Microchip Technology (NASDAQ:MCHP) Price Target Raised to $110.00

Microchip Technology (NASDAQ:MCHP - Free Report) had its price target lifted by KeyCorp from $90.00 to $110.00 in a report released on Tuesday, Benzinga reports. KeyCorp currently has an overweight rating on the semiconductor company's stock.

Other analysts also recently issued research reports about the company. Truist Financial boosted their price target on Microchip Technology from $93.00 to $96.00 and gave the company a buy rating in a research note on Tuesday. Evercore ISI assumed coverage on Microchip Technology in a research report on Tuesday, April 16th. They issued an outperform rating and a $106.00 target price on the stock. B. Riley raised their price target on shares of Microchip Technology from $105.00 to $110.00 and gave the stock a buy rating in a research report on Tuesday. Wolfe Research raised shares of Microchip Technology from a peer perform rating to an outperform rating and set a $105.00 price objective on the stock in a report on Thursday, January 18th. Finally, Citigroup raised their target price on shares of Microchip Technology from $100.00 to $104.00 and gave the stock a buy rating in a report on Tuesday. Six analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, Microchip Technology presently has an average rating of Moderate Buy and an average target price of $98.47.

Microchip Technology Stock Down 1.8 %

Shares of NASDAQ MCHP traded down $1.70 during trading hours on Tuesday, hitting $92.06. 7,414,199 shares of the stock were exchanged, compared to its average volume of 5,645,306. Microchip Technology has a 12 month low of $68.75 and a 12 month high of $96.14. The firm has a fifty day moving average price of $88.45 and a 200-day moving average price of $85.37. The company has a quick ratio of 0.58, a current ratio of 0.98 and a debt-to-equity ratio of 0.57. The company has a market cap of $49.75 billion, a PE ratio of 21.51, a PEG ratio of 2.79 and a beta of 1.60.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.57. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The business had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same period in the prior year, the firm posted $1.56 earnings per share. The business's quarterly revenue was down 40.6% on a year-over-year basis. On average, sell-side analysts expect that Microchip Technology will post 4.64 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd will be given a dividend of $0.452 per share. This is a positive change from Microchip Technology's previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Tuesday, May 21st. This represents a $1.81 dividend on an annualized basis and a dividend yield of 1.96%. Microchip Technology's dividend payout ratio (DPR) is 42.06%.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 1,970 shares of the company's stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $83.90, for a total transaction of $165,283.00. Following the completion of the transaction, the chief financial officer now owns 32,893 shares in the company, valued at approximately $2,759,722.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.07% of the stock is owned by insiders.

Institutional Trading of Microchip Technology

Several large investors have recently made changes to their positions in the company. Meeder Asset Management Inc. raised its position in shares of Microchip Technology by 33.7% in the first quarter. Meeder Asset Management Inc. now owns 86,518 shares of the semiconductor company's stock valued at $7,762,000 after buying an additional 21,785 shares during the last quarter. NorthRock Partners LLC grew its stake in Microchip Technology by 53.7% during the 1st quarter. NorthRock Partners LLC now owns 8,753 shares of the semiconductor company's stock valued at $785,000 after acquiring an additional 3,059 shares in the last quarter. Fiduciary Family Office LLC raised its holdings in Microchip Technology by 35.9% in the 1st quarter. Fiduciary Family Office LLC now owns 8,630 shares of the semiconductor company's stock valued at $774,000 after acquiring an additional 2,281 shares during the last quarter. Concurrent Investment Advisors LLC lifted its stake in Microchip Technology by 21.4% in the 1st quarter. Concurrent Investment Advisors LLC now owns 17,791 shares of the semiconductor company's stock worth $1,596,000 after purchasing an additional 3,132 shares in the last quarter. Finally, WealthPLAN Partners LLC boosted its holdings in shares of Microchip Technology by 27.2% during the 1st quarter. WealthPLAN Partners LLC now owns 59,806 shares of the semiconductor company's stock worth $5,365,000 after purchasing an additional 12,806 shares during the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

About Microchip Technology

Microchip Technology Incorporated develops, manufactures, and sells 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 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.