Microchip Technology (NASDAQ:MCHP) Price Target Raised to $64.00

Microchip Technology (NASDAQ:MCHP) had its target price raised by Truist Financial from $52.00 to $64.00 in a research note issued to investors on Wednesday,Benzinga reports. Truist Financial currently has a hold rating on the semiconductor company’s stock.

Several other research analysts have also commented on MCHP. TD Cowen raised their price objective on Microchip Technology from $35.00 to $55.00 and gave the company a “hold” rating in a research report on Friday, May 9th. Bank of America upgraded Microchip Technology from an “underperform” rating to a “neutral” rating and set a $56.00 target price on the stock in a report on Friday, May 9th. Citigroup boosted their price target on Microchip Technology from $55.00 to $68.00 and gave the stock a “buy” rating in a research report on Monday, June 9th. Evercore ISI increased their price objective on shares of Microchip Technology from $69.00 to $83.00 and gave the company an “outperform” rating in a research report on Thursday, June 12th. Finally, Cantor Fitzgerald began coverage on shares of Microchip Technology in a research note on Wednesday. They set a “neutral” rating and a $70.00 price objective on the stock. One research analyst has rated the stock with a sell rating, six have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $70.15.

Microchip Technology Stock Performance

Shares of NASDAQ:MCHP opened at $68.97 on Wednesday. The business has a 50-day moving average of $55.54 and a two-hundred day moving average of $55.00. The firm has a market capitalization of $37.20 billion, a PE ratio of -6,897.00, a P/E/G ratio of 2.02 and a beta of 1.48. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.59 and a quick ratio of 1.47. Microchip Technology has a 12 month low of $34.13 and a 12 month high of $96.98.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.01. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. The firm had revenue of $970.50 million during the quarter, compared to the consensus estimate of $962.86 million. During the same quarter in the prior year, the company earned $0.57 EPS. The company’s revenue was down 26.8% on a year-over-year basis. As a group, research analysts forecast that Microchip Technology will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 22nd were paid a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 2.64%. The ex-dividend date was Thursday, May 22nd. Microchip Technology’s dividend payout ratio (DPR) is presently -18,200.00%.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, Director Karlton D. Johnson sold 494 shares of the stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total value of $29,980.86. Following the sale, the director now directly owns 3,468 shares of the company’s stock, valued at $210,472.92. This trade represents a 12.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO James Eric Bjornholt sold 2,015 shares of the firm’s stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $55.78, for a total value of $112,396.70. Following the completion of the sale, the chief financial officer now owns 34,313 shares in the company, valued at $1,913,979.14. The trade was a 5.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Microchip Technology

Institutional investors have recently modified their holdings of the company. Norges Bank acquired a new position in Microchip Technology during the 4th quarter valued at about $452,627,000. Orbis Allan Gray Ltd bought a new stake in shares of Microchip Technology during the first quarter valued at approximately $369,612,000. Invesco Ltd. boosted its position in shares of Microchip Technology by 63.0% during the first quarter. Invesco Ltd. now owns 16,707,031 shares of the semiconductor company’s stock worth $808,787,000 after buying an additional 6,459,123 shares during the period. Goldman Sachs Group Inc. boosted its position in shares of Microchip Technology by 138.9% during the first quarter. Goldman Sachs Group Inc. now owns 8,834,550 shares of the semiconductor company’s stock worth $427,681,000 after buying an additional 5,136,154 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC grew its holdings in Microchip Technology by 273.2% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,345,096 shares of the semiconductor company’s stock worth $306,541,000 after buying an additional 3,912,895 shares in the last quarter. 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.