Microchip Technology Incorporated (NASDAQ:MCHP) Receives $91.33 Average PT from Brokerages

Microchip Technology Incorporated (NASDAQ:MCHPGet Free Report) has received an average rating of “Moderate Buy” from the fifteen brokerages that are currently covering the stock, MarketBeat reports. Five research analysts have rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $91.33.

A number of equities research analysts recently issued reports on MCHP shares. UBS Group reduced their price target on Microchip Technology from $105.00 to $95.00 and set a “buy” rating on the stock in a research report on Friday, February 2nd. The Goldman Sachs Group dropped their price target on Microchip Technology from $87.00 to $77.00 and set a “neutral” rating for the company in a research note on Friday, February 2nd. KeyCorp dropped their price target on Microchip Technology from $95.00 to $90.00 and set an “overweight” rating for the company in a research note on Friday, November 3rd. Morgan Stanley lowered their target price on Microchip Technology from $96.00 to $90.00 and set an “overweight” rating for the company in a research report on Friday, November 3rd. Finally, Susquehanna lowered their target price on Microchip Technology from $105.00 to $100.00 and set a “positive” rating for the company in a research report on Friday, February 2nd.

Read Our Latest Analysis on MCHP

Microchip Technology Price Performance

NASDAQ:MCHP opened at $83.25 on Friday. The company has a quick ratio of 0.58, a current ratio of 0.98 and a debt-to-equity ratio of 0.57. The stock’s 50 day moving average price is $87.31 and its two-hundred day moving average price is $82.63. The firm has a market capitalization of $44.99 billion, a price-to-earnings ratio of 19.45, a P/E/G ratio of 1.40 and a beta of 1.67. Microchip Technology has a 12-month low of $68.75 and a 12-month high of $94.30.

Microchip Technology (NASDAQ:MCHPGet Free Report) last posted its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 EPS for the quarter, beating the consensus estimate of $1.04 by $0.04. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The company had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter in the prior year, the business earned $1.48 earnings per share. The firm’s revenue for the quarter was down 18.6% on a year-over-year basis. On average, analysts anticipate that Microchip Technology will post 5 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 8th. Shareholders of record on Friday, February 23rd will be paid a dividend of $0.45 per share. The ex-dividend date of this dividend is Thursday, February 22nd. This represents a $1.80 dividend on an annualized basis and a yield of 2.16%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.44. Microchip Technology’s payout ratio is 41.12%.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,324 shares of Microchip Technology stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $83.44, for a total transaction of $193,914.56. Following the transaction, the chief financial officer now owns 32,893 shares of the company’s stock, valued at approximately $2,744,591.92. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 2.07% of the company’s stock.

Institutional Investors Weigh In On Microchip Technology

A number of hedge funds have recently modified their holdings of MCHP. Everpar Advisors LLC bought a new stake in Microchip Technology during the 4th quarter valued at $1,118,000. Charles Schwab Investment Management Inc. grew its position in shares of Microchip Technology by 1.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,881,646 shares of the semiconductor company’s stock valued at $259,867,000 after purchasing an additional 51,249 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its position in shares of Microchip Technology by 5.7% during the 4th quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 38,365 shares of the semiconductor company’s stock valued at $3,460,000 after purchasing an additional 2,083 shares in the last quarter. Apollon Wealth Management LLC grew its position in shares of Microchip Technology by 226.4% during the 4th quarter. Apollon Wealth Management LLC now owns 23,390 shares of the semiconductor company’s stock valued at $2,109,000 after purchasing an additional 16,224 shares in the last quarter. Finally, Lincoln National Corp grew its position in shares of Microchip Technology by 5.0% during the 4th quarter. Lincoln National Corp now owns 5,542 shares of the semiconductor company’s stock valued at $500,000 after purchasing an additional 264 shares in the last quarter. Institutional investors own 90.85% of the company’s stock.

Microchip Technology Company Profile

(Get Free Report

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.

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Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

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