Heritage Wealth Management Inc. Grows Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Heritage Wealth Management Inc. boosted its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 60.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,600 shares of the semiconductor company’s stock after purchasing an additional 2,102 shares during the quarter. Heritage Wealth Management Inc.’s holdings in Microchip Technology were worth $321,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Metis Global Partners LLC raised its position in Microchip Technology by 4.8% in the 4th quarter. Metis Global Partners LLC now owns 17,992 shares of the semiconductor company’s stock valued at $1,032,000 after purchasing an additional 831 shares during the last quarter. Fisher Asset Management LLC increased its stake in Microchip Technology by 24.5% in the 4th quarter. Fisher Asset Management LLC now owns 3,495 shares of the semiconductor company’s stock valued at $200,000 after buying an additional 687 shares during the period. SVB Wealth LLC acquired a new position in Microchip Technology in the 4th quarter valued at $6,451,000. Motco increased its stake in Microchip Technology by 62.4% in the 4th quarter. Motco now owns 178,208 shares of the semiconductor company’s stock valued at $10,220,000 after buying an additional 68,485 shares during the period. Finally, Generali Investments Towarzystwo Funduszy Inwestycyjnych increased its stake in Microchip Technology by 96.4% in the 4th quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych now owns 48,900 shares of the semiconductor company’s stock valued at $2,804,000 after buying an additional 24,000 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Performance

NASDAQ:MCHP opened at $58.86 on Friday. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. The firm has a 50-day moving average price of $56.94 and a two-hundred day moving average price of $67.44. Microchip Technology Incorporated has a twelve month low of $50.21 and a twelve month high of $100.57. The company has a market capitalization of $31.66 billion, a P/E ratio of 105.11 and a beta of 1.50.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. As a group, research analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Monday, February 24th will be paid a dividend of $0.455 per share. The ex-dividend date is Monday, February 24th. This represents a $1.82 annualized dividend and a dividend yield of 3.09%. Microchip Technology’s dividend payout ratio is currently 325.00%.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total transaction of $226,717.12. Following the sale, the chief financial officer now directly owns 33,272 shares of the company’s stock, valued at $2,025,599.36. This trade represents a 10.07 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.10% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Piper Sandler reissued an “overweight” rating and issued a $65.00 price objective (down from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Citigroup dropped their price objective on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Morgan Stanley dropped their price objective on shares of Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 4th. B. Riley reaffirmed a “buy” rating and set a $75.00 price target (down from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Finally, Bank of America downgraded shares of Microchip Technology from a “neutral” rating to an “underperform” rating and cut their price target for the company from $80.00 to $65.00 in a report on Monday, December 16th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Microchip Technology currently has an average rating of “Moderate Buy” and an average target price of $77.11.

About Microchip Technology

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.