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Microchip Technology Incorporated (NASDAQ:MCHP) Given Consensus Rating of "Moderate Buy" by Analysts

Microchip Technology logo with Computer and Technology background

Microchip Technology Incorporated (NASDAQ:MCHP - Get Free Report) has earned an average rating of "Moderate Buy" from the nineteen brokerages that are presently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have given a buy rating to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $89.63.

Several research analysts have issued reports on the company. Jefferies Financial Group cut their price target on Microchip Technology from $100.00 to $90.00 and set a "buy" rating on the stock in a report on Wednesday, November 6th. Citigroup reduced their price target on shares of Microchip Technology from $92.00 to $82.00 and set a "buy" rating for the company in a research report on Wednesday, November 6th. KeyCorp lowered their price objective on shares of Microchip Technology from $95.00 to $90.00 and set an "overweight" rating on the stock in a report on Tuesday, December 3rd. Rosenblatt Securities reiterated a "buy" rating and set a $90.00 price objective on shares of Microchip Technology in a report on Wednesday, November 6th. Finally, Mizuho set a $95.00 target price on shares of Microchip Technology in a report on Friday, October 18th.

Check Out Our Latest Stock Report on Microchip Technology

Microchip Technology Trading Up 1.2 %

Shares of MCHP stock traded up $0.69 during trading hours on Wednesday, hitting $58.56. 3,201,143 shares of the company were exchanged, compared to its average volume of 6,343,833. The company has a 50 day simple moving average of $67.69 and a two-hundred day simple moving average of $77.95. The firm has a market cap of $31.45 billion, a P/E ratio of 40.95 and a beta of 1.50. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. Microchip Technology has a fifty-two week low of $55.27 and a fifty-two week high of $100.57.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping analysts' consensus estimates of $0.43 by $0.03. The business had revenue of $1.16 billion during the quarter, compared to analysts' expectations of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The business's quarterly revenue was down 48.4% on a year-over-year basis. During the same period last year, the company posted $1.54 earnings per share. Equities analysts anticipate that Microchip Technology will post 1.33 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were given a $0.455 dividend. This is a positive change from Microchip Technology's previous quarterly dividend of $0.45. The ex-dividend date was Friday, November 22nd. This represents a $1.82 annualized dividend and a yield of 3.11%. Microchip Technology's payout ratio is currently 127.27%.

Hedge Funds Weigh In On Microchip Technology

Institutional investors have recently bought and sold shares of the company. Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of Microchip Technology by 2,390.5% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,291,290 shares of the semiconductor company's stock valued at $209,653,000 after buying an additional 2,199,290 shares during the period. Van ECK Associates Corp raised its stake in Microchip Technology by 25.1% in the 3rd quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company's stock valued at $599,239,000 after acquiring an additional 1,597,263 shares during the period. The Manufacturers Life Insurance Company raised its stake in Microchip Technology by 78.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,189,390 shares of the semiconductor company's stock valued at $200,329,000 after acquiring an additional 961,801 shares during the period. Franklin Resources Inc. boosted its position in Microchip Technology by 30.2% during the third quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company's stock worth $264,430,000 after purchasing an additional 776,408 shares during the period. Finally, National Bank of Canada FI boosted its position in Microchip Technology by 234.1% during the second quarter. National Bank of Canada FI now owns 899,561 shares of the semiconductor company's stock worth $82,391,000 after purchasing an additional 630,285 shares during the period. Hedge funds and other institutional investors own 91.51% of the company's stock.

Microchip Technology Company Profile

(Get Free Report

Microchip Technology Incorporated engages in the development, manufacture, and sale of 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 mixed-signal 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.

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