Kingsview Wealth Management LLC Sells 5,809 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Kingsview Wealth Management LLC lowered its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 5.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 109,721 shares of the semiconductor company’s stock after selling 5,809 shares during the period. Kingsview Wealth Management LLC’s holdings in Microchip Technology were worth $8,810,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the company. Prospera Private Wealth LLC bought a new position in Microchip Technology during the 3rd quarter worth $29,000. Peterson Financial Group Inc. bought a new stake in Microchip Technology in the 3rd quarter valued at about $34,000. Pathway Financial Advisers LLC acquired a new position in shares of Microchip Technology during the 1st quarter worth approximately $39,000. Versant Capital Management Inc increased its holdings in shares of Microchip Technology by 148.8% during the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock worth $48,000 after purchasing an additional 317 shares during the period. Finally, TruNorth Capital Management LLC acquired a new stake in Microchip Technology during the second quarter worth approximately $55,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently issued reports on MCHP shares. B. Riley reduced their target price on Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. TD Cowen reduced their price objective on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a research note on Wednesday, November 6th. StockNews.com cut shares of Microchip Technology from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. KeyCorp reduced their price target on shares of Microchip Technology from $100.00 to $95.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 6th. Finally, Truist Financial downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating and lowered their price objective for the company from $89.00 to $80.00 in a research report on Monday, September 23rd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $92.00.

Microchip Technology Price Performance

MCHP stock opened at $66.69 on Friday. The company has a market capitalization of $35.81 billion, a P/E ratio of 46.64 and a beta of 1.53. The company has a fifty day moving average price of $74.59 and a 200-day moving average price of $83.24. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. Microchip Technology Incorporated has a 52-week low of $62.63 and a 52-week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same period last year, the company earned $1.54 EPS. Microchip Technology’s revenue for the quarter was down 48.4% compared to the same quarter last year. As a group, equities analysts expect that Microchip Technology Incorporated will post 1.38 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be paid a $0.455 dividend. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.73%. The ex-dividend date of this dividend is Friday, November 22nd. Microchip Technology’s payout ratio is currently 127.27%.

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.