Brandes Investment Partners LP Sells 998,802 Shares of Millicom International Cellular SA $TIGO

Key Points

• Brandes Investment Partners LP cut its Millicom International Cellular stake by 17.1% in the fourth quarter, selling 998,802 shares and leaving it with 4,836,505 shares valued at about $268.1 million.
• Several analysts have updated their views on TIGO, with target prices ranging from $52.40 to $100.00; MarketBeat shows a Moderate Buy consensus and an average target price of $77.28.
• Millicom reported solid recent results, including $0.97 EPS for the quarter versus $0.89 expected, and it also pays a quarterly dividend of $0.75, which annualizes to a 3.4% yield.

Brandes Investment Partners LP reduced its position in shares of Millicom International Cellular SA (NASDAQ:TIGO - Free Report) by 17.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,836,505 shares of the technology company's stock after selling 998,802 shares during the period. Millicom International Cellular accounts for about 2.0% of Brandes Investment Partners LP's investment portfolio, making the stock its 7th largest position. Brandes Investment Partners LP owned about 2.81% of Millicom International Cellular worth $268,136,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. JPMorgan Chase & Co. boosted its stake in shares of Millicom International Cellular by 348.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,459,716 shares of the technology company's stock worth $313,555,000 after purchasing an additional 5,020,602 shares during the last quarter. William Blair Investment Management LLC boosted its position in shares of Millicom International Cellular by 15.0% in the third quarter. William Blair Investment Management LLC now owns 128,350 shares of the technology company's stock worth $6,230,000 after acquiring an additional 16,695 shares during the last quarter. Crossmark Global Holdings Inc. boosted its position in shares of Millicom International Cellular by 4.1% in the fourth quarter. Crossmark Global Holdings Inc. now owns 413,983 shares of the technology company's stock worth $22,951,000 after acquiring an additional 16,126 shares during the last quarter. Assetmark Inc. boosted its position in shares of Millicom International Cellular by 31.1% in the fourth quarter. Assetmark Inc. now owns 85,059 shares of the technology company's stock worth $4,716,000 after acquiring an additional 20,194 shares during the last quarter. Finally, Mirabella Financial Services LLP acquired a new stake in shares of Millicom International Cellular in the third quarter worth approximately $1,539,000.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on TIGO shares. JPMorgan Chase & Co. raised their target price on shares of Millicom International Cellular from $86.00 to $100.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 20th. Scotiabank raised their target price on shares of Millicom International Cellular from $51.20 to $52.40 and gave the stock a "sector underperform" rating in a research report on Wednesday, May 27th. Zacks Research raised shares of Millicom International Cellular from a "strong sell" rating to a "hold" rating in a research report on Monday, April 6th. Morgan Stanley reissued a "positive" rating and issued a $55.00 target price on shares of Millicom International Cellular in a research report on Thursday, February 26th. Finally, HSBC raised shares of Millicom International Cellular from a "hold" rating to a "buy" rating and set a $89.00 target price on the stock in a research report on Friday, March 6th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $77.28.

Millicom International Cellular Trading Up 4.4%

NASDAQ TIGO opened at $87.36 on Wednesday. The company's fifty day simple moving average is $82.43 and its 200-day simple moving average is $68.62. Millicom International Cellular SA has a 52 week low of $35.62 and a 52 week high of $89.49. The company has a current ratio of 0.62, a quick ratio of 0.60 and a debt-to-equity ratio of 2.33. The stock has a market cap of $14.76 billion, a P/E ratio of 11.87 and a beta of 0.91.

Millicom International Cellular (NASDAQ:TIGO - Get Free Report) last posted its earnings results on Tuesday, May 12th. The technology company reported $0.97 EPS for the quarter, topping analysts' consensus estimates of $0.89 by $0.08. The business had revenue of $1.99 billion for 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%. Equities research analysts predict that Millicom International Cellular SA will post 2.34 EPS for the current fiscal year.

Millicom International Cellular Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 15th. Investors of record on Thursday, April 8th will be issued a $0.75 dividend. The ex-dividend date of this dividend is Thursday, April 8th. This represents a $3.00 annualized dividend and a yield of 3.4%. Millicom International Cellular's dividend payout ratio is currently 40.76%.

Insider Transactions at Millicom International Cellular

In related news, insider Salvador Escalon sold 49,288 shares of the company's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $88.51, for a total value of $4,362,480.88. Following the sale, the insider directly owned 165,344 shares of the company's stock, valued at $14,634,597.44. This represents a 22.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Millicom International Cellular 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.

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