Wealth Advisors of Tampa Bay LLC Acquires New Holdings in Microchip Technology Inc. (MCHP)

Wealth Advisors of Tampa Bay LLC acquired a new stake in shares of Microchip Technology Inc. (NASDAQ:MCHP) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 45,208 shares of the semiconductor company’s stock, valued at approximately $4,186,000. Microchip Technology comprises approximately 2.9% of Wealth Advisors of Tampa Bay LLC’s holdings, making the stock its 12th biggest holding.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Evermay Wealth Management LLC purchased a new stake in Microchip Technology in the fourth quarter valued at $327,000. NuWave Investment Management LLC purchased a new stake in Microchip Technology in the fourth quarter valued at $318,000. Oppenheimer & Co. Inc. boosted its holdings in Microchip Technology by 6.1% in the fourth quarter. Oppenheimer & Co. Inc. now owns 22,507 shares of the semiconductor company’s stock valued at $1,978,000 after purchasing an additional 1,285 shares during the last quarter. Swiss National Bank boosted its holdings in Microchip Technology by 1.4% in the fourth quarter. Swiss National Bank now owns 857,309 shares of the semiconductor company’s stock valued at $75,340,000 after purchasing an additional 11,600 shares during the last quarter. Finally, Cognios Capital LLC purchased a new stake in Microchip Technology in the fourth quarter valued at $514,000.

In related news, CFO James Eric Bjornholt sold 1,801 shares of the company’s stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total transaction of $165,079.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Stephen V. Drehobl sold 2,852 shares of the company’s stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $91.66, for a total transaction of $261,414.32. Following the transaction, the vice president now owns 15,767 shares of the company’s stock, valued at approximately $1,445,203.22. The disclosure for this sale can be found here. 2.13% of the stock is owned by corporate insiders.

Microchip Technology Inc. (NASDAQ:MCHP) opened at $82.41 on Monday. Microchip Technology Inc. has a 1 year low of $70.18 and a 1 year high of $99.17. The company has a debt-to-equity ratio of 0.95, a quick ratio of 2.33 and a current ratio of 2.98. The firm has a market cap of $18,991.17, a PE ratio of 84.96, a P/E/G ratio of 1.08 and a beta of 1.05.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Tuesday, February 6th. The semiconductor company reported $1.36 earnings per share for the quarter, topping the consensus estimate of $1.35 by $0.01. Microchip Technology had a net margin of 6.33% and a return on equity of 36.54%. The firm had revenue of $994.10 million during the quarter, compared to the consensus estimate of $992.10 million. During the same quarter in the prior year, the firm earned $1.05 EPS. The company’s revenue for the quarter was up 19.1% on a year-over-year basis. analysts forecast that Microchip Technology Inc. will post 5.13 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 6th. Investors of record on Wednesday, February 21st will be given a dividend of $0.363 per share. This represents a $1.45 annualized dividend and a dividend yield of 1.76%. The ex-dividend date of this dividend is Tuesday, February 20th. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s dividend payout ratio is 149.49%.

Several research firms have commented on MCHP. Morgan Stanley lowered their price target on shares of Microchip Technology from $99.00 to $96.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 7th. Argus reaffirmed a “buy” rating and issued a $90.00 price target (up from $79.90) on shares of Microchip Technology in a report on Friday. Bank of America lowered their price target on shares of Microchip Technology from $120.00 to $110.00 and set a “buy” rating on the stock in a report on Wednesday, February 7th. BidaskClub lowered shares of Microchip Technology from a “strong-buy” rating to a “buy” rating in a report on Friday, January 26th. Finally, B. Riley reaffirmed a “buy” rating and issued a $123.00 price target (up from $120.00) on shares of Microchip Technology in a report on Tuesday, November 7th. Five investment 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. Microchip Technology currently has a consensus rating of “Buy” and an average target price of $102.35.

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About Microchip Technology

Microchip Technology Incorporated is engaged in developing, manufacturing and selling specialized semiconductor products used by its customers for a range of embedded control applications. The Company operates through two segments: semiconductor products and technology licensing. In the semiconductor products segment, the Company designs, develops, manufactures and markets microcontrollers, development tools and analog, interface, mixed signal and timing products.

Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

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