Microchip Technology (NASDAQ:MCHP) Given New $63.00 Price Target at The Goldman Sachs Group

Microchip Technology (NASDAQ:MCHP) had its price objective decreased by The Goldman Sachs Group from $72.00 to $63.00 in a research report sent to investors on Friday morning,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the semiconductor company’s stock.

A number of other research analysts have also recently commented on the stock. Stifel Nicolaus reduced their target price on shares of Microchip Technology from $90.00 to $87.00 and set a “buy” rating on the stock in a research report on Tuesday, December 3rd. KeyCorp cut their price objective on shares of Microchip Technology from $95.00 to $90.00 and set an “overweight” rating on the stock in a report on Tuesday, December 3rd. Needham & Company LLC restated a “buy” rating and set a $85.00 target price on shares of Microchip Technology in a research note on Tuesday, December 3rd. Citigroup cut their price target on Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Finally, Piper Sandler lowered their price objective on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, Microchip Technology currently has an average rating of “Moderate Buy” and a consensus price target of $87.11.

Microchip Technology Stock Down 2.1 %

Shares of Microchip Technology stock opened at $55.19 on Friday. The company has a fifty day moving average price of $62.84 and a 200 day moving average price of $75.00. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. Microchip Technology has a twelve month low of $54.47 and a twelve month high of $100.57. The stock has a market cap of $29.64 billion, a price-to-earnings ratio of 38.59 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. The business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The company’s revenue for the quarter was down 48.4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.54 earnings per share. Equities research analysts forecast that Microchip Technology will post 1.33 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were issued a dividend of $0.455 per share. The ex-dividend date of this dividend was Friday, November 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a dividend yield of 3.30%. Microchip Technology’s dividend payout ratio is 127.27%.

Institutional Trading of Microchip Technology

Several hedge funds have recently made changes to their positions in MCHP. Prospera Private Wealth LLC acquired a new stake in Microchip Technology in the third quarter worth $29,000. Peterson Financial Group Inc. bought a new position in shares of Microchip Technology during the third quarter worth about $34,000. Truvestments Capital LLC acquired a new stake in shares of Microchip Technology in the 3rd quarter worth about $34,000. Wolff Wiese Magana LLC lifted its position in Microchip Technology by 55.2% in the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after purchasing an additional 218 shares during the last quarter. Finally, Hobbs Group Advisors LLC boosted its stake in Microchip Technology by 390.6% during the 3rd quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock valued at $50,000 after purchasing an additional 500 shares during the period. Institutional investors own 91.51% of the company’s stock.

About Microchip Technology

Microchip Technology Incorporated engages in the development, manufacture, and sale of 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 mixed-signal 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.