Karthick Mark

CHANDLER, Ariz., May 09, 2022 (GLOBE NEWSWIRE) -- (NASDAQ: MCHP) – Microchip Technology Incorporated, a leading provider of smart, connected, and secure embedded control solutions, today announced that its Board of Directors declared a quarterly cash dividend on its common stock of 27.6 cents per share. The dividend is payable on June 3, 2022, to stockholders of record on May 20, 2022. Microchip initiated quarterly cash dividend payments in the third quarter of fiscal year 2003 and has increased its dividend 70 times since its inception. “Microchip’s financial performance in the March 2022 quarter was very strong, resulting in solid cash generation and significant debt reduction,” said Steve Sanghi, Executive Chair. “Today, our Board of Directors approved a sequential increase in our dividend of 9.1% to 27.6 cents per share, up from our February dividend of 25.3 cents per share. Also, our Board is now targeting to increase our dividend at least 9% sequentially, which is up from the 7% sequential increases communicated at our Investor and Analyst Day on November 8, 2021. These actions reflect confidence in the cash-generating capability of our business, as well as our ongoing commitment to returning capital to our stockholders.”