Microchip Technology Incorporated (NASDAQ:MCHP) Given Consensus Recommendation of “Moderate Buy” by Analysts

Microchip Technology Incorporated (NASDAQ:MCHPGet Rating) has been assigned a consensus rating of “Moderate Buy” from the twenty-three brokerages that are currently covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $89.73.

A number of brokerages recently issued reports on MCHP. Cowen lifted their price target on shares of Microchip Technology from $60.00 to $72.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 3rd. Wells Fargo & Company raised their price objective on shares of Microchip Technology from $60.00 to $75.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 3rd. Mizuho raised their price objective on shares of Microchip Technology from $72.00 to $75.00 and gave the stock a “neutral” rating in a report on Wednesday, August 3rd. Bank of America cut their target price on shares of Microchip Technology from $85.00 to $74.00 and set a “buy” rating on the stock in a report on Wednesday, June 29th. Finally, Cowen lifted their target price on shares of Microchip Technology from $60.00 to $72.00 and gave the company an “outperform” rating in a report on Wednesday, August 3rd.

Microchip Technology Stock Performance

NASDAQ:MCHP opened at $64.73 on Thursday. The company has a debt-to-equity ratio of 1.27, a quick ratio of 1.17 and a current ratio of 1.78. The company has a fifty day moving average of $67.35 and a two-hundred day moving average of $67.13. The stock has a market capitalization of $35.76 billion, a PE ratio of 23.80, a P/E/G ratio of 0.84 and a beta of 1.62. Microchip Technology has a fifty-two week low of $54.33 and a fifty-two week high of $90.00.

Microchip Technology (NASDAQ:MCHPGet Rating) last released its quarterly earnings data on Tuesday, August 2nd. The semiconductor company reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.10. Microchip Technology had a net margin of 21.34% and a return on equity of 44.90%. During the same quarter in the previous year, the company earned $0.88 earnings per share. As a group, research analysts forecast that Microchip Technology will post 5.42 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 2nd. Stockholders of record on Friday, August 19th were paid a dividend of $0.301 per share. The ex-dividend date of this dividend was Thursday, August 18th. This is an increase from Microchip Technology’s previous quarterly dividend of $0.28. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.86%. Microchip Technology’s dividend payout ratio (DPR) is 44.12%.

Insider Transactions at Microchip Technology

In related news, Director Matthew W. Chapman sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $68.21, for a total value of $68,210.00. Following the transaction, the director now directly owns 37,682 shares of the company’s stock, valued at approximately $2,570,289.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CFO James Eric Bjornholt sold 2,379 shares of Microchip Technology stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $68.21, for a total transaction of $162,271.59. Following the sale, the chief financial officer now owns 35,333 shares of the company’s stock, valued at approximately $2,410,063.93. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Matthew W. Chapman sold 1,000 shares of the business’s stock in a transaction on Tuesday, August 23rd. The shares were sold at an average price of $68.21, for a total value of $68,210.00. Following the completion of the sale, the director now directly owns 37,682 shares in the company, valued at approximately $2,570,289.22. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Microchip Technology

Several institutional investors have recently bought and sold shares of the business. Riverview Trust Co bought a new stake in shares of Microchip Technology during the first quarter worth $26,000. AdvisorNet Financial Inc raised its position in shares of Microchip Technology by 1,083.3% during the first quarter. AdvisorNet Financial Inc now owns 355 shares of the semiconductor company’s stock worth $27,000 after acquiring an additional 325 shares during the last quarter. Landmark Wealth Management LLC bought a new stake in Microchip Technology in the first quarter valued at about $30,000. Glassman Wealth Services increased its holdings in Microchip Technology by 54.5% in the second quarter. Glassman Wealth Services now owns 516 shares of the semiconductor company’s stock valued at $30,000 after purchasing an additional 182 shares during the last quarter. Finally, Kessler Investment Group LLC bought a new stake in Microchip Technology in the first quarter valued at about $32,000. Institutional investors own 89.81% of the company’s stock.

Microchip Technology Company Profile

(Get Rating)

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 microprocessors markets; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.

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Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

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