Microchip Technology Incorporated (MCHP) To Go Ex-Dividend on November 22nd

Microchip Technology Incorporated (NASDAQ:MCHP) declared a quarterly dividend on Tuesday, November 5th,RTT News reports. Stockholders of record on Friday, November 22nd will be given a dividend of 0.455 per share by the semiconductor company on Friday, December 6th. This represents a $1.82 annualized dividend and a dividend yield of 2.81%. The ex-dividend date is Friday, November 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45.

Microchip Technology has raised its dividend payment by an average of 29.3% per year over the last three years and has increased its dividend annually for the last 23 consecutive years. Microchip Technology has a payout ratio of 72.2% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Microchip Technology to earn $2.26 per share next year, which means the company should continue to be able to cover its $1.82 annual dividend with an expected future payout ratio of 80.5%.

Microchip Technology Stock Down 0.6 %

NASDAQ MCHP opened at $64.88 on Wednesday. The business has a fifty day moving average price of $75.24 and a 200 day moving average price of $83.67. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. The company has a market cap of $34.84 billion, a P/E ratio of 45.37 and a beta of 1.53. Microchip Technology has a one year low of $62.63 and a one year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The company’s quarterly revenue was down 48.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.54 earnings per share. Research analysts anticipate that Microchip Technology will post 1.38 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on MCHP. Bank of America cut Microchip Technology from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $110.00 to $90.00 in a report on Friday, August 2nd. Evercore ISI restated an “outperform” rating and issued a $95.00 target price (down from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. StockNews.com lowered Microchip Technology from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Truist Financial lowered shares of Microchip Technology from a “buy” rating to a “hold” rating and dropped their price objective for the company from $89.00 to $80.00 in a report on Monday, September 23rd. Finally, Mizuho set a $95.00 target price on shares of Microchip Technology in a research note on Friday, October 18th. One 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’s stock. According to data from MarketBeat, Microchip Technology has an average rating of “Moderate Buy” and a consensus target price of $92.00.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology 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 approximately $2,710,445.50. This trade represents a 6.08 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 2.10% 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.