Microchip Technology Incorporated (NASDAQ:MCHP) has received a consensus rating of “Moderate Buy” from analysts

Shares of Microchip Technology Incorporated (NASDAQ:MCHP – Get Rating ) have received an average recommendation of “Buy” from the twenty-one analysts that are currently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. The average twelve-month target among brokerages that have issued ratings on the stock in the last year is $90.70.

A number of research firms recently weighed in on MCHP. Bank of America cut their target price on shares of Microchip Technology from $85.00 to $74.00 and set a “buy” rating on the stock in a research report on Wednesday, June 29th. Truist Financial reduced their price objective on shares of Microchip Technology from $94.00 to $79.00 and set a “buy” rating on the stock in a research report on Friday, April 8th. Wells Fargo & Company decreased their target price on shares of Microchip Technology from $80.00 to $70.00 in a research report on Tuesday, May 10th. Goldman Sachs Group cut shares of Microchip Technology from a “buy” rating to a “neutral” rating and set a $79.00 target price on the stock. in a research report on Sunday, March 27th. Finally, Morgan Stanley reduced their price objective on shares of Microchip Technology from $85.00 to $81.00 and set an “overweight” rating on the stock in a research report on Friday, June 10th.

Shares of NASDAQ MCHP opened at $59.45 on Friday. The stock has a market cap of $32.97 billion, a P/E ratio of 26.25, a P/E/G ratio of 0.88 and a beta of 1.60. The company has a 50-day moving average of $64.47 and a 200-day moving average of $71.14. Microchip Technology has a 1-year low of $54.33 and a 1-year high of $90.00. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.75, and a quick ratio of 1.14.

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Microchip Technology (NASDAQ:MCHP – Get Rating ) last posted its quarterly earnings data on Monday, May 9th. The semiconductor company reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.09. Microchip Technology had a net margin of 18.85% and a return on equity of 41.89%. The firm had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.82 billion. During the same period last year, the company earned $0.82 earnings per share. Business revenues increased by 25.6% year-on-year. As a group, equities research analysts expect that Microchip Technology will post 5.14 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 3rd. Investors of record on Friday, May 20th were given a dividend of $0.276 per share. The ex-dividend date was Thursday, May 19th. This represents a $1.10 annual dividend and a yield of 1.86%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.25. Microchip Technology’s payout ratio is currently 48.57%.

In other Microchip Technology news, Director Carlton D. Johnson sold 594 shares of the business’s stock in a transaction that occurred on Friday, May 13th. Shares were sold at an average price of $67.35, for a total value of $40,005.90. The transaction was disclosed in a legal filing with the Securities and Exchange Commission, which is available at this link. Also, CEO Ganesh Murthy bought 8,000 shares of the business’s stock in a transaction on Friday, June 17th. The shares were purchased at an average price of $57.29 per share, with a total value of $458,320.00. Following the purchase, the chief executive officer now owns 720,313 shares in the company, valued at $41,266,731.77. Disclosure of this purchase can be found here. Over the last three months, insiders have sold 9,564 shares of company stock worth $637,217. Corporate insiders own 2.03% of the company’s shares.

Several institutional investors and hedge funds have recently made changes to their positions in MCHP. Dodge & Cox boosted its holdings in shares of Microchip Technology by 87.3% in the 4th quarter. Dodge & Cox now owns 29,539,169 shares of the semiconductor company’s stock valued at $2,571,680,000 after acquiring an additional 13,768,272 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Microchip Technology by 107.9% during 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 acquiring an additional 5,373,594 shares during the last quarter. Norges Bank bought a new stake in shares of Microchip Technology during the 4th quarter valued at approximately $462,517,000. Principal Financial Group Inc. grew its holdings in shares of Microchip Technology by 95.7% in the 4th quarter. Principal Financial Group Inc. now owns 10,618,059 shares of the semiconductor company’s stock valued at $934,445,000 after acquiring an additional 5,193,267 shares during the last quarter. Finally, Boston Partners purchased a new stake in shares of Microchip Technology in the first quarter valued at approximately $309,618,000. Hedge funds and other institutional investors own 89.36% of the company’s shares.

Microchip Technology Company Profile (Get Rating)

Microchip Technology Incorporated develops, manufactures and markets intelligent, connected and secure embedded control solutions in the Americas, Europe and Asia. The company offers 8-bit, 16-bit, and 32-bit general-purpose microcontrollers; 32-bit Embedded Microprocessor Markets; and specialized microcontrollers for automotive, industrial, computer, communications, lighting, power supplies, motor control, human-machine interface, security, wired connectivity, and wireless connectivity applications.

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Analyst Recommendations for Microchip Technologies (NASDAQ:MCHP)

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