Microchip Technology (NASDAQ:MCHP) Price Target Raised to $78.00 at Bank of America

Microchip Technology (NASDAQ:MCHP) had its price objective boosted by Bank of America from $72.00 to $78.00 in a report released on Wednesday,Benzinga reports. The firm currently has a neutral rating on the semiconductor company’s stock.

A number of other equities analysts have also weighed in on the stock. Morgan Stanley upped their target price on shares of Microchip Technology from $68.00 to $69.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 6th. Mizuho upped their price objective on Microchip Technology from $80.00 to $83.00 and gave the stock an “outperform” rating in a research report on Friday, January 9th. KeyCorp reiterated an “overweight” rating on shares of Microchip Technology in a report on Wednesday, December 3rd. Wells Fargo & Company lifted their target price on Microchip Technology from $58.00 to $68.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 7th. Finally, Truist Financial reaffirmed a “hold” rating and set a $60.00 price target (down previously from $64.00) on shares of Microchip Technology in a research report on Friday, November 7th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $79.67.

Microchip Technology Stock Up 4.1%

NASDAQ:MCHP opened at $76.20 on Wednesday. Microchip Technology has a 1 year low of $34.13 and a 1 year high of $77.20. The stock has a 50-day moving average price of $64.00 and a two-hundred day moving average price of $65.29. The stock has a market cap of $41.18 billion, a price-to-earnings ratio of -169.33, a PEG ratio of 2.17 and a beta of 1.46. The company has a current ratio of 2.25, a quick ratio of 1.20 and a debt-to-equity ratio of 0.80.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, November 6th. The semiconductor company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.02. The business had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.13 billion. Microchip Technology had a positive return on equity of 5.21% and a negative net margin of 4.39%.Microchip Technology’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.46 EPS. Microchip Technology has set its Q3 2026 guidance at 0.340-0.400 EPS. As a group, equities analysts expect that Microchip Technology will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 9th. Stockholders of record on Monday, November 24th were given a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Monday, November 24th. Microchip Technology’s dividend payout ratio (DPR) is presently -404.44%.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 4,292 shares of the business’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $50.39, for a total transaction of $216,273.88. Following the transaction, the chief financial officer directly owned 30,089 shares of the company’s stock, valued at approximately $1,516,184.71. The trade was a 12.48% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.94% of the company’s stock.

Hedge Funds Weigh In On Microchip Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC lifted its position in Microchip Technology by 51.3% during the first quarter. AQR Capital Management LLC now owns 17,201 shares of the semiconductor company’s stock worth $827,000 after acquiring an additional 5,835 shares during the last quarter. Geneos Wealth Management Inc. increased its stake in shares of Microchip Technology by 101.8% during the first quarter. Geneos Wealth Management Inc. now owns 1,221 shares of the semiconductor company’s stock worth $59,000 after purchasing an additional 616 shares during the period. Park Avenue Securities LLC increased its stake in shares of Microchip Technology by 3.0% during the second quarter. Park Avenue Securities LLC now owns 13,069 shares of the semiconductor company’s stock worth $920,000 after purchasing an additional 383 shares during the period. MCF Advisors LLC lifted its holdings in Microchip Technology by 211.2% during the 2nd quarter. MCF Advisors LLC now owns 473 shares of the semiconductor company’s stock worth $33,000 after purchasing an additional 321 shares during the last quarter. Finally, Norden Group LLC bought a new stake in Microchip Technology in the 2nd quarter valued at $398,000. 91.51% of the stock is owned by institutional investors.

Microchip Technology Company Profile

Microchip Technology Inc is a semiconductor company headquartered in Chandler, Arizona, that designs, develops and supplies a broad portfolio of embedded control and analog semiconductors. Its product lineup centers on microcontrollers (including the well-known PIC family), digital signal controllers and associated development tools and software, along with a range of mixed-signal and analog devices, nonvolatile memory, power management, timing, interface, wireless and security products. The company also provides integrated hardware and software solutions intended to simplify embedded design and accelerate time to market for OEMs and contract manufacturers.

Microchip’s products are used across a wide range of end markets, including automotive, industrial automation, consumer electronics, communications, aerospace and defense, and Internet of Things (IoT) applications.