Microchip Technology (NASDAQ:MCHP) Price Target Raised to $82.00

Microchip Technology (NASDAQ:MCHP) had its price objective upped by Stifel Nicolaus from $70.00 to $82.00 in a research note published on Friday morning,Benzinga reports. Stifel Nicolaus currently has a buy rating on the semiconductor company’s stock.

MCHP has been the subject of several other reports. KeyCorp upped their target price on Microchip Technology from $70.00 to $85.00 and gave the company an “overweight” rating in a report on Tuesday, July 8th. Cantor Fitzgerald started coverage on shares of Microchip Technology in a research report on Wednesday, June 18th. They issued a “neutral” rating and a $70.00 target price on the stock. Mizuho boosted their price target on shares of Microchip Technology from $78.00 to $85.00 and gave the company an “outperform” rating in a report on Tuesday, July 8th. TD Cowen lifted their price objective on shares of Microchip Technology from $35.00 to $55.00 and gave the stock a “hold” rating in a research report on Friday, May 9th. Finally, Evercore ISI boosted their target price on shares of Microchip Technology from $69.00 to $83.00 and gave the company an “outperform” rating in a research note on Thursday, June 12th. Six equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $75.70.

Microchip Technology Price Performance

NASDAQ MCHP opened at $74.78 on Friday. Microchip Technology has a 12 month low of $34.13 and a 12 month high of $93.23. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.59 and a quick ratio of 1.47. The firm has a market capitalization of $40.36 billion, a PE ratio of -7,478.00, a P/E/G ratio of 2.23 and a beta of 1.52. The company’s 50 day simple moving average is $66.82 and its 200 day simple moving average is $56.90.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.01. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. The business had revenue of $970.50 million for the quarter, compared to analyst estimates of $962.86 million. During the same quarter last year, the business earned $0.57 earnings per share. The business’s revenue for the quarter was down 26.8% on a year-over-year basis. As a group, equities research analysts forecast that Microchip Technology will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd were paid a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date was Thursday, May 22nd. Microchip Technology’s dividend payout ratio (DPR) is currently -18,200.00%.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,015 shares of Microchip Technology stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $55.78, for a total transaction of $112,396.70. Following the completion of the sale, the chief financial officer owned 34,313 shares of the company’s stock, valued at $1,913,979.14. This trade represents a 5.55% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Karlton D. Johnson sold 494 shares of Microchip Technology stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total transaction of $29,980.86. Following the completion of the sale, the director directly owned 3,468 shares of the company’s stock, valued at approximately $210,472.92. The trade was a 12.47% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.94% of the company’s stock.

Institutional Investors Weigh In On Microchip Technology

Several institutional investors and hedge funds have recently modified their holdings of MCHP. Advisors Asset Management Inc. lifted its stake in shares of Microchip Technology by 72.9% in the 4th quarter. Advisors Asset Management Inc. now owns 59,673 shares of the semiconductor company’s stock valued at $3,422,000 after purchasing an additional 25,151 shares during the last quarter. Generali Asset Management SPA SGR acquired a new stake in shares of Microchip Technology in the 4th quarter valued at $598,000. Xponance Inc. lifted its stake in shares of Microchip Technology by 12.0% in the 4th quarter. Xponance Inc. now owns 81,519 shares of the semiconductor company’s stock valued at $4,675,000 after purchasing an additional 8,707 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd lifted its stake in shares of Microchip Technology by 54.4% in the 4th quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 7,682 shares of the semiconductor company’s stock valued at $448,000 after purchasing an additional 2,705 shares during the last quarter. Finally, Royal London Asset Management Ltd. lifted its stake in shares of Microchip Technology by 1.6% in the 4th quarter. Royal London Asset Management Ltd. now owns 214,460 shares of the semiconductor company’s stock valued at $12,299,000 after purchasing an additional 3,358 shares during the last quarter. 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.