Millicom International Cellular (NASDAQ:TIGO) Sets New 52-Week High – Still a Buy?

Millicom International Cellular SA (NASDAQ:TIGO) hit a new 52-week high during trading on Tuesday . The stock traded as high as $94.73 and last traded at $89.45, with a volume of 1945542 shares trading hands. The stock had previously closed at $93.77.

Analyst Upgrades and Downgrades

TIGO has been the subject of several recent analyst reports. HSBC upgraded shares of Millicom International Cellular from a “hold” rating to a “buy” rating and set a $89.00 price objective for the company in a research note on Friday, March 6th. Scotiabank raised their price objective on shares of Millicom International Cellular from $51.20 to $52.40 and gave the company a “sector underperform” rating in a research note on Wednesday, May 27th. 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. JPMorgan Chase & Co. raised their price objective 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. Finally, UBS Group cut shares of Millicom International Cellular from a “buy” rating to a “neutral” rating and set a $90.00 target price for the company. in a research report on Tuesday, May 26th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Millicom International Cellular presently has a consensus rating of “Moderate Buy” and a consensus target price of $77.28.

Millicom International Cellular Trading Down 4.6%

The company has a debt-to-equity ratio of 2.33, a current ratio of 0.62 and a quick ratio of 0.60. The company has a market cap of $15.12 billion, a price-to-earnings ratio of 12.15 and a beta of 0.91. The business’s 50-day simple moving average is $83.63 and its 200-day simple moving average is $69.69.

Millicom International Cellular (NASDAQ:TIGO) last announced its earnings results on Tuesday, May 12th. The technology company reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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%. Research analysts predict that Millicom International Cellular SA will post 1.78 earnings per share for the current fiscal year.

Millicom International Cellular Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 15th. Stockholders of record on Thursday, April 8th will be issued a dividend of $0.75 per share. The ex-dividend date is Thursday, April 8th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.4%. Millicom International Cellular’s payout ratio is 40.76%.

Insider Activity at Millicom International Cellular

In other news, insider Salvador Escalon sold 49,288 shares of Millicom International Cellular stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $88.51, for a total transaction of $4,362,480.88. Following the completion of the sale, the insider directly owned 165,344 shares in the company, valued at $14,634,597.44. The trade was a 22.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Institutional Investors Weigh In On Millicom International Cellular

A number of hedge funds and other institutional investors have recently modified their holdings of TIGO. Royal Bank of Canada grew its holdings in shares of Millicom International Cellular by 48.1% during the first quarter. Royal Bank of Canada now owns 46,183 shares of the technology company’s stock worth $1,398,000 after buying an additional 14,990 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of Millicom International Cellular by 5.0% during the first quarter. AQR Capital Management LLC now owns 9,587 shares of the technology company’s stock worth $290,000 after buying an additional 453 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Millicom International Cellular during the first quarter worth about $2,188,000. Goldman Sachs Group Inc. purchased a new stake in shares of Millicom International Cellular during the first quarter worth about $50,664,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC purchased a new stake in shares of Millicom International Cellular during the first quarter worth about $8,504,000.

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.