Microchip Technology Incorporated (NASDAQ:MCHP) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Microchip Technology Incorporated (NASDAQ:MCHP) have earned an average recommendation of “Moderate Buy” from the sixteen brokerages that are presently covering the company, MarketBeat Ratings reports. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $92.50.

Several research analysts have recently issued reports on the company. Wolfe Research raised Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price objective for the company in a research report on Thursday, January 18th. Needham & Company LLC upped their target price on Microchip Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, February 2nd. UBS Group decreased their target price on Microchip Technology from $105.00 to $95.00 and set a “buy” rating for the company in a research report on Friday, February 2nd. Evercore ISI started coverage on Microchip Technology in a research note on Tuesday. They set an “outperform” rating and a $106.00 price objective for the company. Finally, Truist Financial reduced their price objective on Microchip Technology from $97.00 to $93.00 and set a “buy” rating for the company in a research note on Tuesday, January 9th.

Insider Activity at Microchip Technology

In other Microchip Technology news, Director Karlton D. Johnson sold 370 shares of the stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the sale, the director now owns 1,789 shares in the company, valued at approximately $150,276. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Microchip Technology news, Director Karlton D. Johnson sold 370 shares of the stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the sale, the director now owns 1,789 shares in the company, valued at approximately $150,276. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO James Eric Bjornholt sold 1,970 shares of the firm’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the sale, the chief financial officer now owns 32,893 shares in the company, valued at approximately $2,759,722.70. The disclosure for this sale can be found here. 2.07% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Microchip Technology

Hedge funds have recently made changes to their positions in the business. OFI Invest Asset Management acquired a new stake in shares of Microchip Technology during the third quarter worth $26,000. BKM Wealth Management LLC acquired a new position in Microchip Technology in the fourth quarter valued at $27,000. Rakuten Securities Inc. acquired a new position in Microchip Technology in the fourth quarter valued at $27,000. Rise Advisors LLC acquired a new position in Microchip Technology in the first quarter valued at $28,000. Finally, Fortitude Family Office LLC acquired a new position in Microchip Technology in the fourth quarter valued at $29,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Price Performance

Shares of NASDAQ MCHP opened at $84.21 on Friday. The stock’s 50-day moving average is $86.58 and its two-hundred day moving average is $84.24. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58. Microchip Technology has a 1-year low of $68.75 and a 1-year high of $94.30. The company has a market cap of $45.51 billion, a price-to-earnings ratio of 19.68, a price-to-earnings-growth ratio of 2.62 and a beta of 1.65.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.04. The business had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.77 billion. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The business’s quarterly revenue was down 18.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.48 EPS. Analysts forecast that Microchip Technology will post 4.64 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were paid a $0.45 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.44. This represents a $1.80 annualized dividend and a yield of 2.14%. The ex-dividend date of this dividend was Thursday, February 22nd. Microchip Technology’s dividend payout ratio (DPR) is presently 42.06%.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells 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 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.