Micron Technology Hikes Its Dividend 30% Due to Surging FCF - MU Is Worth 34% More - What's the Best Play?

Micron Technology Inc (MU) reported a massive increase in fiscal Q2 free cash flow (FCF). As a result, management raised the quarterly dividend per share (DPS) by 30% to 15 cents ($0.60 annual rate). 

As a result, MU stock is worth 34% more at $567 per share. I will also explain why, and one play to take advantage of this: shorting out-of-the-money (OTM) puts for a 6% monthly yield.