Microchip Technology announced 4th dividend hike for 2024
Microchip Technology (MCHP) will raise its quarterly dividend by another 0.2 percent to $0.455 per share. This is the 4th small dividend hike in 2024 and marks 22 years in a row of increased dividends by the semiconductor company. Dividend growth however has slowed down for MCHP this year with a total increase of just 3.6%.
Microchip Technology Incorporated, a leading provider of smart, connected, and secure embedded control solutions, announced that its Board of Directors declared a quarterly cash dividend on its common stock of 45.5 cents per share. The dividend is payable on December 6, 2024, to stockholders of record on November 22, 2024. Microchip initiated quarterly cash dividend payments in the third quarter of fiscal year 2003 and has increased its dividend 83 times since then.
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| Microchip has hiked the dividend 4 times in 2024 |
At a stock price of $75 the dividend yield for Microchip is 2.4%. The company now pays an estimated $976 million in dividends to shareholders annually. In 2023 Microchip hiked the dividend four times for a total increase of 33.8%.
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Microchip Technology Incorporated manufactures specialized semiconductor products used for embedded control applications. Its product portfolio targets the automotive, communications, computing, consumer and industrial control markets. Microchip is headquartered in Chandler, Arizona. Microchip was incorporated in Delaware in 1989 and initiated quarterly cash dividend payments in the third quarter of fiscal year 2003. The company typically raises its dividend a little bit every quarter but doesn't do big dividend hikes like many other semiconductor companies.
