Microchip Technology (NASDAQ:MCHP) Price Target Raised to $86.00

Microchip Technology (NASDAQ:MCHPGet Rating) had its price target boosted by B. Riley from $78.00 to $86.00 in a research report released on Wednesday morning, Marketbeat Ratings reports. B. Riley currently has a buy rating on the semiconductor company’s stock. B. Riley also issued estimates for Microchip Technology’s Q2 2023 earnings at $1.37 EPS, Q3 2023 earnings at $1.36 EPS, Q4 2023 earnings at $1.34 EPS, Q1 2024 earnings at $1.36 EPS, Q2 2024 earnings at $1.39 EPS and Q3 2024 earnings at $1.33 EPS.

Several other analysts have also recently weighed in on MCHP. The Goldman Sachs Group dropped their price target on Microchip Technology from $76.00 to $61.00 in a report on Friday, July 15th. Bank of America dropped their price objective on Microchip Technology from $85.00 to $74.00 and set a buy rating for the company in a report on Wednesday, June 29th. Truist Financial dropped their price objective on Microchip Technology from $94.00 to $79.00 and set a buy rating for the company in a report on Friday, April 8th. Stifel Nicolaus raised Microchip Technology from a hold rating to a buy rating and lifted their price objective for the company from $70.00 to $75.00 in a report on Tuesday, June 28th. Finally, Mizuho lifted their price objective on Microchip Technology from $72.00 to $75.00 and gave the company a neutral rating in a report on Wednesday. Four equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus target price of $89.73.

Microchip Technology Stock Performance

NASDAQ:MCHP opened at $71.46 on Wednesday. The stock has a market cap of $39.48 billion, a P/E ratio of 26.27, a PEG ratio of 0.96 and a beta of 1.62. The stock has a 50 day simple moving average of $63.66 and a 200 day simple moving average of $68.36. The company has a current ratio of 1.78, a quick ratio of 1.14 and a debt-to-equity ratio of 1.27. Microchip Technology has a 1-year low of $54.33 and a 1-year high of $90.00.

Microchip Technology (NASDAQ:MCHPGet Rating) last released its quarterly earnings results on Tuesday, August 2nd. The semiconductor company reported $1.37 earnings per share for the quarter, topping the consensus estimate of $1.27 by $0.10. Microchip Technology had a return on equity of 44.90% and a net margin of 21.34%. During the same quarter in the previous year, the company posted $0.88 earnings per share. Research analysts anticipate that Microchip Technology will post 5.19 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 2nd. Investors of record on Friday, August 19th will be given a dividend of $0.301 per share. The ex-dividend date is Thursday, August 18th. This represents a $1.20 dividend on an annualized basis and a yield of 1.68%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.28. Microchip Technology’s payout ratio is currently 40.44%.

Insider Buying and Selling

In related news, Director Karlton D. Johnson sold 594 shares of the business’s stock in a transaction on Friday, May 13th. The stock was sold at an average price of $67.35, for a total transaction of $40,005.90. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Microchip Technology news, VP Mitchell R. Little sold 1,970 shares of Microchip Technology stock in a transaction dated Thursday, May 19th. The stock was sold at an average price of $66.29, for a total transaction of $130,591.30. Following the transaction, the vice president now directly owns 16,730 shares of the company’s stock, valued at approximately $1,109,031.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Karlton D. Johnson sold 594 shares of Microchip Technology stock in a transaction dated Friday, May 13th. The stock was sold at an average price of $67.35, for a total value of $40,005.90. The disclosure for this sale can be found here. Insiders have sold 9,564 shares of company stock worth $637,217 in the last 90 days. Insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Catalyst Capital Advisors LLC lifted its holdings in Microchip Technology by 83.6% during the 4th quarter. Catalyst Capital Advisors LLC now owns 303 shares of the semiconductor company’s stock worth $26,000 after buying an additional 138 shares during the period. Veritable L.P. lifted its stake in shares of Microchip Technology by 1.3% in the 1st quarter. Veritable L.P. now owns 12,514 shares of the semiconductor company’s stock valued at $940,000 after purchasing an additional 158 shares during the period. Avestar Capital LLC lifted its stake in shares of Microchip Technology by 1.7% in the 2nd quarter. Avestar Capital LLC now owns 9,929 shares of the semiconductor company’s stock valued at $577,000 after purchasing an additional 163 shares during the period. Kinneret Advisory LLC lifted its stake in shares of Microchip Technology by 2.2% in the 2nd quarter. Kinneret Advisory LLC now owns 7,658 shares of the semiconductor company’s stock valued at $445,000 after purchasing an additional 163 shares during the period. Finally, CNB Bank lifted its stake in shares of Microchip Technology by 13.8% in the 1st quarter. CNB Bank now owns 1,358 shares of the semiconductor company’s stock valued at $149,000 after purchasing an additional 165 shares during the period. 89.36% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Company Profile

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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 microprocessors markets; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.

Further Reading

Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

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