Microchip Technology (NASDAQ:MCHP) PT Raised to $82.00

Microchip Technology (NASDAQ:MCHPGet Rating) had its price objective hoisted by Morgan Stanley from $81.00 to $82.00 in a report published on Wednesday morning, MarketBeat Ratings reports. The firm currently has an overweight rating on the semiconductor company’s stock.

A number of other brokerages have also recently commented on MCHP. The Goldman Sachs Group lowered their target price on Microchip Technology from $76.00 to $61.00 in a report on Friday, July 15th. Truist Financial lowered their target price on Microchip Technology from $94.00 to $79.00 and set a buy rating on the stock in a report on Friday, April 8th. Stifel Nicolaus upgraded Microchip Technology from a hold rating to a buy rating and increased their target price for the company from $70.00 to $75.00 in a report on Tuesday, June 28th. Bank of America lowered their target price on Microchip Technology from $85.00 to $74.00 and set a buy rating on the stock in a report on Wednesday, June 29th. Finally, Citigroup lowered their target price on Microchip Technology from $78.00 to $72.00 in a report on Tuesday, May 10th. Four equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Microchip Technology currently has a consensus rating of Moderate Buy and an average price target of $89.73.

Microchip Technology Stock Performance

MCHP opened at $71.46 on Wednesday. The stock has a market cap of $39.48 billion, a P/E ratio of 26.27, a P/E/G ratio of 0.96 and a beta of 1.62. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.78 and a quick ratio of 1.14. The stock’s 50 day simple moving average is $63.66 and its 200 day simple moving average is $68.36. Microchip Technology has a 1-year low of $54.33 and a 1-year high of $90.00.

Microchip Technology (NASDAQ:MCHPGet Rating) last released its quarterly earnings results on Tuesday, August 2nd. The semiconductor company reported $1.37 earnings per share for the quarter, topping analysts’ consensus estimates of $1.27 by $0.10. Microchip Technology had a return on equity of 44.90% and a net margin of 21.34%. During the same period in the previous year, the company posted $0.88 EPS. As a group, equities analysts anticipate that Microchip Technology will post 5.19 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 2nd. Shareholders of record on Friday, August 19th will be given a $0.301 dividend. The ex-dividend date of this dividend is Thursday, August 18th. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.28. This represents a $1.20 annualized dividend and a yield of 1.68%. Microchip Technology’s dividend payout ratio (DPR) is 40.44%.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, VP Mitchell R. Little sold 1,970 shares of the firm’s stock in a transaction dated Thursday, May 19th. The stock was sold at an average price of $66.29, for a total value of $130,591.30. Following the transaction, the vice president now directly owns 16,730 shares of the company’s stock, valued at $1,109,031.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Microchip Technology news, VP Mitchell R. Little sold 1,970 shares of the firm’s stock in a transaction dated Thursday, May 19th. The stock was sold at an average price of $66.29, for a total value of $130,591.30. Following the transaction, the vice president now directly owns 16,730 shares of the company’s stock, valued at $1,109,031.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ganesh Moorthy acquired 8,000 shares of the business’s stock in a transaction on Friday, June 17th. The stock was bought at an average cost of $57.29 per share, for a total transaction of $458,320.00. Following the completion of the transaction, the chief executive officer now directly owns 720,313 shares of the company’s stock, valued at $41,266,731.77. The disclosure for this purchase can be found here. Insiders have sold 9,564 shares of company stock valued at $637,217 over the last three months. 2.00% of the stock is owned by company insiders.

Institutional Trading of Microchip Technology

Large investors have recently modified their holdings of the business. Catalyst Capital Advisors LLC grew its stake in shares of Microchip Technology by 83.6% during the fourth quarter. Catalyst Capital Advisors LLC now owns 303 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 138 shares in the last quarter. Riverview Trust Co acquired a new stake in shares of Microchip Technology during the first quarter valued at about $26,000. AdvisorNet Financial Inc grew its stake in shares of Microchip Technology by 1,083.3% during the first quarter. AdvisorNet Financial Inc now owns 355 shares of the semiconductor company’s stock valued at $27,000 after acquiring an additional 325 shares in the last quarter. Tortoise Investment Management LLC grew its stake in shares of Microchip Technology by 100.0% during the fourth quarter. Tortoise Investment Management LLC now owns 334 shares of the semiconductor company’s stock valued at $29,000 after acquiring an additional 167 shares in the last quarter. Finally, Industrial Alliance Investment Management Inc. acquired a new stake in shares of Microchip Technology during the fourth quarter valued at about $29,000. 89.36% of the stock is currently owned by institutional investors and hedge funds.

About Microchip Technology

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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 microprocessors markets; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.

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Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

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