Microchip Technology (NASDAQ:MCHP) Given New $65.00 Price Target at UBS Group

Microchip Technology (NASDAQ:MCHP - Free Report) had its price target boosted by UBS Group from $60.00 to $65.00 in a research report sent to investors on Friday,Benzinga reports. They currently have a buy rating on the semiconductor company's stock.

MCHP has been the topic of a number of other research reports. Morgan Stanley increased their price objective on shares of Microchip Technology from $39.00 to $50.00 and gave the stock an "equal weight" rating in a research note on Friday, May 9th. Needham & Company LLC reissued a "buy" rating and issued a $66.00 price target on shares of Microchip Technology in a report on Friday, May 9th. Citigroup upped their price objective on Microchip Technology from $50.00 to $55.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Mizuho lifted their target price on shares of Microchip Technology from $58.00 to $68.00 and gave the company an "outperform" rating in a report on Tuesday, March 4th. Finally, Truist Financial boosted their target price on shares of Microchip Technology from $43.00 to $52.00 and gave the company a "hold" rating in a research note on Friday, May 9th. One research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Microchip Technology has a consensus rating of "Moderate Buy" and a consensus price target of $67.68.

Microchip Technology Stock Performance

Shares of NASDAQ:MCHP traded up $3.43 on Friday, hitting $63.43. 5,934,283 shares of the company were exchanged, compared to its average volume of 8,635,533. The firm has a market capitalization of $34.21 billion, a P/E ratio of 113.27 and a beta of 1.42. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. Microchip Technology has a 1-year low of $34.13 and a 1-year high of $98.10. The stock's 50 day moving average price is $48.71 and its 200 day moving average price is $54.84.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, topping analysts' consensus estimates of $0.10 by $0.01. The company had revenue of $970.50 million during the quarter, compared to analysts' expectations of $962.86 million. Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. The firm's revenue was down 26.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.57 EPS. Sell-side analysts predict that Microchip Technology will post 1.03 EPS for the current year.

Microchip Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd will be issued a dividend of $0.455 per share. The ex-dividend date is Thursday, May 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.87%. Microchip Technology's payout ratio is currently -18,200.00%.

Insider Activity

In related news, CFO James Eric Bjornholt sold 2,015 shares of the stock in a transaction that occurred on Friday, May 23rd. The stock was 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 of the company's stock, valued at approximately $1,913,979.14. This trade represents a 5.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Karlton D. Johnson sold 494 shares of Microchip Technology stock in a transaction that occurred 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 transaction, the director now owns 3,468 shares in the company, valued at approximately $210,472.92. The trade was a 12.47% decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.10% of the company's stock.

Institutional Trading of Microchip Technology

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank purchased a new stake in shares of Microchip Technology in the fourth quarter valued at about $452,627,000. Orbis Allan Gray Ltd acquired a new position in Microchip Technology in the 1st quarter valued at about $369,612,000. Invesco Ltd. grew its stake in shares of Microchip Technology by 63.0% in the 1st quarter. Invesco Ltd. now owns 16,707,031 shares of the semiconductor company's stock valued at $808,787,000 after buying an additional 6,459,123 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Microchip Technology by 138.9% during the 1st 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 last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC increased its holdings in shares of Microchip Technology by 273.2% during 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 during the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

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.