Mizuho Boosts Microchip Technology (NASDAQ:MCHP) Price Target to $85.00

Microchip Technology (NASDAQ:MCHP) had its price objective raised by Mizuho from $82.00 to $85.00 in a report issued on Tuesday morning, Benzinga reports. They currently have a neutral rating on the semiconductor company’s stock.

Other analysts also recently issued research reports about the company. Truist Financial cut their price target on Microchip Technology from $97.00 to $93.00 and set a buy rating on the stock in a report on Tuesday, January 9th. Evercore ISI started coverage on shares of Microchip Technology in a report on Tuesday, April 16th. They set an outperform rating and a $106.00 price target for the company. Susquehanna reaffirmed a positive rating and issued a $100.00 price objective on shares of Microchip Technology in a report on Monday, April 8th. Wolfe Research raised shares of Microchip Technology from a peer perform rating to an outperform rating and set a $105.00 target price for the company in a research note on Thursday, January 18th. Finally, Stifel Nicolaus lifted their price target on Microchip Technology from $98.00 to $102.00 and gave the company a buy rating in a report on Wednesday, May 1st. Six research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average price target of $98.47.

Microchip Technology Stock Performance

Microchip Technology stock opened at $92.06 on Tuesday. 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 12 month low of $68.75 and a 12 month high of $96.14. The company has a fifty day moving average price of $88.45 and a two-hundred day moving average price of $85.37. The company has a market cap of $49.75 billion, a PE ratio of 21.51, a P/E/G ratio of 2.79 and a beta of 1.60.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, meeting the consensus estimate of $0.57. The business 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%. The company’s quarterly revenue was down 40.6% on a year-over-year basis. During the same period in the previous 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 disclosed a quarterly dividend, which will be paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd will be paid a dividend of $0.452 per share. The ex-dividend date is Tuesday, May 21st. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.81 annualized dividend and a dividend yield of 1.96%. Microchip Technology’s dividend payout ratio (DPR) is currently 42.06%.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 1,970 shares of the 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 completion of the transaction, the chief financial officer now owns 32,893 shares in the company, valued at approximately $2,759,722.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.07% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Horizon Bancorp Inc. IN purchased a new position in Microchip Technology during the 4th quarter worth approximately $110,000. Rockline Wealth Management LLC acquired a new position in Microchip Technology during the fourth quarter valued at $4,449,000. 17 Capital Partners LLC purchased a new stake in Microchip Technology in the 4th quarter worth about $1,827,000. AIA Group Ltd boosted its position in Microchip Technology by 80.4% during the 4th quarter. AIA Group Ltd now owns 29,910 shares of the semiconductor company’s stock worth $2,697,000 after acquiring an additional 13,326 shares during the period. Finally, GAM Holding AG grew its stake in Microchip Technology by 13.9% during the 4th quarter. GAM Holding AG now owns 145,575 shares of the semiconductor company’s stock valued at $13,128,000 after acquiring an additional 17,776 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

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.