Microchip Technology Incorporated (NASDAQ:MCHP) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Microchip Technology Incorporated (NASDAQ:MCHP) have earned an average recommendation of “Moderate Buy” from the nineteen brokerages that are currently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have given a buy rating to the company. The average 1 year price target among brokers that have covered the stock in the last year is $89.63.

A number of brokerages recently commented on MCHP. Truist Financial downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating and lowered their price objective for the company from $89.00 to $80.00 in a research report on Monday, September 23rd. Evercore ISI reaffirmed an “outperform” rating and issued a $95.00 price objective (down previously from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. Rosenblatt Securities reaffirmed a “buy” rating and set a $90.00 target price on shares of Microchip Technology in a research report on Wednesday, November 6th. TD Cowen lowered their target price on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a research note on Wednesday, November 6th. Finally, Mizuho set a $95.00 target price on Microchip Technology in a report on Friday, October 18th.

Microchip Technology Trading Up 1.2 %

Microchip Technology stock opened at $58.56 on Wednesday. The firm’s 50 day moving average price is $68.02 and its two-hundred day moving average price is $78.19. The firm has a market cap of $31.45 billion, a price-to-earnings ratio of 40.95 and a beta of 1.50. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. Microchip Technology has a 1 year low of $55.27 and a 1 year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.03. The firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The company’s quarterly revenue was down 48.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.54 EPS. On average, research analysts predict that Microchip Technology will post 1.33 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were paid a $0.455 dividend. This is a positive change 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 was Friday, November 22nd. Microchip Technology’s dividend payout ratio is currently 127.27%.

Institutional Trading of Microchip Technology

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