Fintel reports that on September 19, 2023, Goldman Sachs maintained coverage of Micron Technology (NASDAQ:MU) with a Buy recommendation.
Analyst Price Forecast Suggests 8.56% Upside
As of August 31, 2023, the average one-year price target for Micron Technology is 76.53. The forecasts range from a low of 42.85 to a high of $105.00. The average price target represents an increase of 8.56% from its latest reported closing price of 70.50.
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The projected annual revenue for Micron Technology is 18,788MM, an increase of 3.38%. 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 received the payment on July 25, 2023. Previously, the company paid $0.12 per share.
At the current share price of $70.50 / share, the stock’s dividend yield is 0.65%.
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 0.71 standard deviations below the historical average.
Additionally, the company’s dividend payout ratio is -0.22. 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 2181 funds or institutions reporting positions in Micron Technology. This is a decrease of 31 owner(s) or 1.40% in the last quarter. Average portfolio weight of all funds dedicated to MU is 0.47%, a decrease of 4.30%. Total shares owned by institutions decreased in the last three months by 1.09% to 1,021,581K shares. The put/call ratio of MU is 1.48, indicating a bearish outlook.
What are Other Shareholders Doing?
Capital Research Global Investors holds 52,165K shares representing 4.76% ownership of the company. In it’s prior filing, the firm reported owning 71,456K shares, representing a decrease of 36.98%. The firm decreased its portfolio allocation in MU by 28.31% over the last quarter.
Primecap Management holds 38,015K shares representing 3.47% ownership of the company. In it’s prior filing, the firm reported owning 38,950K shares, representing a decrease of 2.46%. The firm decreased its portfolio allocation in MU by 2.18% over the last quarter.
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 34,145K shares representing 3.12% ownership of the company. In it’s prior filing, the firm reported owning 33,784K shares, representing an increase of 1.06%. The firm decreased its portfolio allocation in MU by 2.47% over the last quarter.
VFINX – Vanguard 500 Index Fund Investor Shares holds 26,057K shares representing 2.38% ownership of the company. In it’s prior filing, the firm reported owning 25,462K shares, representing an increase of 2.28%. The firm decreased its portfolio allocation in MU by 3.06% over the last quarter.
AGTHX – GROWTH FUND OF AMERICA holds 24,902K shares representing 2.27% ownership of the company. In it’s prior filing, the firm reported owning 22,378K shares, representing an increase of 10.14%. The firm increased its portfolio allocation in MU by 24.61% 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.
This article originally appeared on Fintel
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