Today, Microchip Technology Inc. (MCHP) Raised to Buy at Bank of America Corp.

Today, Microchip Technology Inc. (MCHP) Raised to Buy at Bank of America Corp.

Microchip Technology Inc. (NASDAQ:MCHP) was upgraded by Bank of America Corp. from a “neutral” rating to a “buy” rating in a report issued on Tuesday. The brokerage presently has a $75.00 price target on the stock. Bank of America Corp.’s price objective points to a potential upside of 13.50% from the company’s previous close.

MCHP has been the subject of several other research reports. B. Riley restated a “buy” rating and set a $78.00 price target on shares of Microchip Technology in a research report on Tuesday, November 8th. Goldman Sachs Group Inc. upgraded shares of Microchip Technology from a “sell” rating to a “neutral” rating and increased their price target for the company from $49.00 to $57.00 in a research report on Friday, November 4th. Mizuho began coverage on shares of Microchip Technology in a research report on Friday, September 30th. They set a “neutral” rating and a $67.00 price target for the company. JPMorgan Chase & Co. increased their price target on shares of Microchip Technology from $60.00 to $68.00 and gave the company an “overweight” rating in a research report on Tuesday, August 9th. Finally, Jefferies Group increased their price target on shares of Microchip Technology from $56.00 to $68.00 and gave the company a “buy” rating in a research report on Tuesday, August 9th. Four research analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $64.61.

Microchip Technology (NASDAQ:MCHP) traded down 0.05% during midday trading on Tuesday, reaching $66.08. 625,856 shares of the company’s stock traded hands. The firm has a market cap of $14.27 billion, a price-to-earnings ratio of 287.30 and a beta of 1.04. The stock’s 50 day moving average price is $61.80 and its 200 day moving average price is $57.14. Microchip Technology has a 1-year low of $39.01 and a 1-year high of $66.25.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Monday, November 7th. The company reported $0.94 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.87 by $0.07. Microchip Technology had a net margin of 1.77% and a return on equity of 27.29%. The firm earned $873.80 million during the quarter, compared to analyst estimates of $860.96 million. During the same quarter in the prior year, the business posted $0.66 EPS. The business’s revenue was up 56.2% compared to the same quarter last year. Equities research analysts anticipate that Microchip Technology will post $3.62 EPS 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 paid a $0.3605 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.44 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date is Thursday, November 17th. Microchip Technology’s dividend payout ratio (DPR) is currently 720.00%.

In related news, CEO Steve Sanghi sold 26,308 shares of the firm’s stock in a transaction that occurred on Wednesday, November 9th. The shares were sold at an average price of $64.20, for a total value of $1,688,973.60. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Stephen V. Drehobl sold 3,494 shares of the firm’s stock in a transaction that occurred on Tuesday, November 22nd. The shares were sold at an average price of $65.16, for a total transaction of $227,669.04. Following the completion of the sale, the vice president now directly owns 13,710 shares in the company, valued at $893,343.60. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by corporate insiders.

A number of large investors have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD increased its position in Microchip Technology by 19.6% in the third quarter. Price T Rowe Associates Inc. MD now owns 20,786,371 shares of the company’s stock valued at $1,291,665,000 after buying an additional 3,405,285 shares during the period. Vanguard Group Inc. increased its position in Microchip Technology by 8.3% in the second quarter. Vanguard Group Inc. now owns 20,394,628 shares of the company’s stock valued at $1,035,230,000 after buying an additional 1,558,859 shares during the period. BlackRock Institutional Trust Company N.A. increased its position in Microchip Technology by 1.5% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 5,491,575 shares of the company’s stock valued at $341,246,000 after buying an additional 78,866 shares during the period. Aristotle Capital Management LLC increased its position in Microchip Technology by 256.5% in the second quarter. Aristotle Capital Management LLC now owns 4,433,716 shares of the company’s stock valued at $225,055,000 after buying an additional 3,189,879 shares during the period. Finally, Edge Asset Management Inc. increased its position in Microchip Technology by 2.8% in the second quarter. Edge Asset Management Inc. now owns 4,158,704 shares of the company’s stock valued at $211,095,000 after buying an additional 113,642 shares during the period. 98.61% of the stock is currently owned by institutional investors and hedge funds.

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