Microchip Technology (NASDAQ:MCHP) Stock Price Expected to Rise, Raymond James Analyst Says

Microchip Technology (NASDAQ:MCHP) had its price objective boosted by Raymond James from $60.00 to $65.00 in a research note published on Friday, Marketbeat Ratings reports. They currently have a strong-buy rating on the semiconductor company’s stock.

A number of other analysts have also recently issued reports on the company. Citigroup boosted their price objective on Microchip Technology from $50.00 to $55.00 and gave the company a “buy” rating in a research report on Friday. TD Cowen boosted their price objective on Microchip Technology from $35.00 to $55.00 and gave the company a “hold” rating in a research report on Friday. Truist Financial boosted their price objective on Microchip Technology from $43.00 to $52.00 and gave the company a “hold” rating in a research report on Friday. B. Riley upped their price target on Microchip Technology from $60.00 to $75.00 and gave the company a “buy” rating in a research report on Friday. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $66.00 price target on shares of Microchip Technology in a research report on Friday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Microchip Technology presently has an average rating of “Moderate Buy” and a consensus price target of $67.42.

Microchip Technology Stock Performance

MCHP opened at $55.33 on Friday. The stock has a market cap of $29.76 billion, a PE ratio of 98.80 and a beta of 1.42. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. Microchip Technology has a 1 year low of $34.13 and a 1 year high of $100.57. The stock’s 50 day simple moving average is $47.06 and its 200-day simple moving average is $56.31.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.01. The business had revenue of $970.50 million for the quarter, compared to analysts’ expectations of $962.86 million. Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. Microchip Technology’s quarterly revenue was down 26.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.57 earnings per share. Sell-side analysts forecast that Microchip Technology will post 1.03 EPS for the current year.

Microchip Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd will be paid a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date of this dividend is Thursday, May 22nd. Microchip Technology’s dividend payout ratio is currently -18,200.00%.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the business’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total value of $226,717.12. Following the transaction, the chief financial officer now owns 33,272 shares of the company’s stock, valued at approximately $2,025,599.36. The trade was a 10.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Microchip Technology

A number of institutional investors and hedge funds have recently bought and sold shares of MCHP. Mainstream Capital Management LLC acquired a new position in Microchip Technology in the fourth quarter worth $26,000. Rakuten Securities Inc. boosted its stake in Microchip Technology by 309.5% in the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 359 shares in the last quarter. OFI Invest Asset Management acquired a new position in Microchip Technology in the fourth quarter worth $29,000. Garde Capital Inc. acquired a new position in shares of Microchip Technology during the first quarter valued at $30,000. Finally, Financial Life Planners acquired a new position in shares of Microchip Technology during the fourth quarter valued at $32,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

About Microchip Technology

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.