AlphaCore Capital LLC Purchases 718 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

AlphaCore Capital LLC boosted its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 4.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 15,386 shares of the semiconductor company’s stock after acquiring an additional 718 shares during the period. AlphaCore Capital LLC’s holdings in Microchip Technology were worth $1,235,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in MCHP. EP Wealth Advisors LLC grew its position in shares of Microchip Technology by 15.8% during the 1st quarter. EP Wealth Advisors LLC now owns 14,195 shares of the semiconductor company’s stock worth $1,273,000 after buying an additional 1,940 shares during the period. Canada Pension Plan Investment Board raised its position in shares of Microchip Technology by 425.3% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,377,099 shares of the semiconductor company’s stock valued at $123,540,000 after acquiring an additional 1,114,962 shares during the last quarter. 1832 Asset Management L.P. raised its position in shares of Microchip Technology by 183,762.8% during the 1st quarter. 1832 Asset Management L.P. now owns 676,615 shares of the semiconductor company’s stock valued at $60,699,000 after acquiring an additional 676,247 shares during the last quarter. LRI Investments LLC acquired a new position in shares of Microchip Technology in the 1st quarter valued at $262,000. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of Microchip Technology by 17.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,527,709 shares of the semiconductor company’s stock worth $406,182,000 after purchasing an additional 673,992 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Trading Up 2.1 %

Shares of Microchip Technology stock opened at $66.49 on Friday. The firm’s 50 day moving average is $74.80 and its 200 day moving average is $83.42. The firm has a market capitalization of $35.71 billion, a PE ratio of 46.50 and a beta of 1.53. Microchip Technology Incorporated has a 1 year low of $62.63 and a 1 year high of $100.57. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter in the previous year, the firm posted $1.54 earnings per share. The company’s revenue was down 48.4% on a year-over-year basis. Equities research analysts forecast that Microchip Technology Incorporated will post 1.38 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be paid a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.74%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, November 22nd. Microchip Technology’s dividend payout ratio (DPR) is presently 127.27%.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Jefferies Financial Group reduced their price objective on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. JPMorgan Chase & Co. lowered their price objective on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. KeyCorp reduced their price objective on shares of Microchip Technology from $100.00 to $95.00 and set an “overweight” rating for the company in a research report on Wednesday, November 6th. TD Cowen lowered their target price on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a research note on Wednesday, November 6th. Finally, Evercore ISI restated an “outperform” rating and set a $95.00 target price (down previously from $101.00) on shares of Microchip Technology in a research report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $92.00.

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.