Microchip Technology Incorporated (NASDAQ:MCHP) Given Consensus Recommendation of “Buy” by Analysts

Microchip Technology Incorporated (NASDAQ:MCHP) has been given an average rating of “Buy” by the twenty-five research firms that are currently covering the firm, MarketBeat reports. Six research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $154.55.

Several brokerages have recently commented on MCHP. TheStreet raised Microchip Technology from a “c+” rating to a “b” rating in a research note on Thursday, May 6th. B. Riley increased their price objective on Microchip Technology from $180.00 to $186.00 and gave the stock a “buy” rating in a research note on Friday, February 5th. Raymond James increased their price objective on Microchip Technology from $140.00 to $180.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, January 19th. Mizuho increased their price objective on Microchip Technology from $158.00 to $165.00 and gave the stock a “buy” rating in a research note on Friday, May 7th. Finally, Rosenblatt Securities increased their price objective on Microchip Technology from $165.00 to $180.00 and gave the stock a “buy” rating in a research note on Thursday.

In other Microchip Technology news, VP Mitchell R. Little sold 2,529 shares of the stock in a transaction on Monday, May 10th. The stock was sold at an average price of $145.79, for a total transaction of $368,702.91. Following the sale, the vice president now owns 6,235 shares in the company, valued at $909,000.65. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO James Eric Bjornholt sold 1,433 shares of the stock in a transaction on Monday, February 22nd. The stock was sold at an average price of $159.20, for a total value of $228,133.60. In the last 90 days, insiders have sold 8,115 shares of company stock worth $1,257,994. Company insiders own 2.15% of the company’s stock.

Several hedge funds have recently modified their holdings of the stock. Aristotle Capital Management LLC raised its position in shares of Microchip Technology by 0.7% in the fourth quarter. Aristotle Capital Management LLC now owns 8,918,202 shares of the semiconductor company’s stock worth $1,226,113,000 after buying an additional 63,405 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Microchip Technology by 5.3% in the first quarter. Geode Capital Management LLC now owns 4,616,448 shares of the semiconductor company’s stock worth $714,672,000 after buying an additional 231,486 shares in the last quarter. Waddell & Reed Financial Inc. raised its position in shares of Microchip Technology by 1.4% in the first quarter. Waddell & Reed Financial Inc. now owns 2,860,379 shares of the semiconductor company’s stock worth $443,988,000 after buying an additional 39,449 shares in the last quarter. Norges Bank purchased a new stake in shares of Microchip Technology in the fourth quarter worth $359,336,000. Finally, Victory Capital Management Inc. raised its position in shares of Microchip Technology by 14.6% in the first quarter. Victory Capital Management Inc. now owns 1,750,914 shares of the semiconductor company’s stock worth $271,777,000 after buying an additional 223,147 shares in the last quarter. Institutional investors own 94.10% of the company’s stock.

MCHP stock traded up $3.35 during trading on Monday, reaching $145.47. 1,881,810 shares of the stock were exchanged, compared to its average volume of 2,112,695. The firm’s 50 day moving average is $154.21 and its 200 day moving average is $144.11. Microchip Technology has a twelve month low of $82.13 and a twelve month high of $166.67. The company has a current ratio of 1.07, a quick ratio of 0.74 and a debt-to-equity ratio of 1.50. The firm has a market cap of $39.17 billion, a P/E ratio of 62.17, a price-to-earnings-growth ratio of 1.74 and a beta of 1.69.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, May 6th. The semiconductor company reported $1.85 earnings per share for the quarter, topping analysts’ consensus estimates of $1.74 by $0.11. The business had revenue of $1.47 billion for the quarter, compared to the consensus estimate of $1.46 billion. Microchip Technology had a return on equity of 25.02% and a net margin of 11.62%. The firm’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the prior year, the business earned $1.46 EPS. As a group, analysts predict that Microchip Technology will post 5.79 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, June 4th. Shareholders of record on Friday, May 21st will be given a dividend of $0.413 per share. The ex-dividend date is Thursday, May 20th. This represents a $1.65 annualized dividend and a dividend yield of 1.14%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.39. Microchip Technology’s dividend payout ratio is currently 30.12%.

About Microchip Technology

Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications in the Americas, Europe, and Asia. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit embedded microprocessors; and microcontrollers for automotive, industrial, aerospace, office communication, and computing applications.

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Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

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