Empirical Financial Services LLC d.b.a. Empirical Wealth Management Acquires 2,083 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 5.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 38,365 shares of the semiconductor company’s stock after buying an additional 2,083 shares during the quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management’s holdings in Microchip Technology were worth $3,460,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of MCHP. OFI Invest Asset Management purchased a new position in Microchip Technology during the third quarter valued at approximately $26,000. BKM Wealth Management LLC bought a new position in shares of Microchip Technology in the fourth quarter worth $27,000. Rakuten Securities Inc. bought a new position in shares of Microchip Technology in the fourth quarter worth $27,000. Fortitude Family Office LLC purchased a new stake in shares of Microchip Technology in the fourth quarter worth $29,000. Finally, Milestone Investment Advisors LLC bought a new stake in Microchip Technology during the third quarter valued at $36,000. 91.51% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on MCHP. TD Cowen upped their target price on Microchip Technology from $80.00 to $90.00 and gave the stock a “hold” rating in a research note on Tuesday. Truist Financial upped their price objective on shares of Microchip Technology from $93.00 to $96.00 and gave the stock a “buy” rating in a research report on Tuesday. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 target price on shares of Microchip Technology in a research report on Tuesday, January 30th. Wolfe Research raised shares of Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price target for the company in a research note on Thursday, January 18th. Finally, Evercore ISI began coverage on shares of Microchip Technology in a research report on Tuesday, April 16th. They set an “outperform” rating and a $106.00 price objective on the stock. Six investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $98.47.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 1,970 shares of the stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the sale, the chief financial officer now directly owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 2.07% of the company’s stock.

Microchip Technology Stock Down 1.8 %

Shares of NASDAQ MCHP traded down $1.70 during mid-day trading on Tuesday, hitting $92.06. 7,414,199 shares of the stock traded hands, compared to its average volume of 5,645,306. The stock has a fifty day moving average price of $88.45 and a 200-day moving average price of $85.37. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98. The company has a market cap of $49.75 billion, a price-to-earnings ratio of 21.51, a PEG ratio of 2.79 and a beta of 1.60. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $96.14.

Microchip Technology (NASDAQ:MCHP) last issued 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 net margin of 27.59% and a return on equity of 45.59%. The company had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.33 billion. During the same period last year, the business earned $1.56 EPS. Microchip Technology’s quarterly revenue was down 40.6% compared to the same quarter last year. Research analysts anticipate that Microchip Technology Incorporated will post 4.64 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd will be issued a dividend of $0.452 per share. This represents a $1.81 annualized dividend and a dividend yield of 1.96%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Tuesday, May 21st. Microchip Technology’s dividend payout ratio (DPR) is presently 42.06%.

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.