TD Cowen Lowers Microchip Technology (NASDAQ:MCHP) Price Target to $70.00

Microchip Technology (NASDAQ:MCHP) had its price target decreased by TD Cowen from $80.00 to $70.00 in a research report released on Wednesday, MarketBeat reports. TD Cowen currently has a hold rating on the semiconductor company’s stock.

MCHP has been the topic of a number of other research reports. Mizuho set a $95.00 target price on shares of Microchip Technology in a research note on Friday, October 18th. Needham & Company LLC lowered their target price on shares of Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. JPMorgan Chase & Co. cut their price target on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Citigroup lowered their price objective on Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Finally, Truist Financial cut Microchip Technology from a “buy” rating to a “hold” rating and cut their target price for the stock from $89.00 to $80.00 in a research report on Monday, September 23rd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $92.00.

Microchip Technology Stock Down 2.0 %

Shares of MCHP stock opened at $72.87 on Wednesday. The company has a current ratio of 0.88, a quick ratio of 1.08 and a debt-to-equity ratio of 0.71. Microchip Technology has a 12 month low of $71.76 and a 12 month high of $100.57. The stock has a market cap of $39.13 billion, a P/E ratio of 50.96 and a beta of 1.53. The company has a 50 day simple moving average of $76.73 and a two-hundred day simple moving average of $84.98.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same period last year, the firm earned $1.54 EPS. Microchip Technology’s revenue for the quarter was down 48.4% compared to the same quarter last year. On average, research analysts expect that Microchip Technology will post 1.73 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be issued a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 2.50%. The ex-dividend date of this dividend is Friday, November 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is presently 127.27%.

Insiders Place Their Bets

In related news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the sale, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at $2,710,445.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Microchip Technology

Hedge funds have recently bought and sold shares of the business. Healthcare of Ontario Pension Plan Trust Fund increased its position in shares of Microchip Technology by 2,390.5% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,291,290 shares of the semiconductor company’s stock worth $209,653,000 after acquiring an additional 2,199,290 shares during the period. Clearbridge Investments LLC lifted its holdings in shares of Microchip Technology by 18,944.8% in the 1st quarter. Clearbridge Investments LLC now owns 1,973,045 shares of the semiconductor company’s stock worth $177,002,000 after buying an additional 1,962,685 shares during the period. Vanguard Group Inc. increased its stake in shares of Microchip Technology by 2.9% during the first quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock valued at $6,152,646,000 after buying an additional 1,921,497 shares during the period. Van ECK Associates Corp raised its holdings in shares of Microchip Technology by 25.1% in the third quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock valued at $599,239,000 after acquiring an additional 1,597,263 shares in the last quarter. Finally, Canada Pension Plan Investment Board lifted its stake in Microchip Technology by 425.3% in the first quarter. Canada Pension Plan Investment Board now owns 1,377,099 shares of the semiconductor company’s stock worth $123,540,000 after acquiring an additional 1,114,962 shares during the period. Institutional investors own 91.51% of the company’s stock.

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.