Microchip Technology (NASDAQ:MCHP) Price Target Raised to $120.00 at JPMorgan Chase & Co.

Microchip Technology (NASDAQ:MCHP) had its target price hoisted by JPMorgan Chase & Co. from $95.00 to $120.00 in a research report report published on Friday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the semiconductor company’s stock.

Several other equities analysts also recently commented on the stock. BNP Paribas Exane upgraded shares of Microchip Technology from a “neutral” rating to an “outperform” rating and set a $90.00 price target for the company in a research note on Thursday, January 22nd. Mizuho increased their price objective on Microchip Technology from $83.00 to $90.00 and gave the company an “outperform” rating in a research note on Friday, February 6th. KeyCorp reiterated an “overweight” rating and issued a $85.00 price objective on shares of Microchip Technology in a research note on Friday, February 6th. Truist Financial boosted their target price on Microchip Technology from $69.00 to $105.00 and gave the stock a “hold” rating in a research note on Friday. Finally, Bank of America raised Microchip Technology from a “neutral” rating to a “buy” rating and set a $95.00 target price for the company in a research note on Wednesday, January 28th. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $95.35.

Microchip Technology Stock Down 2.5%

Microchip Technology stock opened at $99.09 on Friday. Microchip Technology has a fifty-two week low of $48.52 and a fifty-two week high of $105.91. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.16 and a current ratio of 2.16. The firm has a 50 day moving average price of $73.27 and a 200 day moving average price of $69.20. The company has a market capitalization of $53.62 billion, a PE ratio of 471.88, a price-to-earnings-growth ratio of 1.36 and a beta of 1.75.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, May 7th. The semiconductor company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.07. Microchip Technology had a net margin of 4.88% and a return on equity of 10.76%. The firm had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same quarter last year, the firm earned $0.11 EPS. The firm’s revenue for the quarter was up 35.1% on a year-over-year basis. Microchip Technology has set its Q1 2027 guidance at 0.670-0.710 EPS. Research analysts expect that Microchip Technology will post 2.14 earnings per share for the current year.

Microchip Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 5th. Investors of record on Friday, May 22nd will be paid a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Friday, May 22nd. Microchip Technology’s payout ratio is presently 866.67%.

Insider Activity at Microchip Technology

In related news, CEO Steve Sanghi sold 416,581 shares of the business’s stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $88.53, for a total transaction of $36,879,915.93. Following the completion of the transaction, the chief executive officer owned 9,495,805 shares in the company, valued at approximately $840,663,616.65. The trade was a 4.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 526,552 shares of company stock worth $47,130,465 in the last three months. Insiders own 1.94% of the company’s stock.

Hedge Funds Weigh In On Microchip Technology

Institutional investors and hedge funds have recently modified their holdings of the company. Wolverine Asset Management LLC boosted its stake in Microchip Technology by 3,833.7% in the fourth quarter. Wolverine Asset Management LLC now owns 37,921 shares of the semiconductor company’s stock valued at $2,416,000 after acquiring an additional 36,957 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Microchip Technology by 2.1% in the third quarter. Vanguard Group Inc. now owns 72,075,558 shares of the semiconductor company’s stock valued at $4,628,692,000 after buying an additional 1,507,554 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Microchip Technology by 13.5% in the third quarter. PNC Financial Services Group Inc. now owns 209,384 shares of the semiconductor company’s stock valued at $13,447,000 after buying an additional 24,963 shares during the last quarter. Natixis Advisors LLC raised its holdings in shares of Microchip Technology by 18.7% in the third quarter. Natixis Advisors LLC now owns 1,233,018 shares of the semiconductor company’s stock valued at $79,184,000 after buying an additional 194,048 shares during the last quarter. Finally, CIBC Private Wealth Group LLC raised its holdings in shares of Microchip Technology by 18.2% in the third quarter. CIBC Private Wealth Group LLC now owns 1,470,059 shares of the semiconductor company’s stock valued at $94,407,000 after buying an additional 226,078 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

More Microchip Technology News

Here are the key news stories impacting Microchip Technology this week:

• Positive Sentiment: Microchip delivered stronger-than-expected fiscal Q4 results, with earnings and revenue topping estimates and bookings improving, which supports the case for a recovery in demand. MCHP Q4 Earnings Top Estimates, Broad-Based Demand Recovery Aids Sales
• Positive Sentiment: Analysts quickly turned more constructive after the report, with multiple firms raising price targets to $113-$120 and several reiterating buy/overweight-type ratings, signaling increased confidence in earnings momentum. Analysts Boost Their Forecasts Following Upbeat Q4 Results
• Positive Sentiment: Citigroup, JPMorgan, Susquehanna, Needham, Rosenblatt and others lifted targets, reinforcing the view that Microchip’s recovery is broadening and that shares may still have room to run. Tickerreport.com
• Positive Sentiment: The company also increased its quarterly dividend to 45.5 cents per share, which may appeal to income-focused investors and reflects confidence in cash generation. Microchip Technology Announces Quarterly Cash Dividend on Common Stock of 45.5 Cents Per Share

About Microchip Technology

Microchip Technology Inc is a semiconductor company headquartered in Chandler, Arizona, that designs, develops and supplies a broad portfolio of embedded control and analog semiconductors. Its product lineup centers on microcontrollers (including the well-known PIC family), digital signal controllers and associated development tools and software, along with a range of mixed-signal and analog devices, nonvolatile memory, power management, timing, interface, wireless and security products. The company also provides integrated hardware and software solutions intended to simplify embedded design and accelerate time to market for OEMs and contract manufacturers.

Microchip’s products are used across a wide range of end markets, including automotive, industrial automation, consumer electronics, communications, aerospace and defense, and Internet of Things (IoT) applications.