Microchip Technology's (NASDAQ: MCHP) 2024 fiscal year (the 12-month period that will end in March 2024) is suddenly turning ugly, but the stock is holding up pretty well considering. Share prices are down 20% from all-time highs reached a couple of months ago, but actually rallied slightly after management offered a not-so-great outlook for the closing months of calendar year 2023.

The reason? Microchip has gotten itself in excellent shape after a spate of rapid and profitable growth in the last couple of years, and it's a top dividend stock that has managed many downturns before. Is it a buy now?

Microchip is a top provider of microcontrollers (a type of processor that controls a specific function in a piece of equipment), analog chips (sensors), and "total solutions" spanning computing systems and integrated software. Its customers slant heavily toward industrial (41% of revenue), data center (19% of revenue), and automotive (17% of revenue) businesses.

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Source Fool.com