Microchip Technology Incorporated (NASDAQ:MCHP) Receives $101.06 Consensus PT from Analysts

Shares of Microchip Technology Incorporated (NASDAQ:MCHPGet Free Report) have earned a consensus rating of “Moderate Buy” from the eighteen ratings firms that are covering the company, Marketbeat.com reports. Four investment analysts have rated the stock with a hold recommendation and fourteen have assigned a buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $101.06.

A number of analysts recently issued reports on MCHP shares. Jefferies Financial Group started coverage on Microchip Technology in a report on Monday, May 13th. They set a “buy” rating and a $115.00 price objective on the stock. Mizuho raised Microchip Technology from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $85.00 to $115.00 in a report on Friday, May 24th. The Goldman Sachs Group increased their price objective on Microchip Technology from $77.00 to $88.00 and gave the stock a “neutral” rating in a report on Tuesday, May 7th. TD Cowen increased their price objective on Microchip Technology from $80.00 to $90.00 and gave the stock a “hold” rating in a report on Tuesday, May 7th. Finally, Truist Financial increased their price objective on Microchip Technology from $93.00 to $96.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th.

Check Out Our Latest Stock Report on MCHP

Insider Activity

In other news, CFO James Eric Bjornholt sold 3,188 shares of the stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $99.98, for a total transaction of $318,736.24. Following the transaction, the chief financial officer now directly owns 33,257 shares in the company, valued at approximately $3,325,034.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Stephen V. Drehobl sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total transaction of $908,800.00. Following the transaction, the vice president now directly owns 82,203 shares in the company, valued at approximately $7,470,608.64. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO James Eric Bjornholt sold 3,188 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $99.98, for a total value of $318,736.24. Following the transaction, the chief financial officer now owns 33,257 shares in the company, valued at $3,325,034.86. The disclosure for this sale can be found here. In the last three months, insiders have sold 23,993 shares of company stock worth $2,251,857. 2.07% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Microchip Technology

Several institutional investors and hedge funds have recently bought and sold shares of MCHP. Norges Bank bought a new position in Microchip Technology during the 4th quarter worth approximately $672,196,000. Mizuho Markets Americas LLC purchased a new stake in Microchip Technology in the 3rd quarter worth approximately $225,800,000. Clearbridge Investments LLC lifted its holdings in Microchip Technology by 18,944.8% in the 1st quarter. Clearbridge Investments LLC now owns 1,973,045 shares of the semiconductor company’s stock worth $177,002,000 after buying an additional 1,962,685 shares during the period. Vanguard Group Inc. lifted its holdings in Microchip Technology by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock worth $6,152,646,000 after buying an additional 1,921,497 shares during the period. Finally, Truist Financial Corp lifted its holdings in Microchip Technology by 324.0% in the 4th quarter. Truist Financial Corp now owns 1,815,013 shares of the semiconductor company’s stock worth $163,678,000 after buying an additional 1,386,924 shares during the period. 91.51% of the stock is currently owned by institutional investors.

Microchip Technology Stock Up 1.1 %

Shares of NASDAQ MCHP opened at $94.52 on Friday. Microchip Technology has a one year low of $68.75 and a one year high of $100.57. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.20 and a quick ratio of 0.67. The business’s fifty day moving average price is $91.98 and its 200-day moving average price is $88.57. The stock has a market capitalization of $50.75 billion, a PE ratio of 27.24 and a beta of 1.55.

Microchip Technology (NASDAQ:MCHPGet Free Report) last issued its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, meeting analysts’ consensus estimates of $0.57. The firm had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.33 billion. Microchip Technology had a return on equity of 36.78% and a net margin of 24.98%. The business’s revenue for the quarter was down 40.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.56 EPS. On average, equities research analysts anticipate that Microchip Technology will post 2.35 EPS for the current year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd were given a dividend of $0.452 per share. The ex-dividend date of this dividend was Tuesday, May 21st. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.81 annualized dividend and a dividend yield of 1.91%. Microchip Technology’s dividend payout ratio is 52.16%.

Microchip Technology Company Profile

(Get Free Report

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.

See Also

Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

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