Millicom International Cellular (NASDAQ:TIGO) Reaches New 52-Week High After Analyst Upgrade

Shares of Millicom International Cellular SA (NASDAQ:TIGO) hit a new 52-week high during mid-day trading on Wednesday after Scotiabank raised their price target on the stock from $51.20 to $52.40. Scotiabank currently has a sector underperform rating on the stock. Millicom International Cellular traded as high as $87.05 and last traded at $83.01, with a volume of 2185942 shares trading hands. The stock had previously closed at $85.84.

Several other equities research analysts have also issued reports on the stock. Wall Street Zen lowered shares of Millicom International Cellular from a “buy” rating to a “hold” rating in a research note on Saturday, May 16th. JPMorgan Chase & Co. lifted their price target on shares of Millicom International Cellular from $86.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, May 20th. Weiss Ratings upgraded shares of Millicom International Cellular from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday, May 13th. UBS Group lowered shares of Millicom International Cellular from a “buy” rating to a “neutral” rating and set a $90.00 price target on the stock. in a research note on Tuesday. Finally, Zacks Research upgraded shares of Millicom International Cellular from a “strong sell” rating to a “hold” rating in a research note on Monday, April 6th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $77.28.

Institutional Trading of Millicom International Cellular

Several hedge funds and other institutional investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. boosted its holdings in Millicom International Cellular by 19.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 866 shares of the technology company’s stock valued at $65,000 after purchasing an additional 139 shares during the period. EWA LLC raised its position in shares of Millicom International Cellular by 2.5% in the 4th quarter. EWA LLC now owns 7,025 shares of the technology company’s stock valued at $389,000 after buying an additional 169 shares in the last quarter. Altshuler Shaham Ltd raised its position in shares of Millicom International Cellular by 36.7% in the 1st quarter. Altshuler Shaham Ltd now owns 633 shares of the technology company’s stock valued at $47,000 after buying an additional 170 shares in the last quarter. Vident Advisory LLC raised its position in shares of Millicom International Cellular by 2.3% in the 4th quarter. Vident Advisory LLC now owns 11,455 shares of the technology company’s stock valued at $635,000 after buying an additional 254 shares in the last quarter. Finally, Smartleaf Asset Management LLC raised its position in shares of Millicom International Cellular by 155.4% in the 3rd quarter. Smartleaf Asset Management LLC now owns 516 shares of the technology company’s stock valued at $25,000 after buying an additional 314 shares in the last quarter.

Millicom International Cellular Stock Down 1.0%

The firm’s 50-day moving average price is $80.56 and its 200 day moving average price is $66.69. The company has a market capitalization of $14.17 billion, a price-to-earnings ratio of 11.39 and a beta of 0.93. The company has a current ratio of 0.62, a quick ratio of 0.60 and a debt-to-equity ratio of 2.33.

Millicom International Cellular (NASDAQ:TIGO) last issued its earnings results on Tuesday, May 12th. The technology company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.89 by $0.08. The company had revenue of $1.99 billion during the quarter, compared to analysts’ expectations of $1.99 billion. Millicom International Cellular had a net margin of 19.16% and a return on equity of 16.38%. On average, sell-side analysts forecast that Millicom International Cellular SA will post 2.34 EPS for the current fiscal year.

Millicom International Cellular Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 15th. Stockholders of record on Thursday, April 8th will be given a $0.75 dividend. The ex-dividend date is Thursday, April 8th. This represents a $3.00 annualized dividend and a dividend yield of 3.6%. Millicom International Cellular’s payout ratio is presently 40.76%.

Millicom International Cellular Company Profile

Millicom International Cellular SA, trading under the TIGO brand, is a Luxembourg?headquartered telecommunications and media company that provides a range of mobile, cable broadband, digital television and enterprise services. Through its integrated infrastructure, the company delivers voice and data connectivity, high?speed internet access and pay?television packages to millions of customers, supported by ongoing investments in network coverage and capacity.

Established in 1990 by Swedish investor Jan Stenbeck, Millicom has grown into a multi?regional operator focused primarily on Central and South America.