Microchip Technology Incorporated (NASDAQ:MCHP) Receives Average Recommendation of “Buy” from Brokerages

Shares of Microchip Technology Incorporated (NASDAQ:MCHP) have earned a consensus rating of “Buy” from the twenty research firms that are covering the firm, MarketBeat.com reports. Six research analysts have rated the stock with a hold recommendation, twelve have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $97.66.

A number of equities analysts recently commented on MCHP shares. Morgan Stanley lifted their price objective on Microchip Technology from $95.00 to $100.00 and gave the stock an “overweight” rating in a research report on Friday, November 5th. Mizuho lifted their price objective on Microchip Technology from $81.50 to $85.00 and gave the stock a “neutral” rating in a research report on Friday, November 5th. UBS Group began coverage on Microchip Technology in a research report on Wednesday, October 13th. They issued a “neutral” rating on the stock. Jefferies Financial Group lifted their target price on Microchip Technology from $98.00 to $109.00 and gave the company a “buy” rating in a research report on Wednesday, December 1st. Finally, Credit Suisse Group lifted their target price on Microchip Technology from $100.00 to $120.00 and gave the company an “outperform” rating in a research report on Friday, November 5th.

Shares of Microchip Technology stock opened at $84.29 on Friday. Microchip Technology has a one year low of $64.53 and a one year high of $90.00. The company has a market cap of $46.77 billion, a price-to-earnings ratio of 73.62, a PEG ratio of 1.08 and a beta of 1.54. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.28 and a current ratio of 1.92. The business’s 50 day moving average price is $84.87 and its 200 day moving average price is $86.99.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, November 4th. The semiconductor company reported $1.07 EPS for the quarter, topping the Zacks’ consensus estimate of $1.06 by $0.01. Microchip Technology had a return on equity of 35.06% and a net margin of 10.72%. The firm had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.65 billion. During the same quarter last year, the business posted $0.69 earnings per share. The firm’s revenue was up 26.0% compared to the same quarter last year. On average, analysts predict that Microchip Technology will post 4.06 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 3rd. Stockholders of record on Friday, November 19th were paid a $0.232 dividend. The ex-dividend date of this dividend was Thursday, November 18th. This is a boost from Microchip Technology’s previous quarterly dividend of $0.22. This represents a $0.93 dividend on an annualized basis and a dividend yield of 1.10%. Microchip Technology’s payout ratio is presently 81.22%.

In related news, Director Matthew W. Chapman sold 1,000 shares of the business’s stock in a transaction on Monday, November 22nd. The stock was sold at an average price of $82.75, for a total transaction of $82,750.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Steve Sanghi sold 94,322 shares of the business’s stock in a transaction on Wednesday, December 1st. The stock was sold at an average price of $83.79, for a total value of $7,903,240.38. The disclosure for this sale can be found here. Insiders sold 235,490 shares of company stock valued at $20,028,438 over the last ninety days. Insiders own 2.03% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MCHP. Farmers & Merchants Investments Inc. boosted its position in shares of Microchip Technology by 403.5% during the 4th quarter. Farmers & Merchants Investments Inc. now owns 720 shares of the semiconductor company’s stock worth $63,000 after acquiring an additional 577 shares in the last quarter. Bennicas & Associates Inc. boosted its position in shares of Microchip Technology by 98.6% during the 4th quarter. Bennicas & Associates Inc. now owns 43,924 shares of the semiconductor company’s stock worth $3,824,000 after acquiring an additional 21,812 shares in the last quarter. Spire Wealth Management boosted its position in shares of Microchip Technology by 155.8% during the 4th quarter. Spire Wealth Management now owns 4,791 shares of the semiconductor company’s stock worth $417,000 after acquiring an additional 2,918 shares in the last quarter. First Financial Corp IN boosted its position in shares of Microchip Technology by 100.0% during the 4th quarter. First Financial Corp IN now owns 490 shares of the semiconductor company’s stock worth $43,000 after acquiring an additional 245 shares in the last quarter. Finally, Garrett Investment Advisors LLC boosted its position in shares of Microchip Technology by 51.2% during the 4th quarter. Garrett Investment Advisors LLC now owns 2,461 shares of the semiconductor company’s stock worth $214,000 after acquiring an additional 833 shares in the last quarter. 44.42% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Company Profile

Microchip Technology, Inc engages in the provision of semiconductor products. It operates through the Semiconductor Products and Technology Licensing segments. The Semiconductor Products segment involves in the designing, developing, manufacturing, and marketing microcontrollers, development tools and analog, interface, mixed signal, connectivity devices, and timing products.

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Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

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