Waters Parkerson & CO. LLC Purchases 1,964 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Waters Parkerson & CO. LLC lifted its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 0.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 329,783 shares of the semiconductor company’s stock after purchasing an additional 1,964 shares during the quarter. Waters Parkerson & CO. LLC’s holdings in Microchip Technology were worth $18,913,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Consolidated Planning Corp bought a new position in shares of Microchip Technology during the fourth quarter worth approximately $308,000. one8zero8 LLC acquired a new stake in shares of Microchip Technology during the 4th quarter worth approximately $384,000. Symphony Financial Ltd. Co. bought a new position in shares of Microchip Technology in the 4th quarter valued at $520,000. Truist Financial Corp raised its holdings in shares of Microchip Technology by 5.8% during the 4th quarter. Truist Financial Corp now owns 959,439 shares of the semiconductor company’s stock worth $55,024,000 after buying an additional 52,222 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Microchip Technology by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company’s stock worth $3,952,123,000 after buying an additional 569,699 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Price Performance

Shares of NASDAQ MCHP opened at $61.21 on Monday. The company has a 50 day simple moving average of $47.51 and a two-hundred day simple moving average of $55.78. The company has a market capitalization of $32.97 billion, a price-to-earnings ratio of 109.30 and a beta of 1.42. Microchip Technology Incorporated has a fifty-two week low of $34.13 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.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.01. The firm had revenue of $970.50 million during the quarter, compared to analysts’ expectations of $962.86 million. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. The firm’s quarterly revenue was down 26.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.57 earnings per share. Analysts expect that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd will be given a dividend of $0.455 per share. The ex-dividend date is Thursday, May 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.97%. Microchip Technology’s payout ratio is -18,200.00%.

Analysts Set New Price Targets

A number of analysts have weighed in on MCHP shares. Bank of America upgraded shares of Microchip Technology from an “underperform” rating to a “neutral” rating and set a $56.00 target price on the stock in a research report on Friday, May 9th. Morgan Stanley boosted their price target on Microchip Technology from $39.00 to $50.00 and gave the stock an “equal weight” rating in a report on Friday, May 9th. KeyCorp cut their target price on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating on the stock in a research report on Friday, February 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $66.00 price target on shares of Microchip Technology in a research note on Friday, May 9th. Finally, Evercore ISI upped their price target on Microchip Technology from $65.00 to $71.00 and gave the company an “outperform” rating in a research report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $67.42.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology 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 completion of the transaction, the chief financial officer now directly owns 33,272 shares of the company’s stock, valued at approximately $2,025,599.36. The trade was a 10.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.10% of the stock is currently owned by company insiders.

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.