Everhart Financial Group Inc. Makes New $221,000 Investment in Microchip Technology Incorporated (NASDAQ:MCHP)

Everhart Financial Group Inc. acquired a new position in Microchip Technology Incorporated (NASDAQ:MCHP) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 4,560 shares of the semiconductor company’s stock, valued at approximately $221,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. raised its stake in Microchip Technology by 0.8% in the 4th 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 in the last quarter. Invesco Ltd. raised its position in shares of Microchip Technology by 9.5% in the 4th quarter. Invesco Ltd. now owns 10,247,908 shares of the semiconductor company’s stock valued at $587,718,000 after buying an additional 890,819 shares in the last quarter. Norges Bank acquired a new position in shares of Microchip Technology in the 4th quarter valued at approximately $452,627,000. FIL Ltd raised its position in shares of Microchip Technology by 9.0% in the 4th quarter. FIL Ltd now owns 7,877,482 shares of the semiconductor company’s stock valued at $451,774,000 after buying an additional 653,705 shares in the last quarter. Finally, Northern Trust Corp raised its position in shares of Microchip Technology by 4.7% in the 4th quarter. Northern Trust Corp now owns 6,958,502 shares of the semiconductor company’s stock valued at $399,070,000 after buying an additional 311,796 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Trading Down 3.2%

MCHP opened at $65.73 on Friday. Microchip Technology Incorporated has a fifty-two week low of $34.13 and a fifty-two week high of $96.98. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. The firm has a market capitalization of $35.45 billion, a price-to-earnings ratio of 117.38 and a beta of 1.48. The company’s 50 day moving average price is $52.78 and its two-hundred day moving average price is $54.90.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.01. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. The firm had revenue of $970.50 million for the quarter, compared to analyst estimates of $962.86 million. During the same period in the previous year, the firm posted $0.57 EPS. The company’s revenue for the quarter was down 26.8% compared to the same quarter last year. As a group, research analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd were paid a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.77%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology’s dividend payout ratio is currently -18,200.00%.

Insider Activity

In other news, CFO James Eric Bjornholt sold 2,015 shares of the company’s stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $55.78, for a total value of $112,396.70. Following the sale, the chief financial officer now directly owns 34,313 shares of the company’s stock, valued at approximately $1,913,979.14. This represents a 5.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Karlton D. Johnson sold 494 shares of the business’s stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total transaction of $29,980.86. Following the transaction, the director now owns 3,468 shares in the company, valued at $210,472.92. The trade was a 12.47% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.10% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Citigroup boosted their target price on shares of Microchip Technology from $55.00 to $68.00 and gave the company a “buy” rating in a research report on Monday, June 9th. B. Riley boosted their target price on shares of Microchip Technology from $60.00 to $75.00 and gave the company a “buy” rating in a research report on Friday, May 9th. Bank of America upgraded shares of Microchip Technology from an “underperform” rating to a “neutral” rating and set a $56.00 target price for the company in a research report on Friday, May 9th. Morgan Stanley boosted their target price on shares of Microchip Technology from $39.00 to $50.00 and gave the company an “equal weight” rating in a research report on Friday, May 9th. Finally, UBS Group lifted their price target on shares of Microchip Technology from $60.00 to $65.00 and gave the company a “buy” rating in a report on Friday, May 30th. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $69.53.

Microchip Technology 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.