Waterfront Wealth Inc. Purchases 6,251 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Waterfront Wealth Inc. boosted its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 47.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,409 shares of the semiconductor company’s stock after acquiring an additional 6,251 shares during the quarter. Waterfront Wealth Inc.’s holdings in Microchip Technology were worth $1,113,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MCHP. Prospera Private Wealth LLC acquired a new position in shares of Microchip Technology in the third quarter valued at $29,000. Peterson Financial Group Inc. acquired a new position in shares of Microchip Technology in the third quarter valued at $34,000. Truvestments Capital LLC acquired a new position in shares of Microchip Technology in the third quarter valued at $34,000. Financial Life Planners acquired a new position in shares of Microchip Technology in the fourth quarter valued at about $32,000. Finally, Hobbs Group Advisors LLC grew its stake in shares of Microchip Technology by 390.6% in the third quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock valued at $50,000 after acquiring an additional 500 shares in the last quarter. 91.51% of the stock is owned by institutional investors.

Microchip Technology Stock Performance

NASDAQ MCHP opened at $64.30 on Friday. The company has a fifty day simple moving average of $56.63 and a 200 day simple moving average of $68.19. Microchip Technology Incorporated has a 12-month low of $50.21 and a 12-month high of $100.57. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. The company has a market cap of $34.58 billion, a P/E ratio of 114.82 and a beta of 1.50.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. Sell-side analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Monday, February 24th will be issued a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date is Monday, February 24th. Microchip Technology’s payout ratio is presently 325.00%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on MCHP shares. B. Riley restated a “buy” rating and issued a $75.00 price target (down from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Morgan Stanley reduced their price objective on shares of Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 4th. KeyCorp reduced their price objective on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating on the stock in a research note on Friday, February 7th. Stifel Nicolaus dropped their target price on shares of Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a report on Tuesday, December 3rd. Finally, Bank of America cut shares of Microchip Technology from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $80.00 to $65.00 in a report on Monday, December 16th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $77.11.

Microchip Technology Company 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.