Microchip Technology Incorporated (NASDAQ:MCHP) Receives $93.81 Consensus PT from Analysts

Shares of Microchip Technology Incorporated (NASDAQ:MCHPGet Rating) have been assigned a consensus rating of “Buy” from the twenty-two analysts that are presently covering the company, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation, thirteen have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $93.81.

A number of research analysts recently issued reports on the company. BMO Capital Markets cut their price target on Microchip Technology from $95.00 to $85.00 in a report on Tuesday, May 10th. Stifel Nicolaus upped their target price on shares of Microchip Technology from $82.00 to $84.00 and gave the stock a “hold” rating in a research report on Friday, February 4th. Wells Fargo & Company lowered their price target on shares of Microchip Technology from $80.00 to $70.00 in a report on Tuesday, May 10th. JPMorgan Chase & Co. boosted their price objective on shares of Microchip Technology from $104.00 to $105.00 and gave the stock an “overweight” rating in a research report on Friday, February 4th. Finally, Zacks Investment Research upgraded Microchip Technology from a “sell” rating to a “hold” rating and set a $73.00 price objective on the stock in a research report on Thursday, April 21st.

Shares of Microchip Technology stock opened at $67.11 on Friday. The stock has a market capitalization of $37.31 billion, a price-to-earnings ratio of 29.63, a P/E/G ratio of 0.59 and a beta of 1.56. The firm’s 50-day moving average price is $69.85 and its two-hundred day moving average price is $76.12. The company has a current ratio of 1.75, a quick ratio of 1.14 and a debt-to-equity ratio of 1.30. Microchip Technology has a 1-year low of $63.34 and a 1-year high of $90.00.

Microchip Technology (NASDAQ:MCHPGet Rating) last released its quarterly earnings results on Monday, May 9th. The semiconductor company reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.09. Microchip Technology had a return on equity of 41.89% and a net margin of 18.85%. The business had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.82 billion. During the same period in the prior year, the company earned $0.82 EPS. Microchip Technology’s revenue for the quarter was up 25.6% on a year-over-year basis. As a group, equities research analysts predict that Microchip Technology will post 5.14 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 3rd. Investors of record on Friday, May 20th will be paid a dividend of $0.276 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Thursday, May 19th. This represents a $1.10 annualized dividend and a yield of 1.65%. Microchip Technology’s dividend payout ratio (DPR) is presently 48.57%.

In other 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 transaction of $130,591.30. Following the sale, 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 legal filing with the SEC, which is available at the SEC website. Also, CFO James Eric Bjornholt sold 1,885 shares of the business’s stock in a transaction that occurred on Tuesday, February 22nd. The shares were sold at an average price of $70.93, for a total value of $133,703.05. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 9,062 shares of company stock valued at $631,500. Corporate insiders own 2.03% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. Dodge & Cox raised its holdings in shares of Microchip Technology by 87.3% during 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. Geode Capital Management LLC raised its stake in shares of Microchip Technology by 107.9% in the 4th quarter. Geode Capital Management LLC now owns 10,352,013 shares of the semiconductor company’s stock valued at $898,949,000 after purchasing an additional 5,373,594 shares during the period. Norges Bank bought a new stake in shares of Microchip Technology in the fourth quarter valued at about $462,517,000. Principal Financial Group Inc. boosted its position in shares of Microchip Technology by 95.7% during the fourth quarter. Principal Financial Group Inc. now owns 10,618,059 shares of the semiconductor company’s stock worth $934,445,000 after buying an additional 5,193,267 shares during the period. Finally, Boston Partners bought a new position in shares of Microchip Technology during the first quarter worth about $309,618,000. Institutional investors own 89.36% of the company’s stock.

About Microchip Technology (Get Rating)

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 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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