Analysts Set Microchip Technology Incorporated (NASDAQ:MCHP) Price Target at $85.00

Shares of Microchip Technology Incorporated (NASDAQ:MCHP) have been given a consensus rating of “Moderate Buy” by the eighteen brokerages that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have assigned a buy rating to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $85.00.

MCHP has been the subject of a number of recent analyst reports. KeyCorp dropped their price objective on Microchip Technology from $90.00 to $70.00 and set an “overweight” rating for the company in a report on Tuesday, January 14th. Jefferies Financial Group dropped their price objective on Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. The Goldman Sachs Group dropped their price objective on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating for the company in a report on Friday, January 10th. Susquehanna dropped their price objective on Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a report on Wednesday, November 6th. Finally, Stifel Nicolaus dropped their price objective on Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a report on Tuesday, December 3rd.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of MCHP. Prospera Private Wealth LLC acquired a new position in shares of Microchip Technology during the third quarter worth about $29,000. Peterson Financial Group Inc. acquired a new position in Microchip Technology during the third quarter valued at approximately $34,000. Truvestments Capital LLC acquired a new position in Microchip Technology during the third quarter valued at approximately $34,000. Wolff Wiese Magana LLC boosted its position in Microchip Technology by 55.2% during the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after purchasing an additional 218 shares during the last quarter. Finally, Hobbs Group Advisors LLC boosted its position in Microchip Technology by 390.6% during the third quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock valued at $50,000 after purchasing an additional 500 shares during the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Trading Up 0.9 %

MCHP stock opened at $58.51 on Friday. The company has a market cap of $31.42 billion, a P/E ratio of 40.92 and a beta of 1.52. Microchip Technology has a twelve month low of $54.47 and a twelve month high of $100.57. 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 business has a fifty day moving average of $60.87 and a 200-day moving average of $73.32.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The firm’s quarterly revenue was down 48.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.54 earnings per share. As a group, equities research analysts expect that Microchip Technology will post 1.31 EPS for the current year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were given a dividend of $0.455 per share. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a dividend yield of 3.11%. The ex-dividend date of this dividend was Friday, November 22nd. Microchip Technology’s dividend payout ratio is currently 127.27%.

Microchip Technology Company Profile

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.