Microchip Technology Inc. (NASDAQ:MCHP)‘s stock had its “buy” rating restated by research analysts at B. Riley in a note issued to investors on Tuesday. They currently have a $78.00 target price on the stock. B. Riley’s price target points to a potential upside of 18.04% from the company’s current price.
MCHP has been the topic of several other reports. Credit Suisse Group AG reiterated a “buy” rating and set a $67.00 target price on shares of Microchip Technology in a research report on Tuesday, August 9th. Citigroup Inc. raised their price objective on Microchip Technology from $54.00 to $64.00 and gave the stock a “buy” rating in a report on Tuesday, August 9th. Stifel Nicolaus raised their price objective on Microchip Technology from $60.00 to $64.00 and gave the stock a “buy” rating in a report on Tuesday, August 9th. JPMorgan Chase & Co. raised their price objective on Microchip Technology from $60.00 to $68.00 and gave the stock an “overweight” rating in a report on Tuesday, August 9th. Finally, Mizuho assumed coverage on Microchip Technology in a report on Friday, September 30th. They issued a “neutral” rating and a $67.00 price objective on the stock. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $64.61.
Shares of Microchip Technology (NASDAQ:MCHP) traded down 0.05% during mid-day trading on Tuesday, reaching $66.08. 625,856 shares of the company traded hands. The stock has a market capitalization of $14.27 billion, a price-to-earnings ratio of 287.30 and a beta of 1.04. The company’s 50 day moving average is $61.80 and its 200 day moving average is $57.14. Microchip Technology has a 52-week low of $39.01 and a 52-week high of $66.25.
Microchip Technology (NASDAQ:MCHP) last released its earnings results on Monday, November 7th. The company reported $0.94 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.87 by $0.07. Microchip Technology had a return on equity of 27.29% and a net margin of 1.77%. The firm had revenue of $873.80 million for the quarter, compared to the consensus estimate of $860.96 million. During the same period in the prior year, the business posted $0.66 earnings per share. The firm’s revenue for the quarter was up 56.2% compared to the same quarter last year. On average, equities analysts forecast that Microchip Technology will post $3.62 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, December 5th. Investors of record on Monday, November 21st will be issued a $0.3605 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.18%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Thursday, November 17th. Microchip Technology’s payout ratio is presently 720.00%.
In related news, VP Stephen V. Drehobl sold 3,494 shares of Microchip Technology stock in a transaction on Tuesday, November 22nd. The stock was sold at an average price of $65.16, for a total value of $227,669.04. Following the transaction, the vice president now directly owns 13,710 shares in the company, valued at approximately $893,343.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Steve Sanghi sold 49,901 shares of Microchip Technology stock in a transaction on Wednesday, November 23rd. The stock was sold at an average price of $63.80, for a total value of $3,183,683.80. The disclosure for this sale can be found here. 2.50% of the stock is owned by corporate insiders.
Several institutional investors have recently modified their holdings of the company. Commonwealth Bank of Australia boosted its position in shares of Microchip Technology by 23.3% in the third quarter. Commonwealth Bank of Australia now owns 2,135 shares of the company’s stock worth $132,000 after buying an additional 404 shares during the last quarter. Liberty Capital Management Inc. bought a new position in shares of Microchip Technology during the third quarter worth about $136,000. Mizuho Asset Management Co. Ltd. boosted its position in shares of Microchip Technology by 118.7% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 2,734 shares of the company’s stock worth $139,000 after buying an additional 1,484 shares during the last quarter. Kernodle & Katon Asset Management Group LLC boosted its position in shares of Microchip Technology by 3.9% in the third quarter. Kernodle & Katon Asset Management Group LLC now owns 2,357 shares of the company’s stock worth $146,000 after buying an additional 89 shares during the last quarter. Finally, Creative Planning boosted its position in shares of Microchip Technology by 92.4% in the second quarter. Creative Planning now owns 3,079 shares of the company’s stock worth $156,000 after buying an additional 1,479 shares during the last quarter. Institutional investors and hedge funds own 98.61% of the company’s stock.
Microchip Technology Company Profile