Legacy Capital Wealth Partners LLC Acquires 928 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Legacy Capital Wealth Partners LLC grew its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 9.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 11,269 shares of the semiconductor company’s stock after acquiring an additional 928 shares during the quarter. Legacy Capital Wealth Partners LLC’s holdings in Microchip Technology were worth $1,016,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. Bleakley Financial Group LLC boosted its position in Microchip Technology by 1.3% during the 4th 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 during the last quarter. RFG Advisory LLC increased its holdings in Microchip Technology by 3.2% in the fourth quarter. RFG Advisory LLC now owns 3,910 shares of the semiconductor company’s stock worth $353,000 after purchasing an additional 123 shares in the last quarter. Twelve Points Wealth Management LLC increased its holdings in Microchip Technology by 1.0% in the fourth quarter. Twelve Points Wealth Management LLC now owns 12,229 shares of the semiconductor company’s stock worth $1,103,000 after purchasing an additional 125 shares in the last quarter. Merit Financial Group LLC increased its holdings in Microchip Technology by 1.9% in the third quarter. Merit Financial Group LLC now owns 7,096 shares of the semiconductor company’s stock worth $554,000 after purchasing an additional 134 shares in the last quarter. Finally, Financial Advocates Investment Management increased its holdings in Microchip Technology by 4.1% in the third quarter. Financial Advocates Investment Management now owns 3,607 shares of the semiconductor company’s stock worth $281,000 after purchasing an additional 142 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the firm’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 owns 32,893 shares in the company, valued at approximately $2,759,722.70. The sale was disclosed in a filing with the SEC, which can be accessed 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 value of $31,080.00. Following the sale, the director now owns 1,789 shares of the company’s stock, valued at approximately $150,276. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO James Eric Bjornholt sold 1,970 shares of the firm’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of the sale, the chief financial officer now directly owns 32,893 shares in the company, valued at approximately $2,759,722.70. The disclosure for this sale can be found here. 2.07% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

MCHP has been the subject of a number of research analyst reports. Susquehanna reiterated a “positive” rating and issued a $100.00 target price on shares of Microchip Technology in a report on Monday, April 8th. Evercore ISI started coverage on Microchip Technology in a report on Tuesday, April 16th. They set an “outperform” rating and a $106.00 price objective for the company. Stifel Nicolaus boosted their price objective on Microchip Technology from $94.00 to $98.00 and gave the company a “buy” rating in a report on Thursday, April 18th. TD Cowen boosted their price objective 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, Wolfe Research upgraded Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price target for the company in a report on Thursday, January 18th. Six investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, Microchip Technology has an average rating of “Moderate Buy” and a consensus price target of $92.50.

Microchip Technology Stock Performance

Shares of NASDAQ MCHP traded up $1.39 during trading on Friday, reaching $93.60. 5,621,114 shares of the stock traded hands, compared to its average volume of 4,575,927. Microchip Technology Incorporated has a 52-week low of $68.75 and a 52-week high of $94.63. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58. The company has a 50-day moving average of $87.24 and a 200-day moving average of $84.68. The stock has a market capitalization of $50.58 billion, a P/E ratio of 21.87, a price-to-earnings-growth ratio of 2.86 and a beta of 1.65.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, February 1st. The semiconductor company reported $1.08 EPS for the quarter, beating analysts’ consensus estimates of $1.04 by $0.04. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The firm had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter in the prior year, the firm earned $1.48 EPS. The business’s revenue for the quarter was down 18.6% compared to the same quarter last year. Analysts forecast that Microchip Technology Incorporated will post 4.64 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 23rd were paid a $0.45 dividend. The ex-dividend date was Thursday, February 22nd. This represents a $1.80 annualized dividend and a yield of 1.92%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.44. Microchip Technology’s dividend payout ratio (DPR) is currently 42.06%.

Microchip Technology 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.