Kestra Advisory Services LLC Increases Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Posted by Defense World Staff on Apr 21st, 2023

Kestra Advisory Services LLC grew its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP – Get Rating) by 17.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 30,103 shares of the semiconductor company’s stock after buying an additional 4,452 shares during the quarter. Kestra Advisory Services LLC’s holdings in Microchip Technology were worth $2,115,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of Microchip Technology by 0.6% during the 3rd quarter. Vanguard Group Inc. now owns 65,524,560 shares of the semiconductor company’s stock valued at $3,998,964,000 after buying an additional 417,578 shares in the last quarter. Macquarie Group Ltd. raised its position in shares of Microchip Technology by 1.6% during the 3rd quarter. Macquarie Group Ltd. now owns 8,517,994 shares of the semiconductor company’s stock valued at $519,852,000 after buying an additional 131,879 shares in the last quarter. Boston Partners raised its position in shares of Microchip Technology by 17.2% during the 3rd quarter. Boston Partners now owns 7,665,626 shares of the semiconductor company’s stock valued at $467,751,000 after buying an additional 1,123,669 shares in the last quarter. Northern Trust Corp raised its position in shares of Microchip Technology by 1.7% during the 1st quarter. Northern Trust Corp now owns 7,553,578 shares of the semiconductor company’s stock valued at $567,576,000 after buying an additional 123,806 shares in the last quarter. Finally, Platinum Investment Management Ltd. grew its holdings in Microchip Technology by 3.5% during the 3rd quarter. Platinum Investment Management Ltd. now owns 4,018,598 shares of the semiconductor company’s stock valued at $245,255,000 after purchasing an additional 137,009 shares during the last quarter. 89.85% of the stock is currently owned by hedge funds and other institutional investors.

Microchip Technology Price Performance

NASDAQ MCHP opened at $77.50 on Friday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.04 and a current ratio of 1.76. The firm’s 50 day moving average price is $81.34 and its 200-day moving average price is $74.84. Microchip Technology Incorporated has a 52-week low of $54.33 and a 52-week high of $87.76. The company has a market cap of $42.45 billion, a PE ratio of 21.00, a P/E/G ratio of 0.81 and a beta of 1.59.

Microchip Technology (NASDAQ:MCHP – Get Rating) last released its quarterly earnings data on Thursday, February 2nd. The semiconductor company reported $1.48 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.48. Microchip Technology had a net margin of 25.73% and a return on equity of 50.01%. The firm had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $2.15 billion. Sell-side analysts forecast that Microchip Technology Incorporated will post 5.73 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 7th. Stockholders of record on Tuesday, February 21st were paid a dividend of $0.358 per share. The ex-dividend date of this dividend was Friday, February 17th. This is an increase from Microchip Technology’s previous quarterly dividend of $0.33. This represents a $1.43 dividend on an annualized basis and a dividend yield of 1.85%. Microchip Technology’s dividend payout ratio (DPR) is currently 38.75%.

Wall Street Analyst Weigh In

MCHP has been the topic of several analyst reports. Wells Fargo & Company upped their price target on shares of Microchip Technology from $80.00 to $85.00 and gave the company an “equal weight” rating in a report on Friday, February 3rd. Susquehanna upped their price target on shares of Microchip Technology from $85.00 to $100.00 and gave the company a “positive” rating in a report on Friday, February 3rd. Raymond James upped their price target on shares of Microchip Technology from $90.00 to $105.00 and gave the company a “strong-buy” rating in a report on Friday, February 3rd. B. Riley upped their price target on shares of Microchip Technology from $86.00 to $106.00 and gave the company a “buy” rating in a report on Friday, February 3rd. Finally, Morgan Stanley upped their price target on shares of Microchip Technology from $80.00 to $99.00 and gave the company an “overweight” rating in a report on Friday, February 3rd. 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 company. According to MarketBeat, Microchip Technology presently has an average rating of “Moderate Buy” and an average target price of $90.58.

About Microchip Technology

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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.