Analysts Set Microchip Technology Incorporated (NASDAQ:MCHP) Target Price at $77.11

Microchip Technology Incorporated (NASDAQ:MCHP) has been assigned a consensus recommendation of “Moderate Buy” from the nineteen research firms that are presently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, four have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $77.11.

Several equities research analysts have recently issued reports on the company. TD Cowen reduced their target price on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a report on Wednesday, November 6th. The Goldman Sachs Group decreased their price target on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating for the company in a research note on Friday, January 10th. Evercore ISI reiterated an “outperform” rating and issued a $95.00 price target (down previously from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. Needham & Company LLC lowered their price target on shares of Microchip Technology from $85.00 to $60.00 and set a “buy” rating for the company in a research report on Friday, February 7th. Finally, Piper Sandler reissued an “overweight” rating and set a $65.00 price target (down from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th.

Microchip Technology Price Performance

Shares of Microchip Technology stock opened at $55.76 on Thursday. The company has a market capitalization of $29.94 billion, a price-to-earnings ratio of 99.57 and a beta of 1.50. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. The stock’s 50-day simple moving average is $56.79 and its 200-day simple moving average is $68.81. Microchip Technology has a 52 week low of $50.21 and a 52 week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.41% and a net margin of 6.49%. As a group, analysts expect that Microchip Technology will post 1.3 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Monday, February 24th will be given a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 3.26%. The ex-dividend date of this dividend is Monday, February 24th. Microchip Technology’s dividend payout ratio is presently 325.00%.

Institutional Trading of Microchip Technology

Large investors have recently made changes to their positions in the business. South Plains Financial Inc. acquired a new position in Microchip Technology during the fourth quarter valued at $167,000. Parvin Asset Management LLC purchased a new position in shares of Microchip Technology during the 4th quarter valued at about $78,000. Schonfeld Strategic Advisors LLC lifted its holdings in shares of Microchip Technology by 2,089.7% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 209,733 shares of the semiconductor company’s stock valued at $12,028,000 after buying an additional 200,155 shares during the period. Lido Advisors LLC boosted its stake in shares of Microchip Technology by 5.5% in the fourth quarter. Lido Advisors LLC now owns 50,030 shares of the semiconductor company’s stock worth $2,869,000 after buying an additional 2,613 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in Microchip Technology by 4.7% during the fourth quarter. Northern Trust Corp now owns 6,958,502 shares of the semiconductor company’s stock worth $399,070,000 after acquiring an additional 311,796 shares during the period. 91.51% of the stock is owned by hedge funds and other institutional investors.

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.