Microchip Technology (NASDAQ:MCHP) Given New $85.00 Price Target at Needham & Company LLC

Microchip Technology (NASDAQ:MCHP) had its target price lowered by Needham & Company LLC from $96.00 to $85.00 in a research note published on Wednesday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the semiconductor company’s stock.

A number of other research firms also recently weighed in on MCHP. Rosenblatt Securities reissued a “buy” rating and issued a $100.00 price target on shares of Microchip Technology in a research note on Wednesday, July 31st. Mizuho set a $95.00 price objective on Microchip Technology in a research note on Friday, October 18th. Susquehanna dropped their price objective on Microchip Technology from $105.00 to $95.00 and set a “positive” rating on the stock in a research note on Monday, October 21st. TD Cowen dropped their price objective on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a research note on Wednesday. Finally, Citigroup dropped their price objective on Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $92.00.

Microchip Technology Stock Performance

MCHP stock opened at $72.87 on Wednesday. The business’s fifty day moving average is $76.73 and its 200-day moving average is $84.98. The company has a quick ratio of 1.08, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. The company has a market cap of $39.13 billion, a P/E ratio of 50.96 and a beta of 1.53. Microchip Technology has a twelve month low of $71.76 and a twelve month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The firm’s quarterly revenue was down 48.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.54 EPS. Equities research analysts forecast that Microchip Technology will post 1.73 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be issued a $0.455 dividend. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date is Friday, November 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.50%. Microchip Technology’s dividend payout ratio (DPR) is presently 127.27%.

Insider Activity

In other news, CFO James Eric Bjornholt sold 2,154 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the transaction, the chief financial officer now owns 33,257 shares in the company, valued at $2,710,445.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Microchip Technology

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in Microchip Technology by 2.9% during the first quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock worth $6,152,646,000 after purchasing an additional 1,921,497 shares during the period. Principal Financial Group Inc. grew its holdings in Microchip Technology by 0.4% during the second quarter. Principal Financial Group Inc. now owns 9,246,403 shares of the semiconductor company’s stock worth $846,046,000 after purchasing an additional 33,603 shares during the period. Van ECK Associates Corp grew its holdings in Microchip Technology by 25.1% during the third quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock worth $599,239,000 after purchasing an additional 1,597,263 shares during the period. Boston Partners grew its holdings in Microchip Technology by 10.7% during the first quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock worth $681,838,000 after purchasing an additional 736,818 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its holdings in Microchip Technology by 17.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 4,527,709 shares of the semiconductor company’s stock worth $406,182,000 after purchasing an additional 673,992 shares during the period. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Company Profile

Microchip Technology Incorporated engages in the development, manufacture, and sale of 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 mixed-signal 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.