Microchip Technology (NASDAQ:MCHP) Price Target Raised to $103.00 at UBS Group

Microchip Technology (NASDAQ:MCHP) had its price target hoisted by UBS Group from $95.00 to $103.00 in a research report released on Tuesday, Benzinga reports. They currently have a buy rating on the semiconductor company’s stock.

A number of other research analysts have also weighed in on MCHP. Susquehanna raised their target price on shares of Microchip Technology from $100.00 to $105.00 and gave the stock a positive rating in a research note on Tuesday. The Goldman Sachs Group lifted their price objective on Microchip Technology from $77.00 to $88.00 and gave the stock a neutral rating in a research report on Tuesday. Wolfe Research upgraded Microchip Technology from a peer perform rating to an outperform rating and set a $105.00 target price for the company in a report on Thursday, January 18th. Evercore ISI began coverage on Microchip Technology in a report on Tuesday, April 16th. They set an outperform rating and a $106.00 price target on the stock. Finally, Stifel Nicolaus upped their price objective on shares of Microchip Technology from $98.00 to $102.00 and gave the company a buy rating in a report on Wednesday, May 1st. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, Microchip Technology presently has an average rating of Moderate Buy and a consensus target price of $98.47.

Microchip Technology Price Performance

Shares of Microchip Technology stock opened at $92.06 on Tuesday. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58. The business has a 50 day simple moving average of $88.45 and a two-hundred day simple moving average of $85.37. The stock has a market capitalization of $49.75 billion, a P/E ratio of 21.51, a PEG ratio of 2.79 and a beta of 1.60. Microchip Technology has a 12 month low of $68.75 and a 12 month high of $96.14.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.57. The company had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.33 billion. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The firm’s quarterly revenue was down 40.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.56 EPS. As a group, analysts predict that Microchip Technology will post 4.64 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd will be given a $0.452 dividend. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Tuesday, May 21st. This represents a $1.81 dividend on an annualized basis and a yield of 1.96%. Microchip Technology’s payout ratio is presently 42.06%.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 1,970 shares of the business’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the sale, the chief financial officer now owns 32,893 shares in the company, valued at approximately $2,759,722.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.07% of the company’s stock.

Institutional Trading of Microchip Technology

Several hedge funds have recently made changes to their positions in the business. OFI Invest Asset Management purchased a new stake in Microchip Technology during the 3rd quarter worth approximately $26,000. BKM Wealth Management LLC acquired a new position in shares of Microchip Technology in the fourth quarter worth $27,000. Rakuten Securities Inc. purchased a new stake in shares of Microchip Technology during the fourth quarter worth $27,000. Rise Advisors LLC acquired a new stake in shares of Microchip Technology in the first quarter valued at $28,000. Finally, Fortitude Family Office LLC purchased a new position in Microchip Technology in the fourth quarter valued at $29,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

About Microchip Technology

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.