DAVENPORT & Co LLC Lowers Holdings in Microchip Technology Incorporated $MCHP

DAVENPORT & Co LLC decreased its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 11.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,203 shares of the semiconductor company’s stock after selling 2,344 shares during the quarter. DAVENPORT & Co LLC’s holdings in Microchip Technology were worth $1,281,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Garde Capital Inc. purchased a new stake in shares of Microchip Technology during the 1st quarter worth about $30,000. MCF Advisors LLC grew its holdings in shares of Microchip Technology by 211.2% during the 2nd quarter. MCF Advisors LLC now owns 473 shares of the semiconductor company’s stock worth $33,000 after purchasing an additional 321 shares during the period. Carderock Capital Management Inc. purchased a new stake in shares of Microchip Technology during the 2nd quarter worth about $39,000. WPG Advisers LLC purchased a new stake in shares of Microchip Technology during the 1st quarter worth about $40,000. Finally, Painted Porch Advisors LLC purchased a new stake in shares of Microchip Technology during the 2nd quarter worth about $40,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Performance

Shares of MCHP opened at $60.41 on Friday. The business’s 50 day moving average is $65.26 and its two-hundred day moving average is $61.00. Microchip Technology Incorporated has a 52-week low of $34.13 and a 52-week high of $79.44. The firm has a market cap of $32.60 billion, a price-to-earnings ratio of -177.68, a PEG ratio of 1.89 and a beta of 1.55. The company has a quick ratio of 1.33, a current ratio of 2.31 and a debt-to-equity ratio of 0.80.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, August 7th. The semiconductor company reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.03. Microchip Technology had a positive return on equity of 6.24% and a negative net margin of 3.50%.The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.05 billion. During the same period in the prior year, the company posted $0.53 EPS. Microchip Technology’s quarterly revenue was down 13.3% on a year-over-year basis. Microchip Technology has set its Q2 2026 guidance at 0.340-0.370 EPS. Analysts forecast that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Friday, August 22nd were given a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend was Friday, August 22nd. Microchip Technology’s dividend payout ratio is presently -535.29%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on MCHP. Wall Street Zen upgraded Microchip Technology from a “sell” rating to a “hold” rating in a report on Friday, June 27th. UBS Group boosted their price target on Microchip Technology from $65.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, July 7th. Raymond James Financial boosted their price target on Microchip Technology from $65.00 to $75.00 and gave the stock a “strong-buy” rating in a research report on Friday, August 8th. Wells Fargo & Company assumed coverage on Microchip Technology in a research report on Monday, September 15th. They set an “equal weight” rating and a $60.00 price target on the stock. Finally, Citigroup boosted their price target on Microchip Technology from $68.00 to $90.00 and gave the stock a “buy” rating in a research report on Monday, July 7th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $75.75.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 7,356 shares of the company’s stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $68.72, for a total transaction of $505,504.32. Following the sale, the chief financial officer directly owned 30,010 shares of the company’s stock, valued at approximately $2,062,287.20. This represents a 19.69% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Matthew W. Chapman sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $68.25, for a total value of $682,500.00. Following the sale, the director directly owned 30,665 shares in the company, valued at approximately $2,092,886.25. This represents a 24.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.94% of the company’s stock.

About Microchip Technology

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.