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

Microchip Technology Incorporated (NASDAQ:MCHP) declared 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 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date of this dividend is Monday, February 24th.

Microchip Technology has raised its dividend payment by an average of 28.6% per year over the last three years and has raised its dividend annually for the last 23 consecutive years. Microchip Technology has a dividend payout ratio of 72.5% meaning its dividend is sufficiently covered by earnings. 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 Down 5.0 %

Shares of MCHP opened at $61.07 on Friday. The company’s 50-day moving average price is $56.70 and its 200 day moving average price is $68.07. Microchip Technology has a 12-month low of $50.21 and a 12-month high of $100.57. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. The firm has a market cap of $32.84 billion, a P/E ratio of 109.05 and a beta of 1.50.

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

Analyst Upgrades and Downgrades

MCHP has been the subject of several research analyst reports. Mizuho lowered their price target on Microchip Technology from $85.00 to $72.00 and set an “outperform” rating for the company in a research report on Friday, January 10th. Piper Sandler reissued an “overweight” rating and set a $65.00 target price (down previously from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. KeyCorp dropped their target price on Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a research report on Friday, February 7th. Citigroup reduced their price target on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Finally, Raymond James reissued a “strong-buy” rating and issued a $60.00 price objective (down previously from $95.00) on shares of Microchip Technology in a research note on Friday, February 7th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Microchip Technology has a consensus 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.