Microchip Technology (NASDAQ:MCHP) Price Target Raised to $103.00 at UBS Group

Microchip Technology (NASDAQ:MCHP) had its price objective increased by UBS Group from $95.00 to $103.00 in a research note published on Tuesday morning, Benzinga reports. UBS Group currently has a buy rating on the semiconductor company’s stock.

Other equities analysts have also issued research reports about the stock. The Goldman Sachs Group boosted their price objective on shares of Microchip Technology from $77.00 to $88.00 and gave the company a neutral rating in a research report on Tuesday. TD Cowen increased their price target on Microchip Technology from $80.00 to $90.00 and gave the stock a hold rating in a research note on Tuesday. Needham & Company LLC lifted their price objective on Microchip Technology from $90.00 to $100.00 and gave the company a buy rating in a research report on Tuesday. Mizuho increased their target price on Microchip Technology from $82.00 to $85.00 and gave the stock a neutral rating in a research report on Tuesday. Finally, Piper Sandler reissued a neutral rating and issued a $90.00 price target (up from $80.00) on shares of Microchip Technology in a research note on Tuesday. Six investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, Microchip Technology currently has an average rating of Moderate Buy and an average target price of $98.47.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP opened at $92.06 on Tuesday. Microchip Technology has a one year low of $68.75 and a one year high of $96.14. The stock has a market cap of $49.75 billion, a PE ratio of 21.51, a price-to-earnings-growth ratio of 2.79 and a beta of 1.60. The business’s fifty day moving average price is $88.45 and its two-hundred day moving average price is $85.37. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, meeting analysts’ consensus estimates of $0.57. The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.33 billion. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The business’s revenue for the quarter was down 40.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.56 earnings per share. On average, analysts forecast that Microchip Technology will post 4.64 EPS for the current fiscal year.

Microchip Technology Increases Dividend

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

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of the sale, the chief financial officer now owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.07% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Microchip Technology

Large investors have recently added to or reduced their stakes in the company. OFI Invest Asset Management purchased a new position in Microchip Technology in the 3rd quarter valued at about $26,000. BKM Wealth Management LLC acquired a new position in shares of Microchip Technology in the fourth quarter worth about $27,000. Rakuten Securities Inc. purchased a new position in Microchip Technology in the fourth quarter valued at about $27,000. Rise Advisors LLC purchased a new position in Microchip Technology in the first quarter valued at about $28,000. Finally, Fortitude Family Office LLC acquired a new stake in Microchip Technology during the 4th quarter valued at approximately $29,000. 91.51% of the stock is owned by institutional investors and hedge funds.

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.