Microchip Technology (NASDAQ:MCHP) Price Target Raised to $80.00

Microchip Technology (NASDAQ:MCHPFree Report) had its price target hoisted by TD Cowen from $75.00 to $80.00 in a research note issued to investors on Friday, Briefing.com reports. The brokerage currently has a market perform rating on the semiconductor company’s stock.

Other analysts have also issued reports about the company. 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. Stifel Nicolaus reduced their price target on Microchip Technology from $100.00 to $96.00 and set a buy rating on the stock in a research report on Tuesday, January 9th. Rosenblatt Securities reiterated a buy rating and issued a $100.00 price objective on shares of Microchip Technology in a research report on Tuesday, January 30th. Morgan Stanley cut their price objective on Microchip Technology from $96.00 to $90.00 and set an overweight rating on the stock in a research report on Friday, November 3rd. Finally, Citigroup upgraded Microchip Technology from a neutral rating to a buy rating and set a $100.00 price objective on the stock in a research report on Wednesday, November 8th. Six analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $91.33.

View Our Latest Stock Report on Microchip Technology

Microchip Technology Stock Performance

NASDAQ:MCHP opened at $85.46 on Friday. The stock’s 50-day simple moving average is $87.28 and its 200 day simple moving average is $82.68. The firm has a market capitalization of $46.18 billion, a PE ratio of 19.97, a price-to-earnings-growth ratio of 1.40 and a beta of 1.67. 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:MCHPGet Free Report) last announced its quarterly earnings results on Thursday, February 1st. The semiconductor company reported $1.08 EPS for the quarter, beating analysts’ consensus estimates of $1.04 by $0.04. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The firm had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.77 billion. During the same period last year, the firm posted $1.48 earnings per share. The business’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 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 8th. Shareholders of record on Friday, February 23rd will be paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 2.11%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend is Thursday, February 22nd. Microchip Technology’s dividend payout ratio (DPR) is 41.12%.

Insiders Place Their Bets

In other 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 sale, 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 filing with the SEC, which can be accessed through this link. Corporate insiders own 2.07% of the company’s stock.

Hedge Funds Weigh In On Microchip Technology

Several institutional investors have recently modified their holdings of MCHP. Panagora Asset Management Inc. grew its stake in shares of Microchip Technology by 31.8% in the first quarter. Panagora Asset Management Inc. now owns 21,731 shares of the semiconductor company’s stock worth $1,633,000 after acquiring an additional 5,237 shares in the last quarter. Cibc World Market Inc. grew its stake in shares of Microchip Technology by 292.9% during the first quarter. Cibc World Market Inc. now owns 44,324 shares of the semiconductor company’s stock worth $3,331,000 after purchasing an additional 33,044 shares in the last quarter. Vontobel Holding Ltd. grew its stake in shares of Microchip Technology by 4.1% during the first quarter. Vontobel Holding Ltd. now owns 29,572 shares of the semiconductor company’s stock worth $2,259,000 after purchasing an additional 1,159 shares in the last quarter. Sequoia Financial Advisors LLC grew its stake in shares of Microchip Technology by 34.1% during the first quarter. Sequoia Financial Advisors LLC now owns 4,455 shares of the semiconductor company’s stock worth $335,000 after purchasing an additional 1,133 shares in the last quarter. Finally, Loomis Sayles & Co. L P grew its stake in shares of Microchip Technology by 1,272.4% during the first quarter. Loomis Sayles & Co. L P now owns 326,717 shares of the semiconductor company’s stock worth $24,550,000 after purchasing an additional 302,910 shares in the last quarter. Institutional investors and hedge funds own 90.85% of the company’s stock.

About Microchip Technology

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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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