Analysts Set Microchip Technology Incorporated (NASDAQ:MCHP) Price Target at $89.63

Shares of Microchip Technology Incorporated (NASDAQ:MCHP) have been assigned a consensus rating of “Moderate Buy” from the nineteen ratings firms that are presently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have issued a buy rating on the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $89.63.

MCHP has been the subject of several research analyst reports. Bank of America downgraded shares of Microchip Technology from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $80.00 to $65.00 in a report on Monday, December 16th. Citigroup dropped their target price on Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Stifel Nicolaus reduced their price target on Microchip Technology from $90.00 to $87.00 and set a “buy” rating on the stock in a report on Tuesday, December 3rd. Evercore ISI reaffirmed an “outperform” rating and issued a $95.00 price objective (down previously from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. Finally, Piper Sandler cut their target price on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 6th.

Microchip Technology Price Performance

Shares of MCHP stock opened at $58.34 on Wednesday. The business has a fifty day simple moving average of $66.60 and a 200 day simple moving average of $77.20. The company has a market cap of $31.33 billion, a P/E ratio of 40.80 and a beta of 1.50. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. Microchip Technology has a twelve month low of $55.27 and a twelve month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The business’s revenue for the quarter was down 48.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.54 earnings per share. On average, sell-side analysts forecast that Microchip Technology will post 1.33 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were paid a $0.455 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a yield of 3.12%. The ex-dividend date was Friday, November 22nd. Microchip Technology’s payout ratio is 127.27%.

Institutional Trading of Microchip Technology

Several large investors have recently made changes to their positions in MCHP. Prospera Private Wealth LLC acquired a new stake in Microchip Technology in the third quarter valued at approximately $29,000. Peterson Financial Group Inc. acquired a new stake in Microchip Technology in the 3rd quarter valued at $34,000. Truvestments Capital LLC bought a new stake in Microchip Technology during the 3rd quarter valued at $34,000. Wolff Wiese Magana LLC raised its holdings in Microchip Technology by 55.2% during the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after buying an additional 218 shares during the last quarter. Finally, Hobbs Group Advisors LLC lifted its stake in shares of Microchip Technology by 390.6% in the third quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock valued at $50,000 after buying an additional 500 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Company Profile

Microchip Technology Incorporated engages in the development, manufacture, and sale of 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 mixed-signal 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.