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Microchip Technology Incorporated (NASDAQ: MCHP) Stock Could Make A -41.12% Loss

In the last trading session, 3.75 million Microchip Technology Incorporated (NASDAQ:MCHP) shares changed hands as the company’s beta touched 1.63. With the company’s per share price at $77.95 changed hands at $0.32 or 0.41% during last session, the market valuation stood at $43.74B. MCHP’s last price was a discount, traded about -20.97% off its 52-week high of $94.30. The share price had its 52-week low at $54.77, which suggests the last value was 29.74% up since then. When we look at Microchip Technology Incorporated’s average trading volume, we note the 10-day average is 4.54 million shares, with the 3-month average coming to 4.80 million.

Analysts gave the Microchip Technology Incorporated (MCHP) stock a consensus recommendation rating of an Overweight, calculated at a mean rating of 2.10. If we narrow down to specifics, the data shows that 0 out of 26 analysts rate the stock as a Sell, with a further 0 assigning it an Overweight rating. Of the remaining, 9 recommended MCHP as a Hold, 17 felt it is a Buy and 0 rated the stock as Underweight. Microchip Technology Incorporated’s EPS for the current quarter is expected to be $1.61.

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Microchip Technology Incorporated (NASDAQ:MCHP) trade information

Instantly MCHP was in green as seen at the end of in last trading. With action -1.90%, the performance over the past five days has been red. The jump to weekly highs of 80.63 on Monday, 09/18/23 added 0.41% to the stock’s daily price. The company’s shares are showing year-to-date upside of 10.96%, with the 5-day performance at -1.90% in the red. However, in the 30-day time frame, Microchip Technology Incorporated (NASDAQ:MCHP) is -1.45% down. Looking at the short shares, we see there were 17.39 million shares sold at short interest cover period of 3.56 days.

The consensus price target for the stock as assigned by Wall Street analysts is $98.10, meaning bulls need an upside of 20.54% from its current market value. According to analyst projections, MCHP’s forecast low is $85.00 with $110.00 as the target high. To hit the forecast high, the stock’s price needs a -41.12% plunge from its current level, while the stock would need to soar -9.04% for it to hit the projected low.

Microchip Technology Incorporated (MCHP) estimates and forecasts

Data shows that the Microchip Technology Incorporated share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -3.42% over the past 6 months, a 0.83% in annual growth rate that is considerably higher than the industry average of -7.80%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Microchip Technology Incorporated will rise 10.30%, while the growth in revenue is estimated to hit -7.70% for the next quarter. Year-over-year growth is forecast to reach 3.40% up from the last financial year.

Consensus estimates given by 18 financial analysts project the company’s revenue in the current quarter to hit an average of $2.27 billion. 18 analysts are of the opinion that Microchip Technology Incorporated’s revenue for the quarter ending Dec 2023 will be $2.12 billion. The company’s revenue for the corresponding quarters a year ago was $2.06 billion and $2.17 billion respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at 9.90%. The estimates for the next quarter sales put growth at -2.40%.

Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 20.90%. The 2023 estimates are for Microchip Technology Incorporated earnings to increase by 76.80%, but the outlook for the next 5-year period is at 12.10% per year.

MCHP Dividends

Microchip Technology Incorporated is expected to release its next quarterly earnings report between November 01 and November 06. The 2.10% annual yield figure for the share gives it an annual dividend of 1.64. It is important to note, however, that the 2.10% dividend yield ratio should serve as a guide only, as you should also take into consideration many other aspects of a company’s operations and fundamentals before making any investment decision.

Microchip Technology Incorporated (NASDAQ:MCHP)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 2.14% of Microchip Technology Incorporated shares while 94.60% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 96.67%. There are 94.60% institutions holding the Microchip Technology Incorporated stock share, with Vanguard Group Inc the top institutional holder. As of Jun 29, 2023, the company held 12.26% of the shares, roughly 66.74 million MCHP shares worth $5.98 billion.

Blackrock Inc. holds the second largest percentage of outstanding shares, with 8.53% or 46.43 million shares worth $4.16 billion as of Jun 29, 2023.

Among Mutual Funds, the top two as of Jun 29, 2023 were Vanguard Total Stock Market Index Fund and Dodge & Cox Stock Fund. With 17.08 million shares estimated at $1.53 billion under it, the former controlled 3.14% of total outstanding shares. On the other hand, Dodge & Cox Stock Fund held about 2.71% of the shares, roughly 14.74 million shares worth around $1.32 billion.

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