As reported by MarketBeat Ratings, Microchip Technology Incorporated (NASDAQ:MCHP – Get Free Report ) has received an average recommendation rating of Moderate Buy from the 18 brokerages currently covering the company. 4 analysts have rated the stock with a Hold recommendation, while 14 have given the company a Buy recommendation. The average 12-month target price among the brokerages that have rated the company’s stock in the past year is $101.06.
Several analysts have recently commented on the stock. Needham & Company LLC increased their price target on Microchip Technology from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. Stifel Nicolaus increased their price target on Microchip Technology from $98.00 to $102.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. B. Riley increased their price target on Microchip Technology from $105.00 to $110.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. Susquehanna increased their price target on Microchip Technology from $100.00 to $105.00 and gave the company a “positive” rating in a research report on Tuesday, May 7th. Finally, Evercore ISI initiated coverage on shares of Microchip Technology in a report on Tuesday, April 16th. The firm issued an “outperform” rating and a $106.00 target price for the company.
View the latest stock analysis for MCHP
Microchip Technology Stock Performance
MCHP’s shares opened trading at $92.06 on Wednesday. The company has a market capitalization of $49.43 billion, a price-to-earnings ratio of 26.53 and a beta of 1.54. The company’s 50-day moving average price is $93.18 and 200-day moving average price is $89.09. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.20 and a quick ratio of 0.67. Microchip Technology’s low in the past 12 months is $68.75 and its high in the past 12 months is $100.57.
Microchip Technology (NASDAQ:MCHP – Get free report ) last released its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, in line with analysts’ consensus estimates of $0.57. Microchip Technology had net margins of 24.98% and return on equity of 36.78%. The business had revenue of $1.33 billion for the quarter, beating the consensus estimate of $1.33 billion. During the same period last year, the company earned earnings per share of $1.56. The company’s quarterly revenue was down 40.6% year over year. Equity research analysts expect Microchip Technology to post earnings per share of $2.35 for the year.
Microchip Technology Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Wednesday, June 5th. Investors of record on Wednesday, May 22nd were paid a dividend of $0.452. The ex-dividend date for this dividend was Tuesday, May 21st. This equates to a dividend of $1.81 on an annualized basis, or a yield of 1.96%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is currently 51.87%.
Insider Trading in Microchip Technology
In other news, VP Stephen V. Drehobl sold 10,000 shares of Microchip Technology stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total value of $908,800.00. With this transaction, the VP now directly owns 82,203 shares of the company’s stock, valued at $7,470,608.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Microchip Technology news, CFO James Eric Bjornholt sold 3,188 shares of the company’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total value of $318,736.24. Following the completion of the sale, the Chief Financial Officer now directly owns 33,257 shares of the company’s stock, valued at approximately $3,325,034.86. The sale was disclosed in a Securities and Exchange Commission filing, which can be accessed through this link. Additionally, Vice President, Stephen V. Drehobl sold 10,000 shares of the company’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total value of $908,800.00. Following the completion of the transaction, the Vice President now owns 82,203 shares of the company’s stock, valued at approximately $7,470,608.64. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 23,993 shares of the company’s stock, valued at $2,251,857. 2.07% of the stock is currently owned by company insiders.
Institutional investor inflows and outflows
A number of institutional investors and hedge funds have recently added to or reduced shares in MCHP. Glenmede Trust Co. NA increased its holdings in Microchip Technology by 8.0% in the third quarter. Glenmede Trust Co. NA now owns 103,638 shares of the semiconductor company’s stock valued at $8,089,000 after purchasing an additional 7,685 shares in the last quarter. Advisors Asset Management Inc. increased its holdings in Microchip Technology by 63.3% in the third quarter. Advisors Asset Management Inc. now owns 27,752 shares of the semiconductor company’s stock valued at $2,166,000 after purchasing an additional 10,755 shares in the last quarter. Alps Advisors Inc. increased its holdings in Microchip Technology by 8.9% in the third quarter. Alps Advisors Inc. now owns 4,241 shares of the semiconductor company’s stock valued at $331,000 after purchasing an additional 348 shares in the last quarter. Lido Advisors LLC increased its holdings in Microchip Technology by 38.3% in the third quarter. Lido Advisors LLC now owns 59,945 shares of the semiconductor company’s stock valued at $4,679,000 after purchasing an additional 16,586 shares in the last quarter. Finally, JT Stratford LLC increased its holdings in Microchip Technology by 38.9% in the third quarter. JT Stratford LLC now owns 13,750 shares of the semiconductor company’s stock valued at $1,073,000 after purchasing an additional 3,851 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.
About Microchip Technology
(Get your free report
Microchip Technology Incorporated develops, manufactures and sells smart, connected and secure embedded control solutions throughout the Americas, Europe and Asia. The company offers general purpose 8-bit, 16-bit and 32-bit microcontrollers, 32-bit embedded mixed-signal microprocessors and specialty microcontrollers for automotive, industrial, computing, communications, lighting, power, motor control, human machine interface, security and wired and wireless connectivity applications.
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