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

Shares of Millicom International Cellular SA (NASDAQ:TIGO) reached a new 52-week high on Thursday after JPMorgan Chase & Co. raised their price target on the stock from $86.00 to $100.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Millicom International Cellular traded as high as $85.42 and last traded at $85.55, with a volume of 642267 shares. The stock had previously closed at $84.11.

Several other research analysts have also recently weighed in on the company. Wall Street Zen cut Millicom International Cellular from a “buy” rating to a “hold” rating in a research note on Saturday, May 16th. Morgan Stanley reaffirmed a “positive” rating and issued a $55.00 price objective on shares of Millicom International Cellular in a report on Thursday, February 26th. HSBC raised Millicom International Cellular from a “hold” rating to a “buy” rating and set a $89.00 price objective for the company in a report on Friday, March 6th. Zacks Research raised Millicom International Cellular from a “strong sell” rating to a “hold” rating in a report on Monday, April 6th. Finally, Weiss Ratings raised Millicom International Cellular from a “buy (b+)” rating to a “buy (a-)” rating in a report on Wednesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $73.04.

Institutional Trading of Millicom International Cellular

Several hedge funds have recently bought and sold shares of TIGO. Smartleaf Asset Management LLC lifted its position in shares of Millicom International Cellular by 155.4% in the third quarter. Smartleaf Asset Management LLC now owns 516 shares of the technology company’s stock valued at $25,000 after acquiring an additional 314 shares in the last quarter. Allworth Financial LP lifted its position in shares of Millicom International Cellular by 1,129.7% in the fourth quarter. Allworth Financial LP now owns 455 shares of the technology company’s stock valued at $25,000 after acquiring an additional 418 shares in the last quarter. Altshuler Shaham Ltd purchased a new position in shares of Millicom International Cellular in the fourth quarter valued at about $26,000. Blue Trust Inc. lifted its position in shares of Millicom International Cellular by 736.2% in the fourth quarter. Blue Trust Inc. now owns 485 shares of the technology company’s stock valued at $27,000 after acquiring an additional 427 shares in the last quarter. Finally, Spire Wealth Management purchased a new position in shares of Millicom International Cellular in the fourth quarter valued at about $29,000.

Millicom International Cellular Stock Up 1.4%

The company has a 50-day moving average price of $79.04 and a 200 day moving average price of $65.08. The firm has a market capitalization of $14.41 billion, a PE ratio of 11.59 and a beta of 0.93. The company has a debt-to-equity ratio of 2.33, a current ratio of 0.62 and a quick ratio of 0.60.

Millicom International Cellular (NASDAQ:TIGO) last announced its quarterly earnings data on Tuesday, May 12th. The technology company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.89 by $0.08. Millicom International Cellular had a return on equity of 16.38% and a net margin of 19.16%.The business had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $1.99 billion. Analysts forecast that Millicom International Cellular SA will post 3.76 earnings per share for the current year.

Millicom International Cellular Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 15th. Investors of record on Thursday, April 8th will be given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Thursday, April 8th. Millicom International Cellular’s payout ratio is currently 40.76%.

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.