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

Microchip Technology Incorporated (NASDAQ:MCHP) 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 2.47%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45.

Microchip Technology has raised its dividend by an average of 29.3% 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 54.8% meaning its dividend is sufficiently covered by earnings. Equities 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 Price Performance

NASDAQ:MCHP traded down $1.43 during trading hours on Wednesday, reaching $73.66. 1,933,141 shares of the company’s stock were exchanged, compared to its average volume of 5,911,669. The company has a market capitalization of $39.52 billion, a P/E ratio of 30.04 and a beta of 1.53. Microchip Technology has a 12 month low of $71.76 and a 12 month high of $100.57. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96. The business’s 50-day simple moving average is $77.17 and its two-hundred day simple moving average is $85.20.

Insider Activity at Microchip Technology

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

Analyst Ratings Changes

MCHP has been the subject of a number of recent analyst reports. TD Cowen decreased their price objective on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a research note on Wednesday. Mizuho set a $95.00 price objective on shares of Microchip Technology in a research note on Friday, October 18th. Morgan Stanley lowered shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $102.00 to $100.00 in a research note on Thursday, July 11th. JPMorgan Chase & Co. decreased their price objective on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Finally, Piper Sandler decreased their price objective on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a research note on Wednesday. Six 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 presently has an average rating of “Moderate Buy” and an average price target of $94.68.

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.