Congress Wealth Management LLC DE Boosts Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Congress Wealth Management LLC DE grew its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 10.7% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 15,952 shares of the semiconductor company’s stock after buying an additional 1,539 shares during the period. Congress Wealth Management LLC DE’s holdings in Microchip Technology were worth $915,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Coldstream Capital Management Inc. lifted its stake in Microchip Technology by 2.4% in the 3rd quarter. Coldstream Capital Management Inc. now owns 11,052 shares of the semiconductor company’s stock valued at $878,000 after buying an additional 260 shares in the last quarter. EP Wealth Advisors LLC raised its holdings in shares of Microchip Technology by 1.8% during the third quarter. EP Wealth Advisors LLC now owns 14,725 shares of the semiconductor company’s stock valued at $1,182,000 after acquiring an additional 264 shares during the last quarter. Lebenthal Global Advisors LLC raised its holdings in shares of Microchip Technology by 7.3% during the fourth quarter. Lebenthal Global Advisors LLC now owns 3,894 shares of the semiconductor company’s stock valued at $223,000 after acquiring an additional 266 shares during the last quarter. Elmwood Wealth Management Inc. lifted its position in shares of Microchip Technology by 1.5% in the fourth quarter. Elmwood Wealth Management Inc. now owns 20,558 shares of the semiconductor company’s stock valued at $1,179,000 after acquiring an additional 300 shares in the last quarter. Finally, Stratos Wealth Partners LTD. increased its position in shares of Microchip Technology by 7.4% during the fourth quarter. Stratos Wealth Partners LTD. now owns 4,680 shares of the semiconductor company’s stock worth $268,000 after purchasing an additional 321 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. B. Riley reaffirmed a “buy” rating and set a $75.00 target price (down previously from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Evercore ISI boosted their price target on shares of Microchip Technology from $65.00 to $71.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 4th. Piper Sandler reiterated an “overweight” rating and issued a $65.00 price objective (down previously from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. The Goldman Sachs Group lowered their target price on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a report on Friday, January 10th. Finally, KeyCorp cut their price target on Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a report on Friday, February 7th. Two analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $74.37.

Microchip Technology Stock Performance

NASDAQ:MCHP opened at $50.79 on Friday. Microchip Technology Incorporated has a fifty-two week low of $49.92 and a fifty-two week high of $100.57. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. The company has a 50 day moving average price of $55.83 and a 200 day moving average price of $64.16. The stock has a market capitalization of $27.32 billion, a P/E ratio of 90.70 and a beta of 1.52.

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

Microchip Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were paid a $0.455 dividend. This represents a $1.82 annualized dividend and a dividend yield of 3.58%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology’s payout ratio is 325.00%.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total value of $226,717.12. Following the completion of the transaction, the chief financial officer now 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 sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 2.10% of the company’s stock.

Microchip Technology Company 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.