The Goldman Sachs Group Cuts Microchip Technology (NASDAQ:MCHP) Price Target to $63.00

Microchip Technology (NASDAQ:MCHP) had its price target reduced by The Goldman Sachs Group from $72.00 to $63.00 in a report released on Friday morning,Benzinga reports. They currently have a neutral rating on the semiconductor company’s stock.

MCHP has been the topic of several other research reports. TD Cowen cut their price objective on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a report on Wednesday, November 6th. Bank of America lowered shares of Microchip Technology from a “neutral” rating to an “underperform” rating and cut their price target for the company from $80.00 to $65.00 in a report on Monday, December 16th. StockNews.com raised shares of Microchip Technology from a “sell” rating to a “hold” rating in a research note on Friday, December 13th. Piper Sandler cut their target price on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 6th. Finally, Evercore ISI reaffirmed an “outperform” rating and issued a $95.00 target price (down previously from $101.00) on shares of Microchip Technology in a research report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $87.11.

Microchip Technology Trading Down 2.1 %

Shares of NASDAQ:MCHP opened at $55.19 on Friday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. The stock has a market capitalization of $29.64 billion, a price-to-earnings ratio of 38.59 and a beta of 1.52. Microchip Technology has a 1-year low of $54.47 and a 1-year high of $100.57. The company has a 50 day moving average price of $62.84 and a 200 day moving average price of $74.80.

Microchip Technology (NASDAQ:MCHP) last released 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 business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The company’s revenue was down 48.4% compared to the same quarter last year. During the same period last year, the company posted $1.54 EPS. On average, research analysts anticipate that Microchip Technology will post 1.33 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were issued a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 3.30%. The ex-dividend date of this dividend was Friday, November 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is 127.27%.

Institutional Inflows and Outflows

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

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.