Millicom International Cellular (NASDAQ:TIGO) Price Target Raised to $51.20

Millicom International Cellular (NASDAQ:TIGO) had its price objective boosted by Scotiabank from $43.00 to $51.20 in a report released on Monday morning,Benzinga reports. The brokerage currently has a sector underperform rating on the technology company’s stock.

A number of other brokerages also recently commented on TIGO. UBS Group raised Millicom International Cellular from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $49.00 to $70.00 in a research report on Thursday, January 15th. Morgan Stanley reaffirmed a “positive” rating and issued a $55.00 target price on shares of Millicom International Cellular in a report on Thursday, February 26th. Zacks Research downgraded shares of Millicom International Cellular from a “hold” rating to a “strong sell” rating in a research note on Friday, March 6th. HSBC upgraded shares of Millicom International Cellular from a “hold” rating to a “buy” rating and set a $89.00 price target for the company in a report on Friday, March 6th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Millicom International Cellular in a report on Thursday, January 22nd. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Millicom International Cellular has a consensus rating of “Hold” and an average price target of $60.70.

Millicom International Cellular Stock Up 2.6%

Shares of NASDAQ TIGO opened at $76.89 on Monday. The stock has a market cap of $13.23 billion, a P/E ratio of 9.79 and a beta of 0.87. The business’s fifty day simple moving average is $68.63 and its 200-day simple moving average is $57.12. Millicom International Cellular has a 12-month low of $26.35 and a 12-month high of $77.58. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 1.81.

Millicom International Cellular (NASDAQ:TIGO) last released its earnings results on Thursday, February 26th. The technology company reported $1.50 EPS for the quarter, topping the consensus estimate of $1.05 by $0.45. The firm had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.49 billion. Millicom International Cellular had a return on equity of 17.07% and a net margin of 22.62%.Millicom International Cellular’s revenue for the quarter was up 15.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.18 EPS. As a group, equities analysts predict that Millicom International Cellular will post 1.91 EPS for the current fiscal year.

Millicom International Cellular Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 15th. Investors of record on Thursday, April 8th will be paid a dividend of $0.75 per share. The ex-dividend date is Thursday, April 8th. This represents a $3.00 annualized dividend and a yield of 3.9%. Millicom International Cellular’s payout ratio is presently 38.22%.

Hedge Funds Weigh In On Millicom International Cellular

Several hedge funds have recently added to or reduced their stakes in the stock. Dodge & Cox lifted its position in shares of Millicom International Cellular by 1.5% during the 2nd quarter. Dodge & Cox now owns 8,836,132 shares of the technology company’s stock worth $331,090,000 after buying an additional 134,400 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Millicom International Cellular by 3.9% in the 4th quarter. JPMorgan Chase & Co. now owns 6,713,607 shares of the technology company’s stock valued at $372,202,000 after buying an additional 253,891 shares during the last quarter. Brandes Investment Partners LP grew its position in shares of Millicom International Cellular by 2.5% in the 2nd quarter. Brandes Investment Partners LP now owns 6,624,718 shares of the technology company’s stock valued at $248,228,000 after buying an additional 161,861 shares during the last quarter. Barclays PLC raised its stake in Millicom International Cellular by 1.7% during the 3rd quarter. Barclays PLC now owns 2,895,215 shares of the technology company’s stock worth $140,534,000 after acquiring an additional 47,194 shares in the last quarter. Finally, Perpetual Ltd raised its stake in Millicom International Cellular by 5,283.2% during the 3rd quarter. Perpetual Ltd now owns 2,731,971 shares of the technology company’s stock worth $132,610,000 after acquiring an additional 2,681,221 shares in the last quarter.

About Millicom International Cellular

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.