Microchip Technology (NASDAQ:MCHP – Get Rating) had its target price cut by Needham & Company LLC to $75.00 in a research report sent to investors on Tuesday, Stock Target Advisor reports.
MCHP has been the topic of several other research reports. Citigroup cut their price objective on Microchip Technology from $78.00 to $72.00 in a report on Tuesday, May 10th. StockNews.com upgraded Microchip Technology from a hold rating to a buy rating in a report on Tuesday, May 17th. Stifel Nicolaus upgraded Microchip Technology from a hold rating to a buy rating and boosted their price objective for the stock from $70.00 to $75.00 in a report on Tuesday, June 28th. UBS Group boosted their price objective on Microchip Technology from $98.00 to $105.00 and gave the stock a buy rating in a report on Wednesday, March 9th. Finally, Wells Fargo & Company dropped their target price on Microchip Technology from $80.00 to $70.00 in a report on Tuesday, May 10th. Four equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Microchip Technology has an average rating of Moderate Buy and an average price target of $90.70.
Shares of MCHP opened at $56.14 on Tuesday. The company has a market cap of $31.13 billion, a price-to-earnings ratio of 24.79, a price-to-earnings-growth ratio of 0.88 and a beta of 1.60. The firm has a fifty day moving average of $64.94 and a 200-day moving average of $71.60. 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 quick ratio of 1.14 and a current ratio of 1.75.
Microchip Technology (NASDAQ:MCHP – Get Rating) last issued its quarterly earnings results on Monday, May 9th. The semiconductor company reported $1.26 earnings per share for the quarter, beating 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 company had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.82 billion. During the same period in the prior year, the company earned $0.82 EPS. Microchip Technology’s revenue was up 25.6% on a year-over-year basis. Analysts predict that Microchip Technology will post 5.14 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, June 3rd. Shareholders of record on Friday, May 20th were issued a dividend of $0.276 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.25. This represents a $1.10 annualized dividend and a yield of 1.97%. The ex-dividend date of this dividend was Thursday, May 19th. Microchip Technology’s dividend payout ratio (DPR) is 48.57%.
In other news, Director Karlton D. Johnson sold 594 shares of the firm’s stock in a transaction that occurred on Friday, May 13th. The shares were sold at an average price of $67.35, for a total transaction of $40,005.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ganesh Moorthy purchased 8,000 shares of the firm’s stock in a transaction dated Friday, June 17th. The shares were acquired at an average cost of $57.29 per share, with a total value of $458,320.00. Following the completion of the purchase, the chief executive officer now directly owns 720,313 shares in the company, valued at $41,266,731.77. The disclosure for this purchase can be found here. Insiders have sold a total of 9,564 shares of company stock worth $637,217 over the last 90 days. Corporate insiders own 2.03% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in shares of Microchip Technology by 1.1% in the first quarter. Vanguard Group Inc. now owns 64,426,179 shares of the semiconductor company’s stock valued at $4,840,982,000 after buying an additional 691,754 shares in the last quarter. Dodge & Cox boosted its position in Microchip Technology by 87.3% during the fourth quarter. Dodge & Cox now owns 29,539,169 shares of the semiconductor company’s stock worth $2,571,680,000 after purchasing an additional 13,768,272 shares during the period. Principal Financial Group Inc. boosted its position in Microchip Technology by 1.9% during the first quarter. Principal Financial Group Inc. now owns 10,818,661 shares of the semiconductor company’s stock worth $812,914,000 after purchasing an additional 200,602 shares during the period. Geode Capital Management LLC boosted its position in Microchip Technology by 107.9% during the fourth quarter. Geode Capital Management LLC now owns 10,352,013 shares of the semiconductor company’s stock worth $898,949,000 after purchasing an additional 5,373,594 shares during the period. Finally, Northern Trust Corp boosted its position in Microchip Technology by 1.7% during the first quarter. Northern Trust Corp now owns 7,553,578 shares of the semiconductor company’s stock worth $567,576,000 after purchasing an additional 123,806 shares during the period. 89.36% of the stock is owned by institutional investors and hedge funds.
About Microchip Technology (Get Rating)
Microchip Technology Incorporated develops, manufactures, and sells 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 microcontrollers; 32-bit embedded microprocessors markets; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.
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