Microchip Technology (NASDAQ:MCHP) Price Target Raised to $100.00

Microchip Technology (NASDAQ:MCHP) had its target price raised by Needham & Company LLC from $90.00 to $100.00 in a research report report published on Tuesday morning, Benzinga reports. Needham & Company LLC currently has a buy rating on the semiconductor company’s stock.

A number of other brokerages also recently commented on MCHP. Truist Financial decreased their target price on Microchip Technology from $97.00 to $93.00 and set a buy rating for the company in a report on Tuesday, January 9th. Rosenblatt Securities reaffirmed a buy rating and issued a $100.00 target price on shares of Microchip Technology in a research report on Tuesday, January 30th. TD Cowen boosted their price target on shares of Microchip Technology from $80.00 to $90.00 and gave the company a hold rating in a research report on Tuesday. Wolfe Research upgraded shares of Microchip Technology from a peer perform rating to an outperform rating and set a $105.00 price objective for the company in a report on Thursday, January 18th. Finally, Evercore ISI began coverage on Microchip Technology in a report on Tuesday, April 16th. They set an outperform rating and a $106.00 target price on the stock. Six investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock 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 opened at $92.06 on Tuesday. The firm has a fifty day simple moving average of $88.45 and a two-hundred day simple moving average of $85.37. Microchip Technology has a twelve month low of $68.75 and a twelve month high of $96.14. The stock has a market capitalization of $49.75 billion, a P/E ratio of 21.51, a PEG ratio of 2.79 and a beta of 1.60. The company has a quick ratio of 0.58, a current ratio of 0.98 and a debt-to-equity ratio of 0.57.

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

Microchip Technology Increases Dividend

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

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 1,970 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now directly owns 32,893 shares in the company, valued at approximately $2,759,722.70. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 2.07% of the company’s stock.

Institutional Trading of Microchip Technology

A number of institutional investors have recently made changes to their positions in MCHP. Bleakley Financial Group LLC boosted its holdings in Microchip Technology by 1.3% in the fourth quarter. Bleakley Financial Group LLC now owns 9,415 shares of the semiconductor company’s stock worth $849,000 after purchasing an additional 119 shares during the last quarter. Financial Counselors Inc. boosted its stake 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 worth $959,000 after buying an additional 119 shares during the last quarter. RFG Advisory LLC grew its holdings in shares of 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 during the period. Twelve Points Wealth Management LLC increased its position 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 valued at $1,103,000 after acquiring an additional 125 shares during the last quarter. Finally, Merit Financial Group LLC grew its stake in shares of Microchip Technology by 1.9% during 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 period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

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.