Microchip Technology (NASDAQ:MCHP) Price Target Raised to $85.00 at Mizuho

Microchip Technology (NASDAQ:MCHP) had its target price lifted by Mizuho from $82.00 to $85.00 in a research note published on Tuesday morning, Benzinga reports. Mizuho currently has a neutral rating on the semiconductor company’s stock.

Several other equities research analysts also recently issued reports on MCHP. TD Cowen boosted their price objective on Microchip Technology from $80.00 to $90.00 and gave the company a hold rating in a report on Tuesday. UBS Group cut their price target on shares of Microchip Technology from $105.00 to $95.00 and set a buy rating on the stock in a research note on Friday, February 2nd. Susquehanna reissued a positive rating and issued a $100.00 price target on shares of Microchip Technology in a research report on Monday, April 8th. Stifel Nicolaus boosted their price target on shares of Microchip Technology from $98.00 to $102.00 and gave the stock a buy rating in a report on Wednesday, May 1st. Finally, Evercore ISI started coverage on shares of Microchip Technology in a research note on Tuesday, April 16th. They issued an outperform rating and a $106.00 price target on the stock. Six analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $98.47.

Microchip Technology Trading Down 1.8 %

NASDAQ MCHP opened at $92.06 on Tuesday. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58. The stock has a market capitalization of $49.75 billion, a P/E ratio of 21.51, a PEG ratio of 2.79 and a beta of 1.60. The firm’s 50-day moving average is $88.45 and its two-hundred day moving average is $85.37. Microchip Technology has a 12 month low of $68.75 and a 12 month high of $96.14.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, hitting the consensus estimate of $0.57. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same period in the prior year, the business posted $1.56 EPS. The business’s revenue for the quarter was down 40.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Microchip Technology will post 4.64 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd will be given a dividend of $0.452 per share. This represents a $1.81 dividend on an annualized basis and a yield of 1.96%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Tuesday, May 21st. Microchip Technology’s dividend payout ratio (DPR) is presently 42.06%.

Insider Buying and Selling at Microchip Technology

In related news, CFO James Eric Bjornholt sold 1,970 shares of the stock in a transaction on Friday, February 23rd. The stock was 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 2.07% of the company’s stock.

Institutional Investors Weigh In On Microchip Technology

Hedge funds have recently added to or reduced their stakes in the company. OFI Invest Asset Management acquired a new position in Microchip Technology during the 3rd quarter worth approximately $26,000. BKM Wealth Management LLC purchased a new stake in shares of Microchip Technology in the fourth quarter valued at approximately $27,000. Rakuten Securities Inc. acquired a new position in Microchip Technology during the fourth quarter worth $27,000. Rise Advisors LLC acquired a new stake in Microchip Technology in the first quarter valued at $28,000. Finally, Fortitude Family Office LLC purchased a new stake in shares of Microchip Technology during the 4th quarter worth $29,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Company Profile

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.