Tributary Capital Management LLC Sells 273 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Tributary Capital Management LLC reduced its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 4.6% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,720 shares of the semiconductor company’s stock after selling 273 shares during the quarter. Tributary Capital Management LLC’s holdings in Microchip Technology were worth $277,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Microchip Technology by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company’s stock worth $3,952,123,000 after purchasing an additional 569,699 shares during the period. Franklin Resources Inc. raised its stake in Microchip Technology by 90.0% during the fourth quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company’s stock valued at $364,792,000 after purchasing an additional 3,013,162 shares in the last quarter. Potomac Fund Management Inc. ADV purchased a new stake in Microchip Technology during the fourth quarter valued at $738,000. First Citizens Bank & Trust Co. raised its stake in Microchip Technology by 468.2% during the first quarter. First Citizens Bank & Trust Co. now owns 73,737 shares of the semiconductor company’s stock valued at $3,570,000 after purchasing an additional 60,760 shares in the last quarter. Finally, Allstate Corp bought a new position in Microchip Technology during the fourth quarter valued at $922,000. 91.51% of the stock is currently owned by institutional investors.

Microchip Technology Price Performance

MCHP stock opened at $74.30 on Friday. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.47 and a current ratio of 2.59. Microchip Technology Incorporated has a 52-week low of $34.13 and a 52-week high of $93.31. The firm has a market capitalization of $40.10 billion, a price-to-earnings ratio of -7,430.00, a PEG ratio of 2.21 and a beta of 1.52. The firm has a 50 day moving average price of $66.43 and a 200-day moving average price of $56.78.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.01. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. The firm had revenue of $970.50 million for the quarter, compared to the consensus estimate of $962.86 million. During the same period last year, the firm earned $0.57 earnings per share. The company’s quarterly revenue was down 26.8% on a year-over-year basis. Equities research analysts forecast that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 22nd were given a $0.455 dividend. The ex-dividend date was Thursday, May 22nd. This represents a $1.82 annualized dividend and a yield of 2.45%. Microchip Technology’s dividend payout ratio (DPR) is -18,200.00%.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,015 shares of Microchip Technology stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $55.78, for a total transaction of $112,396.70. Following the transaction, the chief financial officer owned 34,313 shares of the company’s stock, valued at $1,913,979.14. The trade was a 5.55% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Karlton D. Johnson sold 494 shares of the business’s stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total value of $29,980.86. Following the completion of the sale, the director owned 3,468 shares of the company’s stock, valued at approximately $210,472.92. This trade represents a 12.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.94% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on MCHP shares. Rosenblatt Securities upped their price target on shares of Microchip Technology from $63.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, May 30th. Cantor Fitzgerald started coverage on shares of Microchip Technology in a report on Wednesday, June 18th. They issued a “neutral” rating and a $70.00 price target on the stock. KeyCorp upped their price target on shares of Microchip Technology from $70.00 to $85.00 and gave the stock an “overweight” rating in a report on Tuesday, July 8th. Evercore ISI increased their target price on shares of Microchip Technology from $69.00 to $83.00 and gave the stock an “outperform” rating in a report on Thursday, June 12th. Finally, The Goldman Sachs Group initiated coverage on shares of Microchip Technology in a report on Thursday, July 10th. They set a “buy” rating and a $88.00 target price on the stock. Six research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $75.10.

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.