Microchip Technology Incorporated (NASDAQ:MCHP) Receives Consensus Rating of “Moderate Buy” from Brokerages

Microchip Technology Incorporated (NASDAQ:MCHP) has received an average recommendation of “Moderate Buy” from the sixteen research firms that are presently covering the stock, MarketBeat reports. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $92.50.

A number of research firms recently weighed in on MCHP. TD Cowen boosted their target price on Microchip Technology from $75.00 to $80.00 and gave the stock a “market perform” rating in a report on Friday, February 2nd. UBS Group dropped their price objective on shares of Microchip Technology from $105.00 to $95.00 and set a “buy” rating on the stock in a research report on Friday, February 2nd. Needham & Company LLC increased their price objective on shares of Microchip Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, February 2nd. The Goldman Sachs Group lowered their price target on shares of Microchip Technology from $87.00 to $77.00 and set a “neutral” rating on the stock in a report on Friday, February 2nd. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $100.00 price target on shares of Microchip Technology in a report on Tuesday, January 30th.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the firm’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 transaction, the chief financial officer now directly 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 Securities & Exchange Commission, which can be accessed through this link. In related news, Director Karlton D. Johnson sold 370 shares of Microchip Technology stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total value of $31,080.00. Following the sale, the director now owns 1,789 shares of the company’s stock, valued at approximately $150,276. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO James Eric Bjornholt sold 1,970 shares of the business’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of 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 company insiders.

Institutional Investors Weigh In On Microchip Technology

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Portside Wealth Group LLC bought a new stake in shares of Microchip Technology during the 2nd quarter valued at about $229,000. International Assets Investment Management LLC purchased a new position in Microchip Technology in the 3rd quarter worth approximately $2,141,000. Vontobel Holding Ltd. increased its holdings in shares of Microchip Technology by 1.1% in the 3rd quarter. Vontobel Holding Ltd. now owns 137,779 shares of the semiconductor company’s stock worth $10,754,000 after buying an additional 1,528 shares during the last quarter. Dynamic Advisor Solutions LLC raised its position in shares of Microchip Technology by 23.9% during the 3rd quarter. Dynamic Advisor Solutions LLC now owns 11,343 shares of the semiconductor company’s stock valued at $885,000 after buying an additional 2,188 shares in the last quarter. Finally, CWM LLC lifted its holdings in shares of Microchip Technology by 8.8% during the 3rd quarter. CWM LLC now owns 21,712 shares of the semiconductor company’s stock worth $1,695,000 after acquiring an additional 1,758 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors.

Microchip Technology Trading Up 3.2 %

Shares of NASDAQ:MCHP opened at $86.19 on Friday. The company’s fifty day simple moving average is $86.61 and its 200 day simple moving average is $84.46. Microchip Technology has a 12 month low of $68.75 and a 12 month high of $94.30. The firm has a market cap of $46.58 billion, a price-to-earnings ratio of 20.14, a PEG 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 (NASDAQ:MCHP) last released its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.04 by $0.04. The business 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%. Microchip Technology’s quarterly revenue was down 18.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.48 earnings per share. As a group, research analysts forecast that Microchip Technology will post 4.64 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.09%. The ex-dividend date was Thursday, February 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.44. Microchip Technology’s dividend payout ratio is 42.06%.

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.