Microchip Technology (NASDAQ:MCHP) Given New $72.00 Price Target at Cowen

Microchip Technology (NASDAQ:MCHPGet Rating) had its price objective boosted by Cowen from $60.00 to $72.00 in a research note issued to investors on Wednesday, Stock Target Advisor reports. Cowen currently has an outperform rating on the semiconductor company’s stock.

Several other equities analysts have also recently commented on the stock. Needham & Company LLC boosted their target price on shares of Microchip Technology from $75.00 to $92.00 and gave the company a buy rating in a research report on Wednesday. Stifel Nicolaus raised shares of Microchip Technology from a hold rating to a buy rating and boosted their target price for the stock from $70.00 to $75.00 in a report on Tuesday, June 28th. Bank of America dropped their price target on shares of Microchip Technology from $85.00 to $74.00 and set a buy rating on the stock in a research report on Wednesday, June 29th. B. Riley dropped their price target on shares of Microchip Technology from $85.00 to $78.00 and set a buy rating on the stock in a research report on Wednesday, June 15th. Finally, BMO Capital Markets dropped their target price on shares of Microchip Technology from $95.00 to $85.00 in a research report on Tuesday, May 10th. Four research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $89.73.

Microchip Technology Stock Down 1.8 %

Microchip Technology stock opened at $71.46 on Wednesday. The company has a fifty day simple moving average of $63.66 and a 200 day simple moving average of $68.36. Microchip Technology has a 1-year low of $54.33 and a 1-year high of $90.00. The company has a market cap of $39.48 billion, a P/E ratio of 26.27, a price-to-earnings-growth ratio of 0.96 and a beta of 1.62. The company has a current ratio of 1.78, a quick ratio of 1.14 and a debt-to-equity ratio of 1.27.

Microchip Technology (NASDAQ:MCHPGet Rating) last posted its earnings results on Tuesday, August 2nd. The semiconductor company reported $1.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.27 by $0.10. Microchip Technology had a net margin of 21.34% and a return on equity of 44.90%. During the same quarter in the previous year, the firm posted $0.88 earnings per share. Research analysts anticipate that Microchip Technology will post 5.19 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 2nd. Investors of record on Friday, August 19th will be paid a dividend of $0.301 per share. The ex-dividend date of this dividend is Thursday, August 18th. This is an increase from Microchip Technology’s previous quarterly dividend of $0.28. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.68%. Microchip Technology’s payout ratio is 40.44%.

Insider Activity at Microchip Technology

In other Microchip Technology news, CEO Ganesh Moorthy purchased 8,000 shares of the stock in a transaction that occurred on Friday, June 17th. The shares were bought at an average cost of $57.29 per share, with a total value of $458,320.00. Following the acquisition, the chief executive officer now owns 720,313 shares in the company, valued at $41,266,731.77. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Ganesh Moorthy acquired 8,000 shares of the firm’s stock in a transaction dated Friday, June 17th. The shares were acquired at an average cost of $57.29 per share, with a total value of $458,320.00. Following the acquisition, the chief executive officer now directly owns 720,313 shares of the company’s stock, valued at $41,266,731.77. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Mitchell R. Little sold 1,970 shares of the stock in a transaction on Thursday, May 19th. The shares were sold at an average price of $66.29, for a total value of $130,591.30. Following the sale, the vice president now owns 16,730 shares in the company, valued at approximately $1,109,031.70. The disclosure for this sale can be found here. In the last ninety days, insiders sold 9,564 shares of company stock worth $637,217. 2.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Microchip Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in Microchip Technology by 1.1% during the first quarter. Vanguard Group Inc. now owns 64,426,179 shares of the semiconductor company’s stock valued at $4,840,982,000 after purchasing an additional 691,754 shares in the last quarter. Dodge & Cox raised its stake in shares of Microchip Technology by 87.3% in the fourth quarter. Dodge & Cox now owns 29,539,169 shares of the semiconductor company’s stock worth $2,571,680,000 after purchasing an additional 13,768,272 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of Microchip Technology by 1.9% in the first quarter. Principal Financial Group Inc. now owns 10,818,661 shares of the semiconductor company’s stock worth $812,914,000 after purchasing an additional 200,602 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Microchip Technology by 107.9% in the fourth quarter. Geode Capital Management LLC now owns 10,352,013 shares of the semiconductor company’s stock worth $898,949,000 after purchasing an additional 5,373,594 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in Microchip Technology by 1.7% during the first quarter. Northern Trust Corp now owns 7,553,578 shares of the semiconductor company’s stock worth $567,576,000 after acquiring an additional 123,806 shares during the period. Institutional investors own 89.36% of the company’s stock.

Microchip Technology Company Profile

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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 microprocessors markets; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.

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