Beta Wealth Group Inc. Has $571,000 Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Beta Wealth Group Inc. lifted its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 12.7% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 7,115 shares of the semiconductor company’s stock after buying an additional 804 shares during the quarter. Beta Wealth Group Inc.’s holdings in Microchip Technology were worth $571,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Norden Group LLC boosted its holdings in Microchip Technology by 23.9% in the 1st quarter. Norden Group LLC now owns 3,418 shares of the semiconductor company’s stock valued at $307,000 after purchasing an additional 660 shares during the period. Oppenheimer & Co. Inc. grew its position in Microchip Technology by 18.1% during the first quarter. Oppenheimer & Co. Inc. now owns 42,630 shares of the semiconductor company’s stock worth $3,824,000 after buying an additional 6,546 shares in the last quarter. PFG Advisors increased its stake in Microchip Technology by 25.4% during the 1st quarter. PFG Advisors now owns 5,393 shares of the semiconductor company’s stock worth $484,000 after acquiring an additional 1,093 shares during the period. CarsonAllaria Wealth Management Ltd. acquired a new position in Microchip Technology in the 1st quarter valued at $54,000. Finally, WealthPLAN Partners LLC lifted its position in shares of Microchip Technology by 27.2% during the 1st quarter. WealthPLAN Partners LLC now owns 59,806 shares of the semiconductor company’s stock valued at $5,365,000 after acquiring an additional 12,806 shares during the period. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Down 2.0 %

Shares of Microchip Technology stock opened at $72.87 on Friday. The stock’s 50-day moving average is $76.73 and its 200 day moving average is $84.98. Microchip Technology Incorporated has a one year low of $71.76 and a one year high of $100.57. The firm has a market cap of $39.13 billion, a price-to-earnings ratio of 50.96 and a beta of 1.53. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 1.08.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly 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. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The company’s quarterly revenue was down 48.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.54 earnings per share. Equities research analysts anticipate that Microchip Technology Incorporated will post 1.73 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently announced 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 2.50%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date is Friday, November 22nd. Microchip Technology’s payout ratio is presently 127.27%.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the transaction, the chief financial officer now owns 33,257 shares in the company, valued at approximately $2,710,445.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.10% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. B. Riley cut their price objective on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Mizuho set a $95.00 price target on shares of Microchip Technology in a research report on Friday, October 18th. Susquehanna lowered their price objective on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a research report on Wednesday. Evercore ISI reaffirmed an “outperform” rating and issued a $95.00 target price (down previously from $101.00) on shares of Microchip Technology in a report on Wednesday. Finally, Truist Financial cut Microchip Technology from a “buy” rating to a “hold” rating and lowered their price target for the stock from $89.00 to $80.00 in a report on Monday, September 23rd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, Microchip Technology presently has an average rating of “Moderate Buy” and an average price target 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.