Mizuho Boosts Microchip Technology (NASDAQ:MCHP) Price Target to $75.00

Microchip Technology (NASDAQ:MCHPGet Rating) had its target price hoisted by Mizuho from $72.00 to $75.00 in a research report report published on Wednesday morning, Marketbeat Ratings reports. Mizuho currently has a neutral rating on the semiconductor company’s stock.

MCHP has been the subject of several other research reports. Bank of America reduced their price target on shares of Microchip Technology from $85.00 to $74.00 and set a buy rating for the company in a research report on Wednesday, June 29th. B. Riley reduced their price target on shares of Microchip Technology from $85.00 to $78.00 and set a buy rating for the company in a research report on Wednesday, June 15th. Cowen lifted their target price on shares of Microchip Technology from $60.00 to $72.00 and gave the stock an outperform rating in a research report on Wednesday. StockNews.com raised shares of Microchip Technology from a hold rating to a buy rating in a research report on Tuesday, May 17th. Finally, Citigroup cut their target price on shares of Microchip Technology from $78.00 to $72.00 in a research report on Tuesday, May 10th. Four research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Microchip Technology has a consensus rating of Moderate Buy and an average target price of $89.73.

Microchip Technology Price Performance

MCHP stock opened at $71.46 on Wednesday. The firm has a market capitalization of $39.48 billion, a price-to-earnings ratio of 26.27, a PEG ratio of 0.96 and a beta of 1.62. The company has a debt-to-equity ratio of 1.27, a quick ratio of 1.14 and a current ratio of 1.78. The firm has a 50 day moving average price of $63.66 and a 200-day moving average price of $68.36. Microchip Technology has a 52-week low of $54.33 and a 52-week high of $90.00.

Microchip Technology (NASDAQ:MCHPGet Rating) last announced its quarterly earnings results on Tuesday, August 2nd. The semiconductor company reported $1.37 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.10. Microchip Technology had a net margin of 21.34% and a return on equity of 44.90%. During the same quarter in the prior year, the company earned $0.88 earnings per share. Equities research analysts forecast that Microchip Technology will post 5.19 EPS for the current fiscal year.

Microchip Technology Increases Dividend

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

Insider Activity at Microchip Technology

In related news, Director Karlton D. Johnson sold 594 shares of Microchip Technology stock in a transaction on Friday, May 13th. The shares were sold at an average price of $67.35, for a total transaction of $40,005.90. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO Ganesh Moorthy purchased 8,000 shares of the firm’s stock in a transaction on Friday, June 17th. The shares were acquired at an average price of $57.29 per share, for a total transaction of $458,320.00. Following the purchase, the chief executive officer now directly owns 720,313 shares in the company, valued at $41,266,731.77. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 disclosure for this sale can be found here. In the last quarter, insiders have sold 9,564 shares of company stock worth $637,217. 2.00% of the stock is owned by corporate insiders.

Institutional Trading of Microchip Technology

Several hedge funds have recently bought and sold shares of the stock. Meridian Wealth Management LLC lifted its stake in Microchip Technology by 3.1% in the 2nd quarter. Meridian Wealth Management LLC now owns 10,830 shares of the semiconductor company’s stock worth $629,000 after purchasing an additional 324 shares in the last quarter. M&T Bank Corp lifted its stake in Microchip Technology by 2.6% in the 2nd quarter. M&T Bank Corp now owns 397,231 shares of the semiconductor company’s stock worth $22,717,000 after purchasing an additional 10,013 shares in the last quarter. Lebenthal Global Advisors LLC lifted its stake in Microchip Technology by 32.1% in the 2nd quarter. Lebenthal Global Advisors LLC now owns 10,837 shares of the semiconductor company’s stock worth $629,000 after purchasing an additional 2,633 shares in the last quarter. Pinebridge Investments L.P. lifted its stake in Microchip Technology by 29.6% in the 2nd quarter. Pinebridge Investments L.P. now owns 310,143 shares of the semiconductor company’s stock worth $18,013,000 after purchasing an additional 70,782 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Microchip Technology by 5,902.7% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 168,676 shares of the semiconductor company’s stock valued at $9,797,000 after buying an additional 165,866 shares in the last quarter. Hedge funds and other institutional investors own 89.36% of the company’s stock.

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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