RFG Advisory LLC Sells 2,912 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

RFG Advisory LLC cut its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 22.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,929 shares of the semiconductor company’s stock after selling 2,912 shares during the period. RFG Advisory LLC’s holdings in Microchip Technology were worth $908,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of MCHP. Norges Bank bought a new stake in Microchip Technology in the 4th quarter valued at $672,196,000. Clearbridge Investments LLC lifted its holdings in shares of Microchip Technology by 18,944.8% during the 1st quarter. Clearbridge Investments LLC now owns 1,973,045 shares of the semiconductor company’s stock worth $177,002,000 after acquiring an additional 1,962,685 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Microchip Technology by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock worth $6,152,646,000 after acquiring an additional 1,921,497 shares during the period. Truist Financial Corp lifted its holdings in shares of Microchip Technology by 324.0% during the 4th quarter. Truist Financial Corp now owns 1,815,013 shares of the semiconductor company’s stock worth $163,678,000 after acquiring an additional 1,386,924 shares during the period. Finally, Canada Pension Plan Investment Board lifted its holdings in shares of Microchip Technology by 425.3% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,377,099 shares of the semiconductor company’s stock worth $123,540,000 after acquiring an additional 1,114,962 shares during the period. 91.51% of the stock is owned by institutional investors.

Insider Activity

In related news, VP Stephen V. Drehobl sold 7,830 shares of the business’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $95.06, for a total transaction of $744,319.80. Following the transaction, the vice president now directly owns 79,509 shares in the company, valued at $7,558,125.54. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, Director Matthew W. Chapman sold 2,748 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $93.88, for a total value of $257,982.24. Following the completion of the transaction, the director now owns 35,682 shares of the company’s stock, valued at $3,349,826.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Stephen V. Drehobl sold 7,830 shares of the stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $95.06, for a total transaction of $744,319.80. Following the sale, the vice president now directly owns 79,509 shares of the company’s stock, valued at approximately $7,558,125.54. The disclosure for this sale can be found here. Insiders have sold 13,993 shares of company stock worth $1,343,057 over the last ninety days. Insiders own 2.07% of the company’s stock.

Microchip Technology Stock Up 0.4 %

MCHP traded up $0.33 during trading on Monday, reaching $76.42. The company had a trading volume of 4,158,432 shares, compared to its average volume of 6,017,204. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.20 and a quick ratio of 0.67. Microchip Technology Incorporated has a 12 month low of $68.75 and a 12 month high of $100.57. The business’s fifty day moving average price is $89.41 and its 200 day moving average price is $88.94. The company has a market cap of $41.00 billion, a P/E ratio of 21.88 and a beta of 1.54.

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

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd will be issued a $0.454 dividend. The ex-dividend date is Thursday, August 22nd. This is an increase 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 2.38%. Microchip Technology’s dividend payout ratio (DPR) is 52.16%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on MCHP shares. Stifel Nicolaus increased their target price on shares of Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. Citigroup dropped their target price on shares of Microchip Technology from $104.00 to $92.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Needham & Company LLC dropped their target price on shares of Microchip Technology from $100.00 to $96.00 and set a “buy” rating for the company in a research report on Monday, August 5th. Evercore ISI started coverage on shares of Microchip Technology in a research report on Tuesday, April 16th. They set an “outperform” rating and a $106.00 target price for the company. Finally, Piper Sandler reiterated a “neutral” rating and set a $90.00 target price (up previously from $80.00) on shares of Microchip Technology in a research report on Tuesday, May 7th. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $99.42.

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.