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Is MicroSoFT a Buy?

|Includes: Microsoft Corporation (MSFT)
With MSFT shares down 26% in the past 10 weeks, I pose the question, "Are Microsoft shares a buy?" 
 
Shares of MSFT, which hit $31.58 on April 23rd, closed yesterday at $23.01, a 27% plunge in ten weeks. In the low 20's, I like MSFT shares. If the shares should become cheaper, I expect I would love them in the teens.
Strip out the $4.24/share in cash MSFT has, an investor is paying less $19/share for the operation that earned $2.05 this year, is projected to earn $2.31 next year, and pays a 2.1% dividend.
 
Given the strength of these numbers, what keeps MSFT shares depressed? Microsoft is hardly undiscovered, it is already so heavily owned that there is not a large pool of investors to purchase it that don't already own shares. Institutions already own 65% of the shares, many individual accounts are holding MSFT, and short interest is nil. This keeps a bit of a lid on MSFT. Therefore, MSFT is not a stock that could double anytime soon, but I believe it is well suited for conservative investors.
 
At $23, I like MSFT and am looking for an opportunity to accumulate shares on a further pullback.