Microchip Technology Incorporated (NASDAQ:MCHP) Receives $91.33 Average Price Target from Analysts

Shares of Microchip Technology Incorporated (NASDAQ:MCHP) have been given a consensus rating of “Moderate Buy” by the fifteen analysts that are covering the firm, Marketbeat.com reports. Five equities research analysts have rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $91.33.

Several research firms recently weighed in on MCHP. Piper Sandler lowered Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 price objective on the stock. in a research note on Thursday, January 4th. UBS Group cut their price target on Microchip Technology from $105.00 to $95.00 and set a “buy” rating on the stock in a research note on Friday, February 2nd. Susquehanna cut their price target on Microchip Technology from $105.00 to $100.00 and set a “positive” rating on the stock in a research note on Friday, February 2nd. Rosenblatt Securities reissued a “buy” rating and set a $100.00 price target on shares of Microchip Technology in a research note on Tuesday, January 30th. Finally, TD Cowen raised their price objective on Microchip Technology from $75.00 to $80.00 and gave the stock a “market perform” rating in a research report on Friday, February 2nd.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the business’s stock in a transaction 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 transaction, the chief financial officer now owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, 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 approximately $150,276. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO James Eric Bjornholt sold 1,970 shares of the business’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following the sale, the chief financial officer now owns 32,893 shares in the company, valued at $2,759,722.70. The disclosure for this sale can be found here. 2.07% of the stock is owned by insiders.

Hedge Funds Weigh In On Microchip Technology

A number of hedge funds and other institutional investors have recently modified their holdings of MCHP. Panagora Asset Management Inc. lifted its holdings in Microchip Technology by 31.8% in the 1st quarter. Panagora Asset Management Inc. now owns 21,731 shares of the semiconductor company’s stock worth $1,633,000 after buying an additional 5,237 shares during the period. Cibc World Market Inc. raised its position in shares of Microchip Technology by 292.9% in the 1st quarter. Cibc World Market Inc. now owns 44,324 shares of the semiconductor company’s stock worth $3,331,000 after acquiring an additional 33,044 shares in the last quarter. Vontobel Holding Ltd. raised its position in shares of Microchip Technology by 4.1% in the 1st quarter. Vontobel Holding Ltd. now owns 29,572 shares of the semiconductor company’s stock worth $2,259,000 after acquiring an additional 1,159 shares in the last quarter. Sequoia Financial Advisors LLC raised its position in shares of Microchip Technology by 34.1% in the 1st quarter. Sequoia Financial Advisors LLC now owns 4,455 shares of the semiconductor company’s stock worth $335,000 after acquiring an additional 1,133 shares in the last quarter. Finally, Loomis Sayles & Co. L P raised its position in shares of Microchip Technology by 1,272.4% in the 1st quarter. Loomis Sayles & Co. L P now owns 326,717 shares of the semiconductor company’s stock worth $24,550,000 after acquiring an additional 302,910 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Microchip Technology Trading Up 0.6 %

NASDAQ MCHP opened at $89.71 on Monday. Microchip Technology has a 12 month low of $68.75 and a 12 month high of $94.30. The stock has a 50 day moving average of $86.38 and a 200-day moving average of $83.22. The company has a current ratio of 0.98, a quick ratio of 0.58 and a debt-to-equity ratio of 0.57. The company has a market cap of $48.48 billion, a PE ratio of 20.96, a PEG ratio of 1.59 and a beta of 1.65.

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

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were given a dividend of $0.45 per share. This is a boost from Microchip Technology’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $1.80 annualized dividend and a dividend yield of 2.01%. Microchip Technology’s payout ratio is presently 42.06%.

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.