Microchip Technology (NASDAQ:MCHP) Given New $78.00 Price Target at Mizuho

Microchip Technology (NASDAQ:MCHP) had its price target upped by Mizuho from $68.00 to $78.00 in a research note published on Thursday,Benzinga reports. They currently have an outperform rating on the semiconductor company’s stock.

Other research analysts have also recently issued reports about the stock. B. Riley boosted their target price on shares of Microchip Technology from $60.00 to $75.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. Wall Street Zen downgraded shares of Microchip Technology from a “hold” rating to a “sell” rating in a research note on Saturday, June 7th. Rosenblatt Securities increased their price objective on shares of Microchip Technology from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, May 30th. Stifel Nicolaus increased their price objective on shares of Microchip Technology from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, May 9th. Finally, TD Cowen increased their price objective on shares of Microchip Technology from $35.00 to $55.00 and gave the company a “hold” rating in a research note on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $69.53.

Microchip Technology Trading Down 2.4%

NASDAQ MCHP opened at $67.93 on Thursday. The company’s fifty day simple moving average is $52.17 and its 200-day simple moving average is $55.01. Microchip Technology has a 52 week low of $34.13 and a 52 week high of $96.98. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. The stock has a market cap of $36.64 billion, a P/E ratio of 121.30 and a beta of 1.48.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.01. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. The business had revenue of $970.50 million for the quarter, compared to analysts’ expectations of $962.86 million. During the same period in the previous year, the company posted $0.57 earnings per share. The business’s revenue for the quarter was down 26.8% compared to the same quarter last year. Equities research analysts predict that Microchip Technology will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd were given a $0.455 dividend. The ex-dividend date of this dividend was Thursday, May 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.68%. Microchip Technology’s payout ratio is currently -18,200.00%.

Insider Transactions at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,015 shares of the business’s stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $55.78, for a total transaction of $112,396.70. Following the completion of the transaction, the chief financial officer now owns 34,313 shares in the company, valued at approximately $1,913,979.14. The trade was a 5.55% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Karlton D. Johnson sold 494 shares of the business’s stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total value of $29,980.86. Following the transaction, the director now owns 3,468 shares of the company’s stock, valued at $210,472.92. This trade represents a 12.47% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Microchip Technology

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in Microchip Technology by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 69,302,614 shares of the semiconductor company’s stock valued at $3,354,940,000 after buying an additional 390,269 shares during the period. Invesco Ltd. increased its stake in Microchip Technology by 63.0% during the 1st quarter. Invesco Ltd. now owns 16,707,031 shares of the semiconductor company’s stock valued at $808,787,000 after buying an additional 6,459,123 shares during the period. T. Rowe Price Investment Management Inc. increased its stake in Microchip Technology by 0.9% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 16,630,574 shares of the semiconductor company’s stock valued at $805,087,000 after buying an additional 152,434 shares during the period. Van ECK Associates Corp increased its stake in Microchip Technology by 39.3% during the 4th quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company’s stock valued at $636,184,000 after buying an additional 3,131,807 shares during the period. Finally, Boston Partners increased its stake in Microchip Technology by 35.3% during the 1st quarter. Boston Partners now owns 10,726,413 shares of the semiconductor company’s stock valued at $517,082,000 after buying an additional 2,795,650 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

About Microchip Technology

Microchip Technology Incorporated engages in the development, manufacture, and sale of 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 mixed-signal 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.