Microchip Technology (NASDAQ:MCHP) Price Target Raised to $88.00 at The Goldman Sachs Group

Microchip Technology (NASDAQ:MCHP) had its price target lifted by The Goldman Sachs Group from $77.00 to $88.00 in a research note issued to investors on Tuesday morning, Benzinga reports. They currently have a neutral rating on the semiconductor company’s stock.

Several other research firms have also weighed in on MCHP. Evercore ISI assumed coverage on shares of Microchip Technology in a report on Tuesday, April 16th. They issued an outperform rating and a $106.00 target price on the stock. Needham & Company LLC raised their price objective on Microchip Technology from $90.00 to $100.00 and gave the stock a buy rating in a research note on Tuesday. Rosenblatt Securities reissued a buy rating and issued a $100.00 target price on shares of Microchip Technology in a research note on Tuesday, January 30th. TD Cowen raised their price target on Microchip Technology from $80.00 to $90.00 and gave the stock a hold rating in a research report on Tuesday. Finally, UBS Group cut their price objective on Microchip Technology from $105.00 to $95.00 and set a buy rating on the stock in a report on Friday, February 2nd. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $98.47.

Microchip Technology Stock Down 1.8 %

Shares of Microchip Technology stock opened at $92.06 on Tuesday. The business has a fifty day simple moving average of $88.45 and a 200 day simple moving average of $85.37. The stock has a market cap of $49.75 billion, a PE ratio of 21.51, a price-to-earnings-growth ratio of 2.79 and a beta of 1.60. 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 12 month low of $68.75 and a 12 month high of $96.14.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.57. The firm had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.33 billion. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The company’s revenue was down 40.6% compared to the same quarter last year. During the same quarter last year, the business earned $1.56 earnings per share. Research analysts predict that Microchip Technology will post 4.64 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd will be paid a dividend of $0.452 per share. This represents a $1.81 dividend on an annualized basis and a dividend yield of 1.96%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Tuesday, May 21st. Microchip Technology’s dividend payout ratio is currently 42.06%.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.07% of the stock is owned by company insiders.

Hedge Funds Weigh In On Microchip Technology

Several hedge funds and other institutional investors have recently made changes to their positions in MCHP. Inspire Investing LLC raised its position in Microchip Technology by 14.0% during the first quarter. Inspire Investing LLC now owns 64,491 shares of the semiconductor company’s stock worth $5,785,000 after acquiring an additional 7,903 shares in the last quarter. Donoghue Forlines LLC lifted its stake in Microchip Technology by 13.3% in the 1st quarter. Donoghue Forlines LLC now owns 12,934 shares of the semiconductor company’s stock valued at $1,160,000 after purchasing an additional 1,521 shares during the last quarter. Meeder Advisory Services Inc. grew its holdings in Microchip Technology by 3.0% during the first quarter. Meeder Advisory Services Inc. now owns 9,989 shares of the semiconductor company’s stock worth $896,000 after purchasing an additional 290 shares during the period. Meeder Asset Management Inc. increased its position in Microchip Technology by 33.7% during the first quarter. Meeder Asset Management Inc. now owns 86,518 shares of the semiconductor company’s stock worth $7,762,000 after buying an additional 21,785 shares during the last quarter. Finally, NorthRock Partners LLC raised its stake in Microchip Technology by 53.7% in the first quarter. NorthRock Partners LLC now owns 8,753 shares of the semiconductor company’s stock valued at $785,000 after buying an additional 3,059 shares during the period. 91.51% of the stock is owned by institutional investors.

About Microchip Technology

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.