Microchip Technology (NASDAQ:MCHP) Price Target Increased to $115.00 by Analysts at Susquehanna

Microchip Technology (NASDAQ:MCHP) had its price target hoisted by Susquehanna from $105.00 to $115.00 in a research report report published on Wednesday, Benzinga reports. Susquehanna currently has a positive rating on the semiconductor company’s stock.

Several other research firms also recently weighed in on MCHP. Piper Sandler restated a neutral rating and set a $90.00 target price (up from $80.00) on shares of Microchip Technology in a report on Tuesday, May 7th. Mizuho upgraded Microchip Technology from a neutral rating to a buy rating and increased their target price for the company from $85.00 to $115.00 in a report on Friday, May 24th. Stifel Nicolaus upped their price objective on Microchip Technology from $98.00 to $102.00 and gave the company a buy rating in a research report on Wednesday, May 1st. UBS Group lifted their price objective on Microchip Technology from $95.00 to $103.00 and gave the stock a buy rating in a research report on Tuesday, May 7th. Finally, Citigroup upped their target price on shares of Microchip Technology from $100.00 to $104.00 and gave the company a buy rating in a report on Tuesday, May 7th. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, Microchip Technology has a consensus rating of Moderate Buy and an average target price of $102.17.

Microchip Technology Stock Performance

Shares of MCHP opened at $88.77 on Wednesday. The company has a quick ratio of 0.67, a current ratio of 1.20 and a debt-to-equity ratio of 0.75. Microchip Technology has a 52-week low of $68.75 and a 52-week high of $100.57. The company has a 50-day simple moving average of $93.54 and a 200-day simple moving average of $89.32. The company has a market capitalization of $47.63 billion, a PE ratio of 25.58 and a beta of 1.54.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, hitting the consensus estimate of $0.57. The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.33 billion. Microchip Technology had a return on equity of 36.78% and a net margin of 24.98%. The company’s quarterly revenue was down 40.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.56 EPS. Equities research analysts predict that Microchip Technology will post 2.35 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd were given a $0.452 dividend. The ex-dividend date was Tuesday, May 21st. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.81 annualized dividend and a yield of 2.04%. Microchip Technology’s dividend payout ratio (DPR) is 52.16%.

Insider Transactions at Microchip Technology

In other news, VP Stephen V. Drehobl sold 10,000 shares of the business’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total transaction of $908,800.00. Following the transaction, the vice president now directly owns 82,203 shares of the company’s stock, valued at $7,470,608.64. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, VP Stephen V. Drehobl sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total transaction of $908,800.00. Following the completion of the sale, the vice president now directly owns 82,203 shares in the company, valued at $7,470,608.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Matthew W. Chapman sold 2,748 shares of the business’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $93.88, for a total value of $257,982.24. Following the completion of the transaction, the director now owns 35,682 shares in the company, valued at approximately $3,349,826.16. The disclosure for this sale can be found here. Insiders sold 23,993 shares of company stock valued at $2,251,857 over the last quarter. Company insiders own 2.07% of the company’s stock.

Institutional Trading of Microchip Technology

Several institutional investors have recently added to or reduced their stakes in the stock. BKM Wealth Management LLC acquired a new position in shares of Microchip Technology in the 4th quarter worth approximately $27,000. Rakuten Securities Inc. bought a new stake in Microchip Technology during the fourth quarter valued at $27,000. Rise Advisors LLC acquired a new stake in shares of Microchip Technology during the first quarter worth $28,000. Fortitude Family Office LLC acquired a new stake in shares of Microchip Technology during the fourth quarter worth $29,000. Finally, Pineridge Advisors LLC bought a new position in shares of Microchip Technology in the 4th quarter worth about $33,000. 91.51% of the stock is owned by institutional investors and hedge funds.

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.