Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Wesbanco Bank Inc.

Wesbanco Bank Inc. lessened its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 19.3% during the 2nd quarter, Holdings Channel reports. The firm owned 41,535 shares of the semiconductor company’s stock after selling 9,911 shares during the quarter. Wesbanco Bank Inc.’s holdings in Microchip Technology were worth $3,800,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of MCHP. Vanguard Group Inc. lifted its position in Microchip Technology by 2.9% during the first quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock valued at $6,152,646,000 after purchasing an additional 1,921,497 shares during the period. Principal Financial Group Inc. grew its position in shares of Microchip Technology by 0.9% during the 4th quarter. Principal Financial Group Inc. now owns 9,279,166 shares of the semiconductor company’s stock valued at $836,795,000 after acquiring an additional 87,203 shares during the period. Boston Partners increased its stake in shares of Microchip Technology by 10.7% in the 1st quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock valued at $681,838,000 after purchasing an additional 736,818 shares in the last quarter. Norges Bank acquired a new position in Microchip Technology in the 4th quarter worth about $672,196,000. Finally, Van ECK Associates Corp boosted its position in Microchip Technology by 17.2% during the first quarter. Van ECK Associates Corp now owns 6,068,311 shares of the semiconductor company’s stock worth $544,388,000 after purchasing an additional 891,297 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MCHP has been the subject of several research analyst reports. The Goldman Sachs Group upped their target price on Microchip Technology from $77.00 to $88.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 7th. Needham & Company LLC dropped their target price on shares of Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a research report on Monday. Jefferies Financial Group began coverage on shares of Microchip Technology in a research note on Monday, May 13th. They set a “buy” rating and a $115.00 target price for the company. Citigroup decreased their price target on shares of Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Finally, Evercore ISI started coverage on Microchip Technology in a research note on Tuesday, April 16th. They set an “outperform” rating and a $106.00 price objective for the company. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $99.42.

Microchip Technology Stock Down 0.8 %

MCHP stock opened at $76.70 on Friday. The firm has a market cap of $41.15 billion, a PE ratio of 22.27 and a beta of 1.54. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $100.57. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.67 and a current ratio of 1.20. The firm’s 50 day moving average price is $89.84 and its 200-day moving average price is $89.07.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. Microchip Technology had a return on equity of 27.82% and a net margin of 20.80%. The company’s revenue for the quarter was down 45.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.56 earnings per share. On average, equities research analysts anticipate that Microchip Technology Incorporated will post 2.35 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd will be given a dividend of $0.454 per share. The ex-dividend date is Thursday, August 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.37%. Microchip Technology’s dividend payout ratio (DPR) is currently 52.16%.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 3,188 shares of Microchip Technology stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $99.98, for a total value of $318,736.24. Following the completion of the sale, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at $3,325,034.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, VP Stephen V. Drehobl sold 7,830 shares of the business’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $95.06, for a total transaction of $744,319.80. Following the completion of the sale, the vice president now owns 79,509 shares in the company, valued at $7,558,125.54. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO James Eric Bjornholt sold 3,188 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $99.98, for a total transaction of $318,736.24. Following the sale, the chief financial officer now owns 33,257 shares of the company’s stock, valued at approximately $3,325,034.86. The disclosure for this sale can be found here. In the last three months, insiders have sold 13,993 shares of company stock worth $1,343,057. 2.07% of the stock is currently owned by insiders.

Microchip Technology Company 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.