Microchip Technology (NASDAQ:MCHP) Price Target Increased to $90.00 by Analysts at TD Cowen

Microchip Technology (NASDAQ:MCHP) had its target price increased by TD Cowen from $80.00 to $90.00 in a research note released on Tuesday morning, Marketbeat reports. They currently have a hold rating on the semiconductor company’s stock.

Other equities research analysts have also issued research reports about the stock. Truist Financial reduced their price target on shares of Microchip Technology from $97.00 to $93.00 and set a buy rating for the company in a research report on Tuesday, January 9th. Wolfe Research upgraded shares of Microchip Technology from a peer perform rating to an outperform rating and set a $105.00 price target on the stock in a research report on Thursday, January 18th. Stifel Nicolaus boosted their price objective on shares of Microchip Technology from $98.00 to $102.00 and gave the company a buy rating in a research report on Wednesday, May 1st. Evercore ISI started coverage on Microchip Technology in a report on Tuesday, April 16th. They issued an outperform rating and a $106.00 target price on the stock. Finally, UBS Group cut their price target on Microchip Technology from $105.00 to $95.00 and set a buy rating for the company in a report on Friday, February 2nd. Six investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus target price of $98.47.

Microchip Technology Trading Down 1.8 %

Shares of MCHP stock opened at $92.06 on Tuesday. The stock has a market capitalization of $49.75 billion, a P/E ratio of 21.51, a P/E/G ratio of 2.79 and a beta of 1.60. The company has a current ratio of 0.98, a quick ratio of 0.58 and a debt-to-equity ratio of 0.57. The firm’s 50 day moving average is $88.45 and its 200 day moving average is $85.37. Microchip Technology has a 12-month low of $68.75 and a 12-month high of $96.14.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.57. The firm had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.33 billion. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The company’s revenue for the quarter was down 40.6% on a year-over-year basis. During the same period last year, the business posted $1.56 EPS. Research analysts expect that Microchip Technology will post 4.64 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 5th. Investors of record on Wednesday, May 22nd will be given a dividend of $0.452 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Tuesday, May 21st. This represents a $1.81 dividend on an annualized basis and a dividend yield of 1.96%. Microchip Technology’s dividend payout ratio is currently 42.06%.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the business’s stock in a transaction on Friday, February 23rd. The shares were 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.07% of the stock is currently owned by corporate insiders.

Institutional Trading of Microchip Technology

Several hedge funds have recently modified their holdings of MCHP. Bleakley Financial Group LLC raised its stake in Microchip Technology by 1.3% during the fourth quarter. Bleakley Financial Group LLC now owns 9,415 shares of the semiconductor company’s stock valued at $849,000 after purchasing an additional 119 shares in the last quarter. Financial Counselors Inc. lifted its holdings in shares of Microchip Technology by 1.1% in the 1st quarter. Financial Counselors Inc. now owns 10,689 shares of the semiconductor company’s stock valued at $959,000 after acquiring an additional 119 shares during the last quarter. RFG Advisory LLC grew its position in Microchip Technology by 3.2% in the fourth quarter. RFG Advisory LLC now owns 3,910 shares of the semiconductor company’s stock worth $353,000 after acquiring an additional 123 shares in the last quarter. Twelve Points Wealth Management LLC increased its stake in Microchip Technology by 1.0% during the fourth quarter. Twelve Points Wealth Management LLC now owns 12,229 shares of the semiconductor company’s stock worth $1,103,000 after acquiring an additional 125 shares during the last quarter. Finally, Merit Financial Group LLC lifted its stake in shares of Microchip Technology by 1.9% in the 3rd quarter. Merit Financial Group LLC now owns 7,096 shares of the semiconductor company’s stock valued at $554,000 after purchasing an additional 134 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

About Microchip Technology

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.