Microchip Technology CFO Sells $97,723 in Stock (MCHP)
Microchip Technology (NASDAQ:MCHP) CFO James Eric Bjornholt sold 2,053 shares of the stock on the open market in a transaction dated Friday, August 22nd. The shares were sold at an average price of $47.60, for a total value of $97,722.80. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
Several analysts have recently commented on the stock. Analysts at B. Riley reiterated a “neutral” rating on shares of Microchip Technology in a research note on Friday, August 1st. They now have a $50.00 price target on the stock, up previously from $45.00. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Microchip Technology in a research note on Friday, August 1st. They now have a $47.00 price target on the stock. Finally, analysts at Needham & Company LLC raised their price target on shares of Microchip Technology from $55.00 to $57.00 in a research note on Friday, August 1st. They now have a “buy” rating on the stock. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $50.45.
Microchip Technology (NASDAQ:MCHP) traded down 0.05% on Friday, hitting $47.765. The stock had a trading volume of 1,033,155 shares. Microchip Technology has a 1-year low of $38.44 and a 1-year high of $50.04. The stock has a 50-day moving average of $47.41 and a 200-day moving average of $47.17. The company has a market cap of $9.572 billion and a price-to-earnings ratio of 25.89.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.68 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.67 by $0.01. The company had revenue of $531.30 million for the quarter, compared to the consensus estimate of $527.59 million. During the same quarter last year, the company posted $0.57 earnings per share. Microchip Technology’s revenue was up 14.8% compared to the same quarter last year. Analysts expect that Microchip Technology will post $2.82 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, September 4th. Shareholders of record on Thursday, August 21st will be paid a dividend of $0.356 per share. This represents a $1.42 annualized dividend and a dividend yield of 2.98%. The ex-dividend date is Tuesday, August 19th. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36.
Microchip Technology Incorporated develops and manufactures specialized semiconductor products used by its customers for a variety of embedded control applications.
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