Analysts Set Microchip Technology Incorporated (NASDAQ:MCHP) Price Target at $97.89

Microchip Technology Incorporated (NASDAQ:MCHP) has been given an average recommendation of “Moderate Buy” by the nineteen ratings firms that are presently covering the firm, MarketBeat.com reports. Five investment analysts have rated the stock with a hold recommendation and fourteen have given a buy recommendation to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $92.00.

A number of analysts have issued reports on the stock. Mizuho set a $95.00 target price on shares of Microchip Technology in a research note on Friday, October 18th. Jefferies Financial Group reduced their price objective on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Evercore ISI reissued an “outperform” rating and set a $95.00 target price (down from $101.00) on shares of Microchip Technology in a research report on Wednesday, November 6th. JPMorgan Chase & Co. reduced their price target on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Finally, Citigroup lowered their price objective on Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction that occurred on 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 of the company’s stock, valued at $2,710,445.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Microchip Technology

Several institutional investors and hedge funds have recently bought and sold shares of the business. Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of Microchip Technology by 2,390.5% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,291,290 shares of the semiconductor company’s stock valued at $209,653,000 after acquiring an additional 2,199,290 shares in the last quarter. Clearbridge Investments LLC raised its position in Microchip Technology by 18,944.8% in the first quarter. Clearbridge Investments LLC now owns 1,973,045 shares of the semiconductor company’s stock worth $177,002,000 after purchasing an additional 1,962,685 shares in the last quarter. Vanguard Group Inc. lifted its stake 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. Van ECK Associates Corp boosted 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 valued at $599,239,000 after purchasing an additional 1,597,263 shares in the last quarter. Finally, Canada Pension Plan Investment Board grew its stake in shares of Microchip Technology by 425.3% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,377,099 shares of the semiconductor company’s stock valued at $123,540,000 after purchasing an additional 1,114,962 shares during the period. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP opened at $69.88 on Tuesday. The firm has a market cap of $37.53 billion, a price-to-earnings ratio of 48.87 and a beta of 1.53. Microchip Technology has a 1 year low of $69.00 and a 1 year high of $100.57. The company has a current ratio of 0.88, a quick ratio of 1.08 and a debt-to-equity ratio of 0.71. The business has a fifty day simple moving average of $76.73 and a 200 day simple moving average of $84.93.

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, topping analysts’ consensus estimates of $0.43 by $0.03. The company had revenue of $1.16 billion during 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 business’s quarterly revenue was down 48.4% on a year-over-year basis. During the same period last year, the business earned $1.54 EPS. As a group, sell-side analysts predict that Microchip Technology will post 1.69 earnings per share for the current fiscal 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 given a dividend of $0.455 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.60%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is currently 127.27%.

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.