Microchip Technology Incorporated (NASDAQ:MCHP) Receives $92.50 Average PT from Brokerages

Shares of Microchip Technology Incorporated (NASDAQ:MCHP) have been assigned an average rating of “Moderate Buy” from the sixteen brokerages that are presently covering the company, Marketbeat reports. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $92.50.

Several equities analysts have recently commented on the company. Truist Financial decreased their target price on Microchip Technology from $97.00 to $93.00 and set a “buy” rating on the stock in a research report on Tuesday, January 9th. Needham & Company LLC upped their target price on Microchip Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, February 2nd. Susquehanna reaffirmed a “positive” rating and issued a $100.00 target price on shares of Microchip Technology in a research report on Monday, April 8th. Stifel Nicolaus upped their target price on Microchip Technology from $94.00 to $98.00 and gave the company a “buy” rating in a research report on Thursday. Finally, TD Cowen upped their target price on Microchip Technology from $75.00 to $80.00 and gave the company a “market perform” rating in a research report on Friday, February 2nd.

Microchip Technology Price Performance

Shares of NASDAQ MCHP opened at $81.68 on Friday. The business’s 50 day moving average price is $86.50 and its two-hundred day moving average price is $84.37. The company has a market cap of $44.14 billion, a PE ratio of 19.08, a price-to-earnings-growth ratio of 2.49 and a beta of 1.65. The company has a quick ratio of 0.58, a current ratio of 0.98 and a debt-to-equity ratio of 0.57. Microchip Technology has a twelve month low of $68.75 and a twelve month high of $94.30.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. The firm had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.77 billion. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The business’s revenue was down 18.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.48 earnings per share. On average, analysts predict that Microchip Technology will post 4.64 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 23rd were paid a dividend of $0.45 per share. The ex-dividend date was Thursday, February 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.44. This represents a $1.80 annualized dividend and a yield of 2.20%. Microchip Technology’s dividend payout ratio is presently 42.06%.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the completion of the sale, the chief financial officer now directly owns 32,893 shares in the company, valued at $2,759,722.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total transaction of $165,283.00. Following the completion of the transaction, the chief financial officer now directly owns 32,893 shares in the company, valued at $2,759,722.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Karlton D. Johnson sold 370 shares of the company’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the transaction, the director now owns 1,789 shares of the company’s stock, valued at $150,276. The disclosure for this sale can be found here. Corporate insiders own 2.07% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of MCHP. Bleakley Financial Group LLC increased its holdings in Microchip Technology by 1.3% in the fourth quarter. Bleakley Financial Group LLC now owns 9,415 shares of the semiconductor company’s stock valued at $849,000 after purchasing an additional 119 shares during the period. Aspire Private Capital LLC increased its holdings in Microchip Technology by 3.2% in the fourth quarter. Aspire Private Capital LLC now owns 3,904 shares of the semiconductor company’s stock valued at $274,266,959,000 after purchasing an additional 120 shares during the period. RFG Advisory LLC increased its holdings in Microchip Technology by 3.2% in the fourth quarter. RFG Advisory LLC now owns 3,910 shares of the semiconductor company’s stock valued at $353,000 after purchasing an additional 123 shares during the period. Twelve Points Wealth Management LLC increased its holdings in Microchip Technology by 1.0% in the fourth quarter. Twelve Points Wealth Management LLC now owns 12,229 shares of the semiconductor company’s stock valued at $1,103,000 after purchasing an additional 125 shares during the period. Finally, Merit Financial Group LLC increased its holdings in Microchip Technology by 1.9% in the third quarter. Merit Financial Group LLC now owns 7,096 shares of the semiconductor company’s stock valued at $554,000 after purchasing an additional 134 shares during the period. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Company Profile

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.