Microchip Technology Incorporated (NASDAQ:MCHP) Declares Quarterly Dividend of $0.46

by · The Markets Daily

Microchip Technology Incorporated (NASDAQ:MCHP – Get Free Report) announced a quarterly dividend on Tuesday, November 5th, RTT News reports. Investors of record on Friday, November 22nd will be paid a dividend of 0.455 per share by the semiconductor company on Friday, December 6th. This represents a $1.82 dividend on an annualized basis and a yield of 2.42%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45.

Microchip Technology has increased its dividend by an average of 29.3% annually over the last three years and has increased its dividend annually for the last 23 consecutive years. Microchip Technology has a dividend payout ratio of 54.8% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Microchip Technology to earn $3.02 per share next year, which means the company should continue to be able to cover its $1.82 annual dividend with an expected future payout ratio of 60.3%.

Microchip Technology Stock Up 0.8 %

NASDAQ MCHP traded up $0.62 during trading on Tuesday, hitting $75.09. The company’s stock had a trading volume of 8,017,443 shares, compared to its average volume of 5,933,434. Microchip Technology has a fifty-two week low of $71.76 and a fifty-two week high of $100.57. The company has a market cap of $40.29 billion, a PE ratio of 29.76 and a beta of 1.53. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08. The business’s 50 day simple moving average is $77.28 and its 200-day simple moving average is $85.25.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. TD Cowen lowered their price target on Microchip Technology from $90.00 to $80.00 and set a “hold” rating on the stock in a research note on Friday, August 2nd. Susquehanna cut their price objective on Microchip Technology from $105.00 to $95.00 and set a “positive” rating on the stock in a report on Monday, October 21st. Needham & Company LLC cut their price objective on Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a report on Monday, August 5th. JPMorgan Chase & Co. cut their price target on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Finally, Bank of America cut Microchip Technology from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $110.00 to $90.00 in a research report on Friday, August 2nd. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $97.89.

View Our Latest Analysis on Microchip Technology

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the transaction, the chief financial officer now owns 33,257 shares of the company’s stock, valued at $2,710,445.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.10% of the stock is currently owned by corporate insiders.

About Microchip Technology

(Get Free Report)

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.

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