There are four typical patterns that I've observed.
The first relates to people who are good at their jobs and stay in the same organisation for years and years. Typically, they have a lot of knowledge that they have built up through experience and they bring much-needed continuity/stability to the team. They are often very committed to their employers and supportive of newer staff.
The second relates to people who are capable and ambitious, and move around relatively frequently in order to progress their careers. They don't bring the same knowledge or experience as the people in the first category, but they do bring fresh insights and a strong desire to make their mark. This can mean that they contribute quite a lot within a short time span. Often, they are the drivers for change within an organisation.
Then there is the third category of people who are basically crap at what they do, and move around frequently because they are either forced out or jump before being pushed. They are generally a waste of space.
And the fourth category consists of people who are crap at their jobs but have somehow been allowed to stay in them for years without being held to account. That's just poor management!
IMO, the ideal scenario for an employer is to have a really good balance of people in the first and second categories and as few as possible in the third and fourth categories. So if I was recruiting and you had moved around a lot, it wouldn't necessarily put me off but I would be looking to see whether you fell into Category 2 or Category 3!