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

Microchip Technology (NASDAQ:MCHP - Free Report) had its target price increased by Mizuho from $78.00 to $85.00 in a research note published on Tuesday,Benzinga reports. The firm currently has an outperform rating on the semiconductor company's stock.

A number of other analysts have also recently commented on MCHP. TD Cowen upped their price objective on shares of Microchip Technology from $35.00 to $55.00 and gave the company a "hold" rating in a research report on Friday, May 9th. Morgan Stanley lifted their price objective on shares of Microchip Technology from $39.00 to $50.00 and gave the company an "equal weight" rating in a research note on Friday, May 9th. Cantor Fitzgerald assumed coverage on shares of Microchip Technology in a report on Wednesday, June 18th. They set a "neutral" rating and a $70.00 price target on the stock. B. Riley lifted their price target on shares of Microchip Technology from $60.00 to $75.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Finally, Raymond James Financial upped their price objective on shares of Microchip Technology from $60.00 to $65.00 and gave the stock a "strong-buy" rating in a research report on Friday, May 9th. Seven research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $73.85.

Microchip Technology Price Performance

NASDAQ MCHP traded up $3.08 on Tuesday, reaching $74.56. 11,350,365 shares of the stock traded hands, compared to its average volume of 8,916,359. The company has a market cap of $40.22 billion, a price-to-earnings ratio of -7,456.00, a P/E/G ratio of 2.17 and a beta of 1.52. The company has a quick ratio of 1.47, a current ratio of 2.59 and a debt-to-equity ratio of 0.80. The firm's fifty day simple moving average is $62.10 and its 200 day simple moving average is $55.86. Microchip Technology has a 12 month low of $34.13 and a 12 month high of $96.98.

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

Microchip Technology Dividend Announcement

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

Insider Transactions at Microchip Technology

In other Microchip Technology news, Director Karlton D. Johnson sold 494 shares of the company's 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 completion of the transaction, the director owned 3,468 shares in the company, valued at $210,472.92. This represents a 12.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 $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 insiders.

Institutional Investors Weigh In On Microchip Technology

A number of institutional investors have recently bought and sold shares of the business. Rakuten Securities Inc. increased its position in Microchip Technology by 309.5% in the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company's stock worth $27,000 after buying an additional 359 shares during the period. OFI Invest Asset Management bought a new stake in shares of Microchip Technology in the fourth quarter worth about $29,000. Millstone Evans Group LLC acquired a new position in shares of Microchip Technology during the fourth quarter worth about $34,000. Garde Capital Inc. acquired a new position in Microchip Technology during the first quarter valued at approximately $30,000. Finally, Orion Capital Management LLC acquired a new stake in shares of Microchip Technology in the fourth quarter valued at approximately $41,000. 91.51% of the stock is currently 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.