Microchip Technology (NASDAQ:MCHP) Raised to “Buy” at Mizuho

Mizuho upgraded shares of Microchip Technology (NASDAQ:MCHP) from a neutral rating to a buy rating in a report issued on Friday morning, MarketBeat.com reports. They currently have $115.00 price target on the semiconductor company’s stock, up from their previous price target of $85.00.

MCHP has been the topic of several other research reports. Piper Sandler reissued a neutral rating and set a $90.00 target price (up previously from $80.00) on shares of Microchip Technology in a report on Tuesday, May 7th. Stifel Nicolaus boosted their price objective on Microchip Technology from $98.00 to $102.00 and gave the stock a buy rating in a research note on Wednesday, May 1st. Susquehanna raised their target price on Microchip Technology from $100.00 to $105.00 and gave the company a positive rating in a research note on Tuesday, May 7th. Evercore ISI initiated coverage on Microchip Technology in a report on Tuesday, April 16th. They set an outperform rating and a $106.00 target price on the stock. Finally, B. Riley upped their price target on shares of Microchip Technology from $105.00 to $110.00 and gave the company a buy rating in a report on Tuesday, May 7th. Five investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $101.06.

Microchip Technology Stock Up 0.1 %

MCHP opened at $98.23 on Friday. The stock’s 50 day moving average price is $90.19 and its 200 day moving average price is $87.33. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.20 and a quick ratio of 0.67. The stock has a market cap of $53.08 billion, a P/E ratio of 28.31, a P/E/G ratio of 3.43 and a beta of 1.60. Microchip Technology has a 12 month low of $68.75 and a 12 month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.57. Microchip Technology had a return on equity of 36.78% and a net margin of 24.98%. The company had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter in the prior year, the business posted $1.56 earnings per share. The company’s revenue for the quarter was down 40.6% compared to the same quarter last year. As a group, research analysts predict that Microchip Technology will post 2.38 earnings per share for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 5th. Investors of record on Wednesday, May 22nd will be paid a $0.452 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.81 annualized dividend and a yield of 1.84%. The ex-dividend date of this dividend is Tuesday, May 21st. Microchip Technology’s dividend payout ratio is currently 52.16%.

Insider Buying and Selling at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,188 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total transaction of $318,736.24. Following the completion of the sale, the chief financial officer now directly owns 33,257 shares in the company, valued at $3,325,034.86. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Microchip Technology news, VP Stephen V. Drehobl sold 7,830 shares of the business’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $95.06, for a total value of $744,319.80. Following the transaction, the vice president now owns 79,509 shares in the company, valued at $7,558,125.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO James Eric Bjornholt sold 3,188 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $99.98, for a total value of $318,736.24. Following the sale, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at $3,325,034.86. The disclosure for this sale can be found here. Insiders have sold a total of 21,018 shares of company stock valued at $1,971,856 in the last 90 days. 2.07% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Microchip Technology

A number of hedge funds have recently added to or reduced their stakes in the company. BKM Wealth Management LLC bought a new stake in Microchip Technology in the fourth quarter worth approximately $27,000. Rakuten Securities Inc. acquired a new position in Microchip Technology during the fourth quarter worth $27,000. Rise Advisors LLC bought a new position in Microchip Technology during the first quarter valued at about $28,000. Fortitude Family Office LLC acquired a new stake in shares of Microchip Technology in the fourth quarter worth about $29,000. Finally, Pineridge Advisors LLC bought a new stake in shares of Microchip Technology during the 4th quarter worth about $33,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

About Microchip Technology

Microchip Technology Incorporated develops, manufactures, and sells 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 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.