Microchip Technology (NASDAQ:MCHP – Get Rating) had its price objective hoisted by Needham & Company LLC from $75.00 to $92.00 in a research report report published on Wednesday morning, The Fly reports. They currently have a buy rating on the semiconductor company’s stock.
Several other research analysts have also commented on the company. B. Riley cut their price objective on Microchip Technology from $85.00 to $78.00 and set a buy rating for the company in a report on Wednesday, June 15th. StockNews.com upgraded Microchip Technology from a hold rating to a buy rating in a research report on Tuesday, May 17th. Truist Financial dropped their target price on Microchip Technology from $94.00 to $79.00 and set a buy rating for the company in a research report on Friday, April 8th. Stifel Nicolaus upgraded Microchip Technology from a hold rating to a buy rating and boosted their target price for the stock from $70.00 to $75.00 in a research report on Tuesday, June 28th. Finally, Citigroup dropped their target price on Microchip Technology from $78.00 to $72.00 in a research report on Tuesday, May 10th. Four analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Microchip Technology has an average rating of Moderate Buy and a consensus price target of $89.73.
Microchip Technology Stock Down 1.8 %
MCHP stock opened at $71.46 on Wednesday. The company has a quick ratio of 1.14, a current ratio of 1.78 and a debt-to-equity ratio of 1.27. The firm has a market capitalization of $39.48 billion, a PE ratio of 26.27, a PEG ratio of 0.96 and a beta of 1.62. Microchip Technology has a twelve month low of $54.33 and a twelve month high of $90.00. The stock has a 50-day simple moving average of $63.66 and a two-hundred day simple moving average of $68.36.
Microchip Technology Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, September 2nd. Investors of record on Friday, August 19th will be paid a $0.301 dividend. This represents a $1.20 annualized dividend and a yield of 1.68%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.28. The ex-dividend date is Thursday, August 18th. Microchip Technology’s dividend payout ratio is presently 40.44%.
Insider Buying and Selling
In other news, CEO Ganesh Moorthy purchased 8,000 shares of Microchip Technology stock in a transaction that occurred on Friday, June 17th. The shares were bought at an average cost of $57.29 per share, with a total value of $458,320.00. Following the completion of the purchase, the chief executive officer now directly owns 720,313 shares in the company, valued at $41,266,731.77. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO James Eric Bjornholt sold 2,326 shares of the stock in a transaction on Monday, May 23rd. The stock was sold at an average price of $66.66, for a total value of $155,051.16. Following the sale, the chief financial officer now directly owns 34,207 shares of the company’s stock, valued at $2,280,238.62. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Ganesh Moorthy bought 8,000 shares of the business’s stock in a transaction dated Friday, June 17th. The stock was bought at an average cost of $57.29 per share, for a total transaction of $458,320.00. Following the completion of the purchase, the chief executive officer now owns 720,313 shares of the company’s stock, valued at approximately $41,266,731.77. The disclosure for this purchase can be found here. Insiders have sold a total of 9,564 shares of company stock valued at $637,217 over the last ninety days. Company insiders own 2.00% of the company’s stock.
Institutional Investors Weigh In On Microchip Technology
A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of Microchip Technology by 1.1% during the first quarter. Vanguard Group Inc. now owns 64,426,179 shares of the semiconductor company’s stock valued at $4,840,982,000 after purchasing an additional 691,754 shares in the last quarter. Dodge & Cox lifted its holdings in shares of Microchip Technology by 87.3% during the fourth quarter. Dodge & Cox now owns 29,539,169 shares of the semiconductor company’s stock valued at $2,571,680,000 after purchasing an additional 13,768,272 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in Microchip Technology by 1.9% in the first quarter. Principal Financial Group Inc. now owns 10,818,661 shares of the semiconductor company’s stock valued at $812,914,000 after acquiring an additional 200,602 shares during the period. Geode Capital Management LLC lifted its holdings in Microchip Technology by 107.9% in the fourth quarter. Geode Capital Management LLC now owns 10,352,013 shares of the semiconductor company’s stock valued at $898,949,000 after acquiring an additional 5,373,594 shares during the period. Finally, Northern Trust Corp lifted its holdings in Microchip Technology by 1.7% in the first quarter. Northern Trust Corp now owns 7,553,578 shares of the semiconductor company’s stock valued at $567,576,000 after acquiring an additional 123,806 shares during the period. 89.36% of the stock is owned by hedge funds and other institutional investors.
Microchip Technology Company Profile
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.
- Get a free copy of the StockNews.com research report on Microchip Technology (MCHP)
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