Brokerages Set Microchip Technology Incorporated (NASDAQ:MCHP) PT at $92.50

Shares of Microchip Technology Incorporated (NASDAQ:MCHP) have been given a consensus rating of “Moderate Buy” by the sixteen analysts that are presently covering the firm, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a hold recommendation and eleven have assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $92.50.

Several research analysts have recently weighed in on MCHP shares. Evercore ISI assumed coverage on Microchip Technology in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 price target for the company. The Goldman Sachs Group lowered their price objective on shares of Microchip Technology from $87.00 to $77.00 and set a “neutral” rating on the stock in a research report on Friday, February 2nd. Wolfe Research raised shares of Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 target price for the company in a research report on Thursday, January 18th. TD Cowen increased their price target on Microchip Technology from $75.00 to $80.00 and gave the company a “market perform” rating in a report on Friday, February 2nd. Finally, Truist Financial dropped their price target on Microchip Technology from $97.00 to $93.00 and set a “buy” rating on the stock in a research note on Tuesday, January 9th.

Microchip Technology Price Performance

MCHP stock opened at $86.19 on Friday. The firm has a 50 day moving average price of $86.61 and a 200-day moving average price of $84.46. The firm has a market capitalization of $46.58 billion, a price-to-earnings ratio of 20.14, a PEG ratio of 2.49 and a beta of 1.65. Microchip Technology has a 52-week low of $68.75 and a 52-week high of $94.30. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.04 by $0.04. The business had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.77 billion. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The firm’s quarterly revenue was down 18.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.48 earnings per share. Equities research analysts forecast that Microchip Technology will post 4.64 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were issued a $0.45 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.44. This represents a $1.80 annualized dividend and a dividend yield of 2.09%. The ex-dividend date was Thursday, February 22nd. Microchip Technology’s payout ratio is presently 42.06%.

Insider Transactions at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $83.90, for a total transaction of $165,283.00. Following the completion of the sale, the chief financial officer now directly owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Microchip Technology news, Director Karlton D. Johnson sold 370 shares of the firm’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total value of $31,080.00. Following the completion of the transaction, the director now owns 1,789 shares of the company’s stock, valued at $150,276. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO James Eric Bjornholt sold 1,970 shares of the firm’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 completion of the transaction, the chief financial officer now owns 32,893 shares of the company’s stock, valued at approximately $2,759,722.70. The disclosure for this sale can be found here. Corporate insiders own 2.07% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Norges Bank purchased a new position in Microchip Technology during the fourth quarter valued at approximately $672,196,000. Mizuho Markets Americas LLC purchased a new stake in shares of Microchip Technology during the third quarter worth about $225,800,000. Truist Financial Corp boosted its stake in shares of Microchip Technology by 324.0% in the fourth quarter. Truist Financial Corp now owns 1,815,013 shares of the semiconductor company’s stock worth $163,678,000 after acquiring an additional 1,386,924 shares during the last quarter. Corient Private Wealth LLC raised its stake in Microchip Technology by 76.6% in the 4th quarter. Corient Private Wealth LLC now owns 2,043,484 shares of the semiconductor company’s stock valued at $184,251,000 after purchasing an additional 886,068 shares during the last quarter. Finally, Qube Research & Technologies Ltd lifted its holdings in Microchip Technology by 122.1% in the 3rd quarter. Qube Research & Technologies Ltd now owns 1,529,186 shares of the semiconductor company’s stock valued at $119,353,000 after purchasing an additional 840,526 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

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.