Microchip Technology Incorporated (NASDAQ:MCHP) Receives $84.43 Consensus Target Price from Brokerages

Microchip Technology Incorporated (NASDAQ:MCHP) has been given an average rating of “Buy” by the twenty research firms that are currently covering the firm, MarketBeat.com reports. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $87.33.

Several brokerages have recently commented on MCHP. Stifel Nicolaus boosted their target price on shares of Microchip Technology from $83.00 to $88.00 and gave the company a “buy” rating in a research report on Wednesday, May 10th. Citigroup Inc. set a $95.00 target price on shares of Microchip Technology and gave the company a “buy” rating in a research report on Wednesday, May 10th. Needham & Company LLC restated a “strong-buy” rating and issued a $100.00 target price on shares of Microchip Technology in a research report on Wednesday, May 10th. BidaskClub cut shares of Microchip Technology from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 5th. Finally, Jefferies Group LLC restated a “buy” rating on shares of Microchip Technology in a research report on Monday, July 10th.

Microchip Technology (NASDAQ:MCHP) traded down 1.21% during midday trading on Friday, hitting $83.60. 1,381,204 shares of the company traded hands. Microchip Technology has a 12-month low of $56.52 and a 12-month high of $87.49. The stock’s 50-day moving average is $80.19 and its 200-day moving average is $76.21. The firm has a market capitalization of $19.18 billion, a PE ratio of 118.58 and a beta of 1.06.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.17. Microchip Technology had a net margin of 12.53% and a return on equity of 34.33%. The business had revenue of $972.10 million during the quarter, compared to analysts’ expectations of $944.87 million. During the same quarter in the previous year, the company earned $0.84 EPS. The business’s revenue was up 21.6% on a year-over-year basis. Analysts anticipate that Microchip Technology will post $5.27 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 5th. Investors of record on Monday, August 21st will be issued a dividend of $0.362 per share. The ex-dividend date of this dividend is Thursday, August 17th. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.45 annualized dividend and a dividend yield of 1.73%. Microchip Technology’s payout ratio is 77.54%.

In related news, VP Stephen V. Drehobl sold 3,974 shares of Microchip Technology stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $80.29, for a total transaction of $319,072.46. Following the sale, the vice president now directly owns 14,263 shares of the company’s stock, valued at approximately $1,145,176.27. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO James Eric Bjornholt sold 2,510 shares of Microchip Technology stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $80.29, for a total transaction of $201,527.90. The disclosure for this sale can be found here. Insiders own 2.13% of the company’s stock.

A number of large investors have recently bought and sold shares of the company. Smithfield Trust Co. raised its stake in Microchip Technology by 0.4% in the second quarter. Smithfield Trust Co. now owns 1,626 shares of the semiconductor company’s stock worth $126,000 after buying an additional 7 shares during the last quarter. Keel Point LLC raised its stake in Microchip Technology by 0.3% in the first quarter. Keel Point LLC now owns 3,575 shares of the semiconductor company’s stock worth $264,000 after buying an additional 11 shares during the last quarter. Nicolet Bankshares Inc. raised its stake in Microchip Technology by 0.3% in the second quarter. Nicolet Bankshares Inc. now owns 3,641 shares of the semiconductor company’s stock worth $281,000 after buying an additional 11 shares during the last quarter. Mission Wealth Management LLC raised its stake in Microchip Technology by 0.7% in the first quarter. Mission Wealth Management LLC now owns 3,616 shares of the semiconductor company’s stock worth $267,000 after buying an additional 26 shares during the last quarter. Finally, Girard Partners LTD. raised its stake in Microchip Technology by 0.9% in the second quarter. Girard Partners LTD. now owns 3,731 shares of the semiconductor company’s stock worth $288,000 after buying an additional 33 shares during the last quarter. 98.67% of the stock is currently owned by hedge funds and other institutional investors.

TRADEMARK VIOLATION WARNING: This piece of content was reported by Community Financial News and is the property of of Community Financial News. If you are reading this piece of content on another publication, it was stolen and republished in violation of U.S. and international trademark and copyright laws. The correct version of this piece of content can be viewed at https://www.com-unik.info/2017/08/19/microchip-technology-incorporated-nasdaqmchp-receives-84-43-consensus-target-price-from-brokerages-updated.html.

Microchip Technology Company Profile

Microchip Technology Incorporated is engaged in developing, manufacturing and selling specialized semiconductor products used by its customers for a range of embedded control applications. The Company operates through two segments: semiconductor products and technology licensing. In the semiconductor products segment, the Company designs, develops, manufactures and markets microcontrollers, development tools and analog, interface, mixed signal and timing products.

Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

What are top analysts saying about Microchip Technology Incorporated? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Microchip Technology Incorporated and related companies.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit