Merit Financial Group LLC Buys 221 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Posted by Defense World Staff on Mar 25th, 2023

Merit Financial Group LLC increased its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP – Get Rating) by 3.8% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 6,108 shares of the semiconductor company’s stock after buying an additional 221 shares during the period. Merit Financial Group LLC’s holdings in Microchip Technology were worth $429,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Householder Group Estate & Retirement Specialist LLC acquired a new stake in Microchip Technology during the third quarter worth approximately $25,000. MV Capital Management Inc. increased its stake in shares of Microchip Technology by 157.1% during the third quarter. MV Capital Management Inc. now owns 432 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 264 shares during the period. Almanack Investment Partners LLC. bought a new position in shares of Microchip Technology during the third quarter worth approximately $29,000. CoreCap Advisors LLC acquired a new stake in Microchip Technology during the 2nd quarter worth approximately $34,000. Finally, FinTrust Capital Advisors LLC boosted its stake in Microchip Technology by 78.1% in the 3rd quarter. FinTrust Capital Advisors LLC now owns 570 shares of the semiconductor company’s stock valued at $34,000 after purchasing an additional 250 shares during the period. Institutional investors own 89.85% of the company’s stock.

Wall Street Analyst Weigh In

MCHP has been the topic of several recent research reports. B. Riley lifted their target price on Microchip Technology from $86.00 to $106.00 and gave the stock a “buy” rating in a report on Friday, February 3rd. Truist Financial boosted their price objective on shares of Microchip Technology from $85.00 to $94.00 and gave the company a “buy” rating in a report on Friday, February 3rd. Piper Sandler raised their target price on shares of Microchip Technology from $80.00 to $100.00 and gave the stock an “overweight” rating in a report on Friday, February 3rd. Raymond James lifted their price target on shares of Microchip Technology from $90.00 to $105.00 and gave the company a “strong-buy” rating in a research report on Friday, February 3rd. Finally, Stifel Nicolaus increased their price target on Microchip Technology from $77.00 to $80.00 and gave the stock a “buy” rating in a research report on Tuesday, November 29th. Five research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $90.58.

Microchip Technology Stock Performance

Microchip Technology stock opened at $79.43 on Friday. The stock has a market cap of $43.51 billion, a PE ratio of 21.53, a P/E/G ratio of 0.85 and a beta of 1.58. The company has a quick ratio of 1.04, a current ratio of 1.76 and a debt-to-equity ratio of 1.04. Microchip Technology Incorporated has a 12-month low of $54.33 and a 12-month high of $87.76. The business’s 50-day moving average price is $80.85 and its two-hundred day moving average price is $72.75.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 7th. Investors of record on Tuesday, February 21st were issued a dividend of $0.358 per share. The ex-dividend date of this dividend was Friday, February 17th. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.33. This represents a $1.43 annualized dividend and a dividend yield of 1.80%. Microchip Technology’s payout ratio is 38.75%.

Microchip Technology Profile

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Microchip Technology, Inc engages in the provision of semiconductor products. It operates through the Semiconductor Products and Technology Licensing segments. The Semiconductor Products segment is involved in designing, developing, manufacturing, and marketing microcontrollers, development tools and analog, interface, mixed signal, connectivity devices, and timing products.