Microchip Technology (NASDAQ:MCHP) Price Target Raised to $96.00

Microchip Technology (NASDAQ:MCHP) had its target price lifted by Truist Financial from $93.00 to $96.00 in a research report report published on Tuesday morning, Benzinga reports. The brokerage currently has a buy rating on the semiconductor company’s stock.

Several other research firms also recently weighed in on MCHP. Mizuho upped their price target on Microchip Technology from $82.00 to $85.00 and gave the stock a neutral rating in a research note on Tuesday. TD Cowen increased their target price on Microchip Technology from $80.00 to $90.00 and gave the stock a hold rating in a research note on Tuesday. The Goldman Sachs Group lowered their price target on Microchip Technology from $87.00 to $77.00 and set a neutral rating for the company in a research report on Friday, February 2nd. UBS Group cut their price objective on shares of Microchip Technology from $105.00 to $95.00 and set a buy rating on the stock in a research report on Friday, February 2nd. Finally, Rosenblatt Securities reaffirmed a buy rating and issued a $100.00 target price on shares of Microchip Technology in a report on Tuesday, January 30th. Six research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $98.47.

Microchip Technology Price Performance

Shares of MCHP stock opened at $92.06 on Tuesday. Microchip Technology has a twelve month low of $68.75 and a twelve month high of $96.14. The stock has a market cap of $49.75 billion, a price-to-earnings 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. The business’s fifty day moving average is $88.45 and its 200 day moving average is $85.37.

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

Microchip Technology Increases Dividend

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

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the 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 transaction, the chief financial officer now owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 2.07% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Cambridge Investment Research Advisors Inc. raised its holdings in Microchip Technology by 4.7% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 39,162 shares of the semiconductor company’s stock worth $3,057,000 after purchasing an additional 1,769 shares during the period. Stratos Wealth Partners LTD. raised its stake in shares of Microchip Technology by 7.1% in the third quarter. Stratos Wealth Partners LTD. now owns 5,799 shares of the semiconductor company’s stock worth $453,000 after buying an additional 383 shares during the period. Brown Advisory Inc. lifted its position in shares of Microchip Technology by 2.1% during the 3rd quarter. Brown Advisory Inc. now owns 104,768 shares of the semiconductor company’s stock valued at $8,177,000 after buying an additional 2,201 shares in the last quarter. Brighton Jones LLC grew its stake in shares of Microchip Technology by 3.9% during the 3rd quarter. Brighton Jones LLC now owns 3,988 shares of the semiconductor company’s stock valued at $311,000 after acquiring an additional 150 shares during the period. Finally, Strs Ohio increased its holdings in Microchip Technology by 1.8% in the 3rd quarter. Strs Ohio now owns 212,895 shares of the semiconductor company’s stock worth $16,616,000 after acquiring an additional 3,776 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

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.