Citigroup upgraded shares of Microchip Technology (NASDAQ: MCHP) from a neutral rating to a buy rating in a research note issued to investors on Wednesday morning, TheFlyOnTheWall.com reports. They currently have $47.00 target price on the stock, up from their previous target price of $39.00.
Shares of Microchip Technology (NASDAQ: MCHP) opened at 37.24 on Wednesday. Microchip Technology has a one year low of $28.92 and a one year high of $37.63. The stock’s 50-day moving average is currently $36.10. The company has a market cap of $7.296 billion and a P/E ratio of 60.06.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, June 4th. Stockholders of record on Tuesday, May 21st will be paid a dividend of $0.35 per share. This represents a $1.41 annualized dividend and a dividend yield of 3.80%. The ex-dividend date is Friday, May 17th. This is a boost from Microchip Technology’s previous quarterly dividend of $0.35.
Other equities research analysts have also recently issued reports about the stock. Analysts at Ned Davis Research upgraded shares of Microchip Technology from a sell rating to a neutral rating in a research note to investors on Monday, May 13th. Separately, analysts at Stifel Nicolaus raised their price target on shares of Microchip Technology from $40.00 to $48.00 in a research note to investors on Monday, May 6th. They now have a buy rating on the stock. Finally, analysts at Susquehanna raised their price target on shares of Microchip Technology from $40.00 to $42.00 in a research note to investors on Friday, May 3rd. They now have a positive rating on the stock.
Eight investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus target price of $37.64.
Microchip Technology Incorporated develops and manufactures specialized semiconductor products used by its customers for a range of embedded control applications.
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