Jefferies Group LLC reaffirmed their buy rating on shares of Microchip Technology Incorporated (NASDAQ:MCHP) in a research note released on Wednesday morning. Jefferies Group LLC currently has a $87.00 price objective on the stock, up from their previous price objective of $72.00.
MCHP has been the subject of several other reports. Needham & Company LLC reissued a buy rating and set a $75.00 price target (up from $70.00) on shares of Microchip Technology in a research report on Tuesday, November 8th. Zacks Investment Research lowered shares of Microchip Technology from a hold rating to a sell rating in a research report on Tuesday, January 31st. Bank of America Corporation raised shares of Microchip Technology from a neutral rating to a buy rating and set a $75.00 price target for the company in a research report on Tuesday, November 8th. Goldman Sachs Group, Inc. (The) raised shares of Microchip Technology from a sell rating to a neutral rating and increased their price target for the company from $49.00 to $57.00 in a research report on Friday, November 4th. Finally, Susquehanna Bancshares Inc started coverage on shares of Microchip Technology in a research report on Tuesday, December 20th. They set a positive rating and a $75.00 price target for the company. Five research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus price target of $74.13.
Shares of Microchip Technology (NASDAQ:MCHP) opened at 70.66 on Wednesday. The company has a market cap of $15.29 billion, a price-to-earnings ratio of 171.92 and a beta of 1.08. Microchip Technology has a one year low of $39.37 and a one year high of $76.50. The firm has a 50-day moving average of $67.09 and a 200-day moving average of $62.96.
Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Tuesday, February 7th. The company reported $1.05 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.90 by $0.15. The business earned $881.20 million during the quarter, compared to analyst estimates of $849.14 million. Microchip Technology had a net margin of 3.10% and a return on equity of 30.26%. The company’s quarterly revenue was up 59.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.64 earnings per share. Equities research analysts forecast that Microchip Technology will post $3.90 EPS for the current fiscal year.
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The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 7th. Investors of record on Tuesday, February 21st will be issued a $0.361 dividend. This represents a $1.44 annualized dividend and a yield of 2.04%. The ex-dividend date of this dividend is Thursday, February 16th. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s dividend payout ratio is 378.95%.
In related news, CFO James Eric Bjornholt sold 2,043 shares of the stock in a transaction that occurred on Tuesday, November 22nd. The shares were sold at an average price of $65.16, for a total value of $133,121.88. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Steve Sanghi sold 28,693 shares of the stock in a transaction that occurred on Thursday, November 17th. The stock was sold at an average price of $65.41, for a total transaction of $1,876,809.13. The disclosure for this sale can be found here. In the last quarter, insiders sold 87,023 shares of company stock worth $5,608,975. 2.50% of the stock is owned by corporate insiders.
Institutional investors have recently modified their holdings of the company. Flinton Capital Management LLC acquired a new position in shares of Microchip Technology during the fourth quarter valued at $679,000. Shelton Capital Management acquired a new position in shares of Microchip Technology during the fourth quarter valued at $925,000. Cavalry Management Group LLC acquired a new position in shares of Microchip Technology during the fourth quarter valued at $5,379,000. Gideon Capital Advisors Inc. acquired a new position in shares of Microchip Technology during the fourth quarter valued at $310,000. Finally, Dynamic Technology Lab Private Ltd acquired a new position in shares of Microchip Technology during the fourth quarter valued at $424,000.
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.
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