Microchip Technology Incorporated (NASDAQ:MCHP) declared a quarterly dividend on Tuesday, February 7th. Investors of record on Tuesday, February 21st will be paid a dividend of 0.361 per share on Tuesday, March 7th. This represents a $1.44 annualized dividend and a yield of 2.04%. The ex-dividend date is Thursday, February 16th. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36.
Microchip Technology (NASDAQ:MCHP) opened at 70.78 on Wednesday. The firm has a market cap of $15.32 billion, a price-to-earnings ratio of 172.21 and a beta of 1.08. The company’s 50-day moving average is $67.19 and its 200 day moving average is $63.07. Microchip Technology has a 12 month low of $41.53 and a 12 month high of $76.50.
Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Tuesday, February 7th. The company reported $1.05 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.90 by $0.15. Microchip Technology had a net margin of 3.10% and a return on equity of 30.26%. The company earned $881.20 million during the quarter, compared to analyst estimates of $849.14 million. During the same quarter last year, the firm posted $0.64 EPS. The business’s revenue for the quarter was up 59.6% on a year-over-year basis. On average, equities research analysts predict that Microchip Technology will post $3.90 earnings per share for the current year.
Several research firms have recently weighed in on MCHP. B. Riley restated a “buy” rating and set a $90.00 price objective on shares of Microchip Technology in a research report on Wednesday, February 8th. Macquarie restated a “neutral” rating and set a $72.00 price objective (up previously from $67.00) on shares of Microchip Technology in a research report on Wednesday, February 8th. Stifel Nicolaus raised their target price on shares of Microchip Technology from $68.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, November 30th. Citigroup Inc. set a $85.00 target price on shares of Microchip Technology and gave the stock a “buy” rating in a report on Wednesday, February 8th. Finally, Mizuho reiterated a “neutral” rating and issued a $72.00 target price (up from $67.00) on shares of Microchip Technology in a report on Wednesday, February 8th. They noted that the move was a valuation call. Five investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $74.13.
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In related news, CFO James Eric Bjornholt sold 2,043 shares of the firm’s stock in a transaction that occurred on Tuesday, November 22nd. The shares were sold at an average price of $65.16, for a total transaction of $133,121.88. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Steve Sanghi sold 49,901 shares of the firm’s stock in a transaction that occurred on Wednesday, November 23rd. The shares were sold at an average price of $63.80, for a total transaction of $3,183,683.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 87,023 shares of company stock worth $5,608,975. Insiders own 2.50% of the company’s stock.
About Microchip Technology
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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