Microchip Technology Incorporated (NASDAQ:MCHP) Declares Quarterly Dividend of $0.46

Microchip Technology Incorporated (NASDAQ:MCHP) announced a quarterly dividend on Thursday, November 5th. Shareholders of record on Monday, November 23rd will be paid a dividend of $0.4550 per share by the semiconductor company on Tuesday, December 8th. This represents a $1.82 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Monday, November 23rd.

Microchip Technology has raised its dividend payment by an average of 0.2% per year over the last three years and has raised its dividend every year for the last 23 years. Microchip Technology has a payout ratio of 72.2% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Microchip Technology to earn $4.09 per share next year, which means the company should continue to be able to cover its $1.82 annual dividend with an expected future payout ratio of 44.5%.

Microchip Technology Stock Down 6.1%

Shares of NASDAQ:MCHP opened at $60.89 on Friday. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.92 and a quick ratio of 1.11. Microchip Technology has a 1-year low of $48.52 and a 1-year high of $105.91. The firm has a fifty day moving average price of $75.19 and a 200 day moving average price of $79.48. The stock has a market cap of $33.06 billion, a P/E ratio of 91.10, a P/E/G ratio of 0.52 and a beta of 1.84.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, November 5th. The semiconductor company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.94 by $0.03. The firm had revenue of $1.62 billion during the quarter, compared to the consensus estimate of $1.61 billion. Microchip Technology had a return on equity of 14.97% and a net margin of 9.34%. The firm’s revenue was up 42.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.35 EPS. Sell-side analysts predict that Microchip Technology will post 3.20 EPS for the current year.

Analysts Set New Price Targets

A number of analysts recently weighed in on MCHP shares. Wells Fargo & Company decreased their price target on Microchip Technology from $88.00 to $80.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 20th. TD Cowen decreased their price objective on Microchip Technology from $90.00 to $75.00 and set a “hold” rating on the stock in a report on Monday, October 19th. Weiss Ratings upgraded shares of Microchip Technology from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 11th. Susquehanna dropped their price target on shares of Microchip Technology from $120.00 to $100.00 and set a “positive” rating for the company in a research report on Friday. Finally, KeyCorp cut their price target on shares of Microchip Technology from $135.00 to $120.00 and set an “overweight” rating on the stock in a research note on Friday. Three research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $95.33.

Microchip Technology Company Profile

Microchip Technology Incorporated (NASDAQ:MCHP) develops and manufactures semiconductor products used in embedded control and connected electronic systems. Its portfolio includes microcontrollers, microprocessors, analog and power-management devices, memory products, timing and connectivity components, security solutions, and field-programmable gate arrays. The company also provides development tools, software, evaluation kits, and technical support to help customers design and produce electronic equipment.

Microchip’s products are used across a range of markets, including automotive, industrial, aerospace and defense, communications, consumer electronics, data centers, and medical applications.