here. Insiders own 2.07% of the company’s stock.

Microchip Technology Company 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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