Fintel reports that on July 20, 2023, Wolfe Research initiated coverage of Micron Technology (NASDAQ:MU) with a Outperform recommendation.
Analyst Price Forecast Suggests 17.93% Upside
As of July 6, 2023, the average one-year price target for Micron Technology is 76.29. The forecasts range from a low of 42.85 to a high of $105.00. The average price target represents an increase of 17.93% from its latest reported closing price of 64.69.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Micron Technology is 18,788MM, a decrease of 18.54%. The projected annual non-GAAP EPS is 0.19.
Micron Technology Declares $0.12 Dividend
On June 28, 2023 the company declared a regular quarterly dividend of $0.12 per share ($0.46 annualized). Shareholders of record as of July 10, 2023 will receive the payment on July 25, 2023. Previously, the company paid $0.12 per share.
At the current share price of $64.69 / share, the stock's dividend yield is 0.71%.
Looking back five years and taking a sample every week, the average dividend yield has been 0.83%, the lowest has been 0.42%, and the highest has been 1.59%. The standard deviation of yields is 0.25 (n=236).
The current dividend yield is 0.49 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is 0.39. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is -0.20%.
What is the Fund Sentiment?
There are 2249 funds or institutions reporting positions in Micron Technology. This is an increase of 24 owner(s) or 1.08% in the last quarter. Average portfolio weight of all funds dedicated to MU is 0.50%, an increase of 28.19%. Total shares owned by institutions increased in the last three months by 1.01% to 1,047,918K shares. 
The put/call ratio of MU is 1.35, indicating a bearish outlook.
What are Other Shareholders Doing?
Capital Research Global Investors holds 71,456K shares representing 6.53% ownership of the company. In it's prior filing, the firm reported owning 64,750K shares, representing an increase of 9.38%. The firm increased its portfolio allocation in MU by 25.81% over the last quarter.
Sanders Capital holds 38,981K shares representing 3.56% ownership of the company. In it's prior filing, the firm reported owning 41,038K shares, representing a decrease of 5.28%. The firm increased its portfolio allocation in MU by 3.65% over the last quarter.
Primecap Management holds 38,950K shares representing 3.56% ownership of the company. In it's prior filing, the firm reported owning 39,740K shares, representing a decrease of 2.03%. The firm increased its portfolio allocation in MU by 12.70% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 33,784K shares representing 3.09% ownership of the company. In it's prior filing, the firm reported owning 33,045K shares, representing an increase of 2.19%. The firm increased its portfolio allocation in MU by 13.97% over the last quarter.
VFINX - Vanguard 500 Index Fund Investor Shares holds 25,462K shares representing 2.33% ownership of the company. In it's prior filing, the firm reported owning 25,132K shares, representing an increase of 1.29%. The firm increased its portfolio allocation in MU by 13.43% over the last quarter.
Micron Technology Background Information
(This description is provided by the company.)
It is an industry leader in innovative memory and storage solutions. Through its global brands - Micron® and Crucial® - its broad portfolio of high-performance memory and storage technologies, including DRAM, NAND, 3D XPoint™ memory, and NOR, is transforming how the world uses information to enrich life for all. Backed by more than 40 years of technology leadership, its memory and storage solutions enable disruptive trends, including artificial intelligence, 5G, machine learning, and autonomous vehicles, in key market segments like mobile, data center, client, consumer, industrial, graphics, automotive, and networking.
Additional reading:
- Amendment No. 2 to Credit Agreement, dated as of June 7, 2023, by HSBC Bank USA, National Association, as administrative agent
- Amendment No. 2 to Term Loan Credit Agreement, dated as of June 7, 2023, by Wells Fargo Bank, National Association, as administrative agent
- MICRON TECHNOLOGY, INC. REPORTS RESULTS FOR THE THIRD QUARTER OF FISCAL 2023 Further reducing wafer starts to approach 30% in both DRAM and NAND
- Seventh Supplemental Indenture, dated as of April 11, 2023, by and between Micron Technology, Inc. and U.S. Bank Trust Company, National Association, as Trustee
- by and among Micron Technology, Inc., as borrower, Wells Fargo Bank, National Association, as administrative agent,
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
