Microchip Technology (NASDAQ:MCHP) Price Target Raised to $96.00 at Truist Financial

Microchip Technology (NASDAQ:MCHP) had its target price raised by Truist Financial from $93.00 to $96.00 in a research report report published on Tuesday morning, Benzinga reports. Truist Financial currently has a buy rating on the semiconductor company’s stock.

A number of other research analysts have also recently commented on the company. Stifel Nicolaus increased their price target on Microchip Technology from $98.00 to $102.00 and gave the company a buy rating in a research note on Wednesday, May 1st. Evercore ISI assumed coverage on Microchip Technology in a research note on Tuesday, April 16th. They set an outperform rating and a $106.00 price target on the stock. The Goldman Sachs Group lowered their price objective on Microchip Technology from $87.00 to $77.00 and set a neutral rating for the company in a research note on Friday, February 2nd. Rosenblatt Securities reiterated a buy rating and set a $100.00 target price on shares of Microchip Technology in a research report on Tuesday, January 30th. Finally, UBS Group decreased their price target on shares of Microchip Technology from $105.00 to $95.00 and set a buy rating for the company in a research report on Friday, February 2nd. Six investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to 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 MCHP stock opened at $92.06 on Tuesday. The business has a fifty day simple moving average of $88.45 and a 200 day simple moving average of $85.37. The company has a market cap of $49.75 billion, a P/E ratio of 21.51, a P/E/G ratio of 2.79 and a beta of 1.60. The company has a quick ratio of 0.58, a current ratio of 0.98 and a debt-to-equity ratio of 0.57. Microchip Technology has a twelve month low of $68.75 and a twelve month high of $96.14.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, hitting analysts’ consensus estimates of $0.57. The firm had revenue of $1.33 billion during 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 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 business earned $1.56 earnings per share. On average, sell-side analysts forecast that Microchip Technology will post 4.64 EPS for the current fiscal year.

Microchip Technology Increases Dividend

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

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 1,970 shares of Microchip Technology stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of 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 accessible through this hyperlink. Insiders own 2.07% of the company’s stock.

Institutional Trading of Microchip Technology

Large investors have recently made changes to their positions in the company. OFI Invest Asset Management bought a new position in Microchip Technology in the third quarter worth approximately $26,000. BKM Wealth Management LLC acquired a new position in shares of Microchip Technology during the fourth quarter worth approximately $27,000. Rakuten Securities Inc. bought a new position in shares of Microchip Technology in the 4th quarter worth $27,000. Rise Advisors LLC acquired a new stake in Microchip Technology in the 1st quarter valued at $28,000. Finally, Fortitude Family Office LLC bought a new stake in Microchip Technology during the 4th quarter valued at $29,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

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.