Mizuho Cuts Microchip Technology (NASDAQ:MCHP) Price Target to $72.00

Microchip Technology (NASDAQ:MCHP) had its price objective reduced by Mizuho from $85.00 to $72.00 in a research note published on Friday morning,Benzinga reports. They currently have an outperform rating on the semiconductor company’s stock.

Other analysts have also issued research reports about the stock. Piper Sandler cut their price objective on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 6th. Stifel Nicolaus reduced their price objective on Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a research note on Tuesday, December 3rd. Susquehanna lowered their target price on Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a research note on Wednesday, November 6th. Truist Financial cut Microchip Technology from a “buy” rating to a “hold” rating and reduced their price target for the company from $89.00 to $80.00 in a research report on Monday, September 23rd. Finally, Evercore ISI restated an “outperform” rating and issued a $95.00 price objective (down previously from $101.00) on shares of Microchip Technology in a research report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, Microchip Technology currently has an average rating of “Moderate Buy” and a consensus target price of $87.11.

Microchip Technology Stock Performance

Shares of MCHP stock opened at $55.19 on Friday. The business has a fifty day moving average of $62.84 and a 200 day moving average of $75.00. Microchip Technology has a 1 year low of $54.47 and a 1 year high of $100.57. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48. The firm has a market capitalization of $29.64 billion, a price-to-earnings ratio of 38.59 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.03. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations 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 period last year, the business posted $1.54 earnings per share. As a group, research analysts expect that Microchip Technology will post 1.33 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were given a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a dividend yield of 3.30%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Friday, November 22nd. Microchip Technology’s payout ratio is presently 127.27%.

Institutional Investors Weigh In On Microchip Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Quadrature Capital Ltd purchased a new position in shares of Microchip Technology in the third quarter worth about $3,312,000. Benjamin Edwards Inc. boosted its holdings in shares of Microchip Technology by 5,185.4% during the 3rd quarter. Benjamin Edwards Inc. now owns 9,408 shares of the semiconductor company’s stock worth $755,000 after purchasing an additional 9,230 shares during the last quarter. Empowered Funds LLC boosted its holdings in shares of Microchip Technology by 25.7% during the 3rd quarter. Empowered Funds LLC now owns 96,163 shares of the semiconductor company’s stock worth $7,721,000 after purchasing an additional 19,663 shares during the last quarter. Harvest Fund Management Co. Ltd grew its position in shares of Microchip Technology by 52.1% in the third quarter. Harvest Fund Management Co. Ltd now owns 24,713 shares of the semiconductor company’s stock valued at $1,984,000 after purchasing an additional 8,467 shares in the last quarter. Finally, Harvey Partners LLC purchased a new position in Microchip Technology during the third quarter worth approximately $20,554,000. Institutional investors and hedge funds 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.