Microchip Technology Incorporated (NASDAQ:MCHP) VP Sells $908,800.00 in Stock

Microchip Technology Incorporated (NASDAQ:MCHP) VP Stephen V. Drehobl sold 10,000 shares of the stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total value of $908,800.00. Following the completion of the transaction, the vice president now directly owns 82,203 shares of the company’s stock, valued at $7,470,608.64. The sale was disclosed in a filing with the SEC, which is available at this link.

Microchip Technology Stock Up 0.0 %

NASDAQ:MCHP opened at $91.50 on Friday. Microchip Technology Incorporated has a 12-month low of $68.75 and a 12-month high of $96.14. The company has a quick ratio of 0.58, a current ratio of 1.20 and a debt-to-equity ratio of 0.75. The firm has a market capitalization of $49.45 billion, a P/E ratio of 26.37, a P/E/G ratio of 2.79 and a beta of 1.60. The stock’s fifty day simple moving average is $88.88 and its 200-day simple moving average is $85.58.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.57. Microchip Technology had a return on equity of 36.78% and a net margin of 24.98%. The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same period last year, the company earned $1.56 EPS. The firm’s revenue was down 40.6% on a year-over-year basis. Equities research analysts expect that Microchip Technology Incorporated will post 2.72 earnings per share for the current year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd will be issued a dividend of $0.452 per share. The ex-dividend date of this dividend is Tuesday, May 21st. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.81 annualized dividend and a yield of 1.98%. Microchip Technology’s payout ratio is currently 51.87%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on MCHP. Susquehanna increased their target price on Microchip Technology from $100.00 to $105.00 and gave the stock a “positive” rating in a report on Tuesday, May 7th. KeyCorp increased their target price on Microchip Technology from $90.00 to $110.00 and gave the stock an “overweight” rating in a report on Tuesday, May 7th. TD Cowen increased their target price on Microchip Technology from $80.00 to $90.00 and gave the stock a “hold” rating in a report on Tuesday, May 7th. B. Riley increased their target price on Microchip Technology from $105.00 to $110.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. Finally, The Goldman Sachs Group increased their target price on Microchip Technology from $77.00 to $88.00 and gave the stock a “neutral” rating in a report on Tuesday, May 7th. Six research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $98.47.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bleakley Financial Group LLC lifted its holdings in Microchip Technology by 1.3% during the fourth quarter. Bleakley Financial Group LLC now owns 9,415 shares of the semiconductor company’s stock worth $849,000 after acquiring an additional 119 shares in the last quarter. Financial Counselors Inc. lifted its holdings in Microchip Technology by 1.1% during the first quarter. Financial Counselors Inc. now owns 10,689 shares of the semiconductor company’s stock worth $959,000 after acquiring an additional 119 shares in the last quarter. RFG Advisory LLC lifted its holdings in Microchip Technology by 3.2% during the fourth quarter. RFG Advisory LLC now owns 3,910 shares of the semiconductor company’s stock worth $353,000 after acquiring an additional 123 shares in the last quarter. Twelve Points Wealth Management LLC lifted its holdings in Microchip Technology by 1.0% during the fourth quarter. Twelve Points Wealth Management LLC now owns 12,229 shares of the semiconductor company’s stock worth $1,103,000 after acquiring an additional 125 shares in the last quarter. Finally, Merit Financial Group LLC lifted its holdings in Microchip Technology by 1.9% during the third quarter. Merit Financial Group LLC now owns 7,096 shares of the semiconductor company’s stock worth $554,000 after acquiring an additional 134 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

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.