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Shares of Microchip Technology Incorporated (NASDAQ:MCHP – Get Rating) have received an average rating of “Moderate Buy” from the twenty-one brokerages that are currently covering the firm, MarketBeat reports. Four equities research analysts have rated the stock with a hold recommendation and fourteen have issued a buy recommendation on the company. The average 12 month price target among analysts that have covered the stock in the last year is $84.45.
MCHP has been the topic of several research reports. UBS Group cut their price objective on Microchip Technology from $100.00 to $90.00 in a research report on Friday, November 4th. Cowen raised their price objective on Microchip Technology from $60.00 to $72.00 and gave the company an “outperform” rating in a research report on Wednesday, August 3rd. The Goldman Sachs Group lifted their target price on Microchip Technology from $67.00 to $76.00 and gave the stock a “neutral” rating in a research report on Monday. Piper Sandler dropped their target price on Microchip Technology from $100.00 to $80.00 and set an “overweight” rating on the stock in a research report on Friday, November 4th. Finally, Morgan Stanley dropped their target price on Microchip Technology from $82.00 to $80.00 and set an “overweight” rating on the stock in a research report on Friday, November 4th.
Insider Buying and Selling at Microchip Technology
In other Microchip Technology news, Director Karlton D. Johnson sold 927 shares of Microchip Technology stock in a transaction that occurred on Monday, November 7th. The stock was sold at an average price of $64.54, for a total value of $59,828.58. Following the completion of the transaction, the director now directly owns 1,369 shares in the company, valued at $88,355.26. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Microchip Technology news, Director Karlton D. Johnson sold 927 shares of Microchip Technology stock in a transaction that occurred on Monday, November 7th. The stock was sold at an average price of $64.54, for a total value of $59,828.58. Following the completion of the transaction, the director now directly owns 1,369 shares in the company, valued at $88,355.26. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO James Eric Bjornholt sold 2,379 shares of Microchip Technology stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $68.21, for a total value of $162,271.59. Following the completion of the transaction, the chief financial officer now owns 35,333 shares of the company’s stock, valued at $2,410,063.93. The disclosure for this sale can be found here. Insiders sold a total of 4,306 shares of company stock worth $290,310 over the last ninety days. Company insiders own 2.00% of the company’s stock.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its position in Microchip Technology by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 64,426,179 shares of the semiconductor company’s stock valued at $4,840,982,000 after buying an additional 691,754 shares in the last quarter. Dodge & Cox increased its stake in shares of Microchip Technology by 1.7% during the second quarter. Dodge & Cox now owns 32,228,436 shares of the semiconductor company’s stock valued at $1,871,828,000 after acquiring an additional 551,092 shares during the period. Principal Financial Group Inc. raised its holdings in Microchip Technology by 1.9% during 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 in the last quarter. Boston Partners lifted its position in Microchip Technology by 17.2% in the third quarter. Boston Partners now owns 7,665,626 shares of the semiconductor company’s stock worth $467,751,000 after purchasing an additional 1,123,669 shares during the period. Finally, Northern Trust Corp boosted its stake in Microchip Technology by 1.7% during the 1st quarter. Northern Trust Corp now owns 7,553,578 shares of the semiconductor company’s stock valued at $567,576,000 after purchasing an additional 123,806 shares in the last quarter. Institutional investors own 89.81% of the company’s stock.
Microchip Technology Trading Up 11.2 %
NASDAQ:MCHP opened at $73.92 on Friday. The business’s 50-day moving average is $63.37 and its two-hundred day moving average is $64.96. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.05 and a quick ratio of 0.65. Microchip Technology has a 12 month low of $54.33 and a 12 month high of $90.00. The firm has a market capitalization of $40.66 billion, a PE ratio of 22.61, a price-to-earnings-growth ratio of 0.73 and a beta of 1.51.
Microchip Technology Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 6th. Shareholders of record on Tuesday, November 22nd will be paid a $0.328 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.30. This represents a $1.31 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date of this dividend is Monday, November 21st. Microchip Technology’s payout ratio is presently 36.70%.
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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