Brokerages Set Microchip Technology Incorporated (NASDAQ:MCHP) Target Price at $89.63

Shares of Microchip Technology Incorporated (NASDAQ:MCHP) have been given a consensus recommendation of “Moderate Buy” by the nineteen brokerages that are currently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and fourteen have assigned a buy recommendation to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $89.63.

A number of brokerages have issued reports on MCHP. Evercore ISI reiterated an “outperform” rating and set a $95.00 price target (down previously from $101.00) on shares of Microchip Technology in a research report on Wednesday, November 6th. KeyCorp decreased their target price on shares of Microchip Technology from $95.00 to $90.00 and set an “overweight” rating for the company in a research report on Tuesday, December 3rd. TD Cowen cut their target price on Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a research report on Wednesday, November 6th. Rosenblatt Securities reissued a “buy” rating and issued a $90.00 price objective on shares of Microchip Technology in a research note on Wednesday, November 6th. Finally, Jefferies Financial Group decreased their target price on Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th.

Institutional Investors Weigh In On Microchip Technology

Institutional investors have recently bought and sold shares of the business. Prospera Private Wealth LLC purchased a new stake in shares of Microchip Technology in the third quarter worth approximately $29,000. Peterson Financial Group Inc. purchased a new stake in Microchip Technology in the 3rd quarter worth approximately $34,000. Truvestments Capital LLC purchased a new stake in Microchip Technology in the 3rd quarter worth approximately $34,000. Wolff Wiese Magana LLC boosted its stake in shares of Microchip Technology by 55.2% during the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after buying an additional 218 shares during the period. Finally, Hobbs Group Advisors LLC grew its holdings in shares of Microchip Technology by 390.6% during the 3rd quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock valued at $50,000 after acquiring an additional 500 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Stock Performance

Shares of NASDAQ MCHP opened at $58.34 on Wednesday. Microchip Technology has a 52-week low of $55.27 and a 52-week high of $100.57. The stock has a market capitalization of $31.33 billion, a P/E ratio of 40.80 and a beta of 1.50. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. The firm’s 50-day moving average price is $66.60 and its two-hundred day moving average price is $77.43.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.43 by $0.03. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. Microchip Technology’s revenue was down 48.4% compared to the same quarter last year. During the same quarter last year, the business earned $1.54 earnings per share. As a group, sell-side analysts forecast that Microchip Technology will post 1.33 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were paid a dividend of $0.455 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a yield of 3.12%. The ex-dividend date was Friday, November 22nd. Microchip Technology’s payout ratio is 127.27%.

About Microchip Technology

Microchip Technology Incorporated engages in the development, manufacture, and sale of smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit mixed-signal microcontrollers; 32-bit embedded mixed-signal microprocessors; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.