Analysts’ Recent Ratings Updates for Microchip Technology (MCHP)

Posted by Geri Gentry on May 26th, 2023

Several brokerages have updated their recommendations and price targets on shares of Microchip Technology (NASDAQ: MCHP) in the last few weeks:

5/18/2023 – Microchip Technology is now covered by analysts at StockNews.com. They set a “buy” rating on the stock.
5/5/2023 – Microchip Technology had its price target lowered by analysts at TD Cowen from $85.00 to $80.00. They now have a “market perform” rating on the stock.
5/5/2023 – Microchip Technology had its price target lowered by analysts at Susquehanna from $95.00 to $90.00.
5/5/2023 – Microchip Technology had its price target lowered by analysts at Stifel Nicolaus from $100.00 to $95.00.
5/5/2023 – Microchip Technology had its price target lowered by analysts at Citigroup Inc. from $85.00 to $76.00.

Microchip Technology Trading Up 5.0 %

NASDAQ:MCHP traded up $3.71 during trading hours on Friday, hitting $77.85. 2,919,928 shares of the stock were exchanged, compared to its average volume of 4,755,850. The company has a quick ratio of 0.56, a current ratio of 0.98 and a debt-to-equity ratio of 0.77. Microchip Technology Incorporated has a twelve month low of $54.33 and a twelve month high of $87.76. The company’s 50 day moving average is $77.82 and its two-hundred day moving average is $77.18. The company has a market capitalization of $42.65 billion, a P/E ratio of 19.41, a price-to-earnings-growth ratio of 0.74 and a beta of 1.58.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 5th. Stockholders of record on Monday, May 22nd will be paid a dividend of $0.383 per share. This represents a $1.53 dividend on an annualized basis and a dividend yield of 1.97%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date is Friday, May 19th. Microchip Technology’s dividend payout ratio is currently 38.15%.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,470 shares of Microchip Technology stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $78.32, for a total value of $193,450.40. Following the transaction, the chief financial officer now directly owns 32,004 shares of the company’s stock, valued at $2,506,553.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Microchip Technology

Hedge funds and other institutional investors have recently made changes to their positions in the business. ProShare Advisors LLC boosted its stake in Microchip Technology by 9.8% in the first quarter. ProShare Advisors LLC now owns 658,251 shares of the semiconductor company’s stock valued at $55,148,000 after acquiring an additional 58,806 shares during the last quarter. Toroso Investments LLC increased its holdings in shares of Microchip Technology by 44.4% in the 1st quarter. Toroso Investments LLC now owns 29,160 shares of the semiconductor company’s stock worth $2,443,000 after buying an additional 8,962 shares during the last quarter. Raleigh Capital Management Inc. increased its holdings in shares of Microchip Technology by 27.5% in the 1st quarter. Raleigh Capital Management Inc. now owns 2,366 shares of the semiconductor company’s stock worth $198,000 after buying an additional 510 shares during the last quarter. Arete Wealth Advisors LLC bought a new position in shares of Microchip Technology during the 1st quarter valued at $208,000. Finally, Courier Capital LLC bought a new position in shares of Microchip Technology during the 1st quarter valued at $236,000. 89.85% of the stock is owned by institutional investors.

Microchip Technology, Inc engages in the provision of semiconductor products. It operates through the Semiconductor Products and Technology Licensing segments. The Semiconductor Products segment is involved in designing, developing, manufacturing, and marketing microcontrollers, development tools and analog, interface, mixed signal, connectivity devices, and timing products.