Mizuho Boosts Microchip Technology (NASDAQ:MCHP) Price Target to $75.00

Microchip Technology (NASDAQ:MCHPGet Rating) had its price objective increased by Mizuho from $72.00 to $75.00 in a research note issued to investors on Wednesday morning, MarketBeat.com reports. The firm currently has a neutral rating on the semiconductor company’s stock.

A number of other brokerages also recently commented on MCHP. Wells Fargo & Company dropped their target price on shares of Microchip Technology from $70.00 to $60.00 and set an equal weight rating on the stock in a research note on Monday, July 11th. Morgan Stanley upped their price target on shares of Microchip Technology from $81.00 to $82.00 and gave the stock an overweight rating in a research report on Wednesday. BMO Capital Markets lowered their price target on shares of Microchip Technology from $95.00 to $85.00 in a research report on Tuesday, May 10th. StockNews.com raised shares of Microchip Technology from a hold rating to a buy rating in a research report on Tuesday, May 17th. Finally, Needham & Company LLC upped their price target on shares of Microchip Technology from $75.00 to $92.00 and gave the stock a buy rating in a research report on Wednesday. Four 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average target price of $89.73.

Microchip Technology Price Performance

Shares of MCHP stock opened at $71.46 on Wednesday. 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 company has a market capitalization 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’s 50-day simple moving average is $63.66 and its two-hundred day simple moving average is $68.36. Microchip Technology has a one year low of $54.33 and a one year high of $90.00.

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

Microchip Technology Increases Dividend

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

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in shares of Microchip Technology by 1.1% in the first quarter. Vanguard Group Inc. now owns 64,426,179 shares of the semiconductor company’s stock worth $4,840,982,000 after buying an additional 691,754 shares during the last quarter. Dodge & Cox increased its stake in shares of Microchip Technology by 87.3% in the fourth quarter. Dodge & Cox now owns 29,539,169 shares of the semiconductor company’s stock worth $2,571,680,000 after acquiring an additional 13,768,272 shares during the period. Principal Financial Group Inc. increased its stake in shares of Microchip Technology by 1.9% in the first quarter. Principal Financial Group Inc. now owns 10,818,661 shares of the semiconductor company’s stock worth $812,914,000 after acquiring an additional 200,602 shares during the period. Geode Capital Management LLC increased its stake in shares of Microchip Technology by 107.9% in the fourth quarter. Geode Capital Management LLC now owns 10,352,013 shares of the semiconductor company’s stock worth $898,949,000 after acquiring an additional 5,373,594 shares during the period. Finally, Northern Trust Corp increased its stake in shares of Microchip Technology by 1.7% in the first quarter. Northern Trust Corp now owns 7,553,578 shares of the semiconductor company’s stock worth $567,576,000 after acquiring an additional 123,806 shares during the period. Hedge funds and other institutional investors own 89.36% of the company’s stock.

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.

Further Reading

Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

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