5 Important Dividend Increases to Watch in August

4. Microchip Technology Incorporated (NASDAQ:MCHP)

Dividend Yield as of August 15: 1.63%

Microchip Technology Incorporated (NASDAQ:MCHP) manufactures microcontrollers, mixed-signal, and integrated circuits. The company initiated its dividends in 2003 and has raised its dividends 71 times since its inception. On August 2, it declared a quarterly dividend of $0.301 per share, up 9% from the previous dividend. The stock’s dividend yield was recorded at 1.63% on August 15.

In fiscal Q1 2023, Microchip Technology Incorporated (NASDAQ:MCHP) generated $718.5 million in free cash flow, up from $633 million in the previous quarter. Its operating cash flow came in at $840.4 million, compared with $747.7 million in the preceding quarter. The company’s revenue of $1.96 billion also presented a 25% year-over-year growth.

Following the company’s strong fiscal Q1 results, B.Riley lifted its price target on Microchip Technology Incorporated (NASDAQ:MCHP) in August to $86 with a Buy rating on the shares.

The number of hedge funds tracked by Insider Monkey owning stakes in Microchip Technology Incorporated (NASDAQ:MCHP) stood at 42 in Q1 2022, down from 48 in the previous quarter. The collective value of these stakes is over $993.4 million.