James Eric Bjornholt Sells 2,470 Shares of Microchip Technology Incorporated (NASDAQ:MCHP) Stock

Posted by Defense World Staff on May 26th, 2023

Microchip Technology Incorporated (NASDAQ:MCHP – Get Rating) CFO James Eric Bjornholt sold 2,470 shares of the stock in a transaction dated Tuesday, May 23rd. The stock was sold at an average price of $78.32, for a total transaction of $193,450.40. Following the completion of the transaction, the chief financial officer now directly owns 32,004 shares of the company’s stock, valued at approximately $2,506,553.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Microchip Technology Stock Performance

Shares of MCHP stock opened at $74.14 on Friday. The company has a market cap of $40.61 billion, a price-to-earnings ratio of 18.49, a price-to-earnings-growth ratio of 0.74 and a beta of 1.58. Microchip Technology Incorporated has a 52 week low of $54.33 and a 52 week high of $87.76. The company has a quick ratio of 0.56, a current ratio of 0.98 and a debt-to-equity ratio of 0.77. The firm has a 50 day moving average of $77.82 and a 200-day moving average of $77.18.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 5th. Stockholders of record on Monday, May 22nd will be given a dividend of $0.383 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Friday, May 19th. This represents a $1.53 annualized dividend and a dividend yield of 2.07%. Microchip Technology’s dividend payout ratio (DPR) is 38.15%.

Institutional Trading of Microchip Technology

Large investors have recently modified their holdings of the stock. Aviva PLC grew its position in shares of Microchip Technology by 21.0% during the 4th quarter. Aviva PLC now owns 316,258 shares of the semiconductor company’s stock worth $29,718,000 after buying an additional 54,859 shares during the period. Jump Financial LLC grew its position in shares of Microchip Technology by 2.7% during the 3rd quarter. Jump Financial LLC now owns 8,885 shares of the semiconductor company’s stock worth $542,000 after buying an additional 237 shares during the period. FDx Advisors Inc. grew its position in Microchip Technology by 21.4% in the 3rd quarter. FDx Advisors Inc. now owns 5,738 shares of the semiconductor company’s stock valued at $350,000 after purchasing an additional 1,013 shares during the period. abrdn plc grew its position in Microchip Technology by 9.6% in the 4th quarter. abrdn plc now owns 144,752 shares of the semiconductor company’s stock valued at $10,169,000 after purchasing an additional 12,706 shares during the period. Finally, Foster & Motley Inc. acquired a new stake in Microchip Technology in the 3rd quarter valued at $471,000. Institutional investors and hedge funds own 89.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on MCHP shares. Truist Financial increased their target price on shares of Microchip Technology from $85.00 to $94.00 and gave the stock a “buy” rating in a report on Friday, February 3rd. Raymond James raised their price objective on shares of Microchip Technology from $90.00 to $105.00 and gave the company a “strong-buy” rating in a report on Friday, February 3rd. StockNews.com started coverage on shares of Microchip Technology in a report on Thursday, May 18th. They issued a “buy” rating for the company. Susquehanna dropped their price objective on shares of Microchip Technology from $95.00 to $90.00 in a report on Friday, May 5th. Finally, Piper Sandler raised their price objective on shares of Microchip Technology from $80.00 to $100.00 and gave the company an “overweight” rating in a report on Friday, February 3rd. Six research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $90.11.

Microchip Technology Company Profile

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Microchip Technology, Inc engages in the provision of semiconductor products. It operates through the Semiconductor Products and Technology Licensing segments. The Semiconductor Products segment is involved in designing, developing, manufacturing, and marketing microcontrollers, development tools and analog, interface, mixed signal, connectivity devices, and timing products.