Microchip Technology (NASDAQ:MCHP) Price Target Raised to $85.00 at UBS Group

Microchip Technology (NASDAQ:MCHP - Free Report) had its price target boosted by UBS Group from $65.00 to $85.00 in a research report report published on Monday,Benzinga reports. They currently have a buy rating on the semiconductor company's stock.

Several other analysts also recently weighed in on the company. Wall Street Zen upgraded Microchip Technology from a "sell" rating to a "hold" rating in a research report on Friday, June 27th. Stifel Nicolaus upped their price target on shares of Microchip Technology from $60.00 to $70.00 and gave the company a "buy" rating in a report on Friday, May 9th. Rosenblatt Securities increased their price target on shares of Microchip Technology from $63.00 to $70.00 and gave the company a "buy" rating in a research report on Friday, May 30th. Raymond James Financial boosted their price objective on shares of Microchip Technology from $60.00 to $65.00 and gave the company a "strong-buy" rating in a research report on Friday, May 9th. Finally, Truist Financial increased their price objective on Microchip Technology from $52.00 to $64.00 and gave the stock a "hold" rating in a report on Wednesday, June 18th. Seven research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $73.85.

Microchip Technology Price Performance

NASDAQ MCHP traded up $3.08 on Monday, reaching $74.56. 11,350,365 shares of the company's stock traded hands, compared to its average volume of 8,932,831. The stock has a market cap of $40.22 billion, a PE ratio of -7,456.00, a P/E/G ratio of 2.13 and a beta of 1.52. Microchip Technology has a 12 month low of $34.13 and a 12 month high of $96.98. The stock has a 50-day simple moving average of $62.67 and a 200 day simple moving average of $55.99. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.59 and a quick ratio of 1.47.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.01. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. The business had revenue of $970.50 million during the quarter, compared to analyst estimates of $962.86 million. During the same period in the prior year, the business posted $0.57 earnings per share. The company's revenue was down 26.8% on a year-over-year basis. As a group, research analysts predict that Microchip Technology will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 22nd were paid a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 2.44%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology's payout ratio is currently -18,200.00%.

Insider Activity at Microchip Technology

In other Microchip Technology news, Director Karlton D. Johnson sold 494 shares of the business's stock in a transaction 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 sale, the director directly owned 3,468 shares of the company's stock, valued at approximately $210,472.92. The trade was a 12.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO James Eric Bjornholt sold 2,015 shares of the stock in a transaction 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 directly owned 34,313 shares in the company, valued at approximately $1,913,979.14. This represents a 5.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Microchip Technology

Large investors have recently modified their holdings of the stock. SBI Securities Co. Ltd. purchased a new position in Microchip Technology in the fourth quarter worth about $51,000. Proficio Capital Partners LLC bought a new stake in shares of Microchip Technology during the fourth quarter valued at approximately $3,818,000. Larson Financial Group LLC raised its holdings in Microchip Technology by 14.6% in the 4th quarter. Larson Financial Group LLC now owns 3,366 shares of the semiconductor company's stock worth $193,000 after acquiring an additional 428 shares during the last quarter. Personal CFO Solutions LLC raised its holdings in Microchip Technology by 89.7% in the 4th quarter. Personal CFO Solutions LLC now owns 13,450 shares of the semiconductor company's stock worth $771,000 after acquiring an additional 6,361 shares during the last quarter. Finally, OFI Invest Asset Management bought a new position in Microchip Technology in the 4th quarter valued at approximately $29,000. Hedge funds and other institutional investors own 91.51% of the company's stock.

About Microchip Technology

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.