Microchip Technology Incorporated (MCHP) To Go Ex-Dividend on February 24th

Microchip Technology Incorporated (NASDAQ:MCHP) announced a quarterly dividend on Thursday, February 6th, RTT News reports. Stockholders of record on Monday, February 24th will be given a dividend of 0.455 per share by the semiconductor company on Friday, March 7th. This represents a $1.82 annualized dividend and a dividend yield of 2.98%. The ex-dividend date of this dividend is Monday, February 24th.

Microchip Technology has raised its dividend by an average of 28.6% annually over the last three years and has increased its dividend annually for the last 23 consecutive years. Microchip Technology has a payout ratio of 72.5% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Microchip Technology to earn $0.96 per share next year, which means the company may not be able to cover its $1.82 annual dividend with an expected future payout ratio of 189.6%.

Microchip Technology Stock Performance

NASDAQ MCHP opened at $61.07 on Friday. The stock has a market capitalization of $32.84 billion, a price-to-earnings ratio of 109.05 and a beta of 1.50. The stock has a 50-day moving average of $56.70 and a 200 day moving average of $68.07. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. Microchip Technology has a twelve month low of $50.21 and a twelve month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. Sell-side analysts anticipate that Microchip Technology will post 1.03 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently issued reports on MCHP. Evercore ISI reiterated an “outperform” rating and issued a $95.00 target price (down previously from $101.00) on shares of Microchip Technology in a research report on Wednesday, November 6th. Raymond James reiterated a “strong-buy” rating and issued a $60.00 price objective (down from $95.00) on shares of Microchip Technology in a report on Friday, February 7th. Jefferies Financial Group reduced their target price on Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Rosenblatt Securities restated a “buy” rating and issued a $90.00 target price on shares of Microchip Technology in a research report on Thursday, February 6th. Finally, The Goldman Sachs Group dropped their price target on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Microchip Technology has an average rating of “Moderate Buy” and an average price target of $77.11.

Microchip Technology Company Profile

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.