Millicom International Cellular SA $TIGO Shares Purchased by Spinnaker Trust

Key Points

• Spinnaker Trust sharply increased its stake in Millicom International Cellular, boosting holdings by 385.7% in the first quarter to 34,000 shares worth about $2.55 million.
• Analyst sentiment is mixed but still constructive, with HSBC and JPMorgan raising their views while UBS and others were more cautious; the stock carries a consensus rating of “Moderate Buy” and an average target price of $77.28.
• Millicom reported solid quarterly results and pays a dividend, posting $0.97 EPS versus $0.89 expected and declaring a quarterly dividend of $0.75 per share, equal to a 3.3% annualized yield.

Spinnaker Trust lifted its holdings in Millicom International Cellular SA (NASDAQ:TIGO - Free Report) by 385.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 34,000 shares of the technology company's stock after purchasing an additional 27,000 shares during the period. Spinnaker Trust's holdings in Millicom International Cellular were worth $2,548,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Pictet Asset Management Holding SA grew its holdings in Millicom International Cellular by 10.5% in the first quarter. Pictet Asset Management Holding SA now owns 23,216 shares of the technology company's stock valued at $1,740,000 after purchasing an additional 2,202 shares during the period. ABN AMRO Bank N.V. acquired a new position in shares of Millicom International Cellular during the 1st quarter worth approximately $1,301,000. Pinnacle Wealth Management Advisory Group LLC acquired a new position in shares of Millicom International Cellular during the 1st quarter worth approximately $399,000. Evolve Private Wealth LLC lifted its position in shares of Millicom International Cellular by 5.0% during the 1st quarter. Evolve Private Wealth LLC now owns 19,607 shares of the technology company's stock valued at $1,469,000 after buying an additional 940 shares in the last quarter. Finally, Corient Private Wealth LLC purchased a new position in shares of Millicom International Cellular during the 4th quarter valued at approximately $225,000.

Analyst Ratings Changes

A number of research firms have weighed in on TIGO. 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 report on Friday, March 6th. Zacks Research raised shares of Millicom International Cellular from a "strong sell" rating to a "hold" rating in a research note on Monday, April 6th. UBS Group downgraded shares of Millicom International Cellular from a "buy" rating to a "neutral" rating and set a $90.00 price target for the company. in a research report on Tuesday, May 26th. JPMorgan Chase & Co. raised 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. Finally, Wall Street Zen cut Millicom International Cellular from a "buy" rating to a "hold" rating in a report on Saturday, May 16th. One 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 assigned a Sell rating to the company. Based on data from MarketBeat.com, Millicom International Cellular has an average rating of "Moderate Buy" and a consensus target price of $77.28.

Millicom International Cellular Trading Up 3.4%

Shares of Millicom International Cellular stock opened at $92.26 on Tuesday. 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 stock's 50 day simple moving average is $84.92 and its 200-day simple moving average is $72.19. The stock has a market cap of $15.59 billion, a P/E ratio of 12.54 and a beta of 0.91. Millicom International Cellular SA has a 1-year low of $36.36 and a 1-year high of $94.73.

Millicom International Cellular (NASDAQ:TIGO - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $1.99 billion. Millicom International Cellular had a return on equity of 16.38% and a net margin of 19.16%. Analysts predict that Millicom International Cellular SA will post 1.78 EPS for the current fiscal year.

Millicom International Cellular Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Wednesday, July 8th will be given a dividend of $0.75 per share. The ex-dividend date of this dividend is Wednesday, July 8th. This represents a $3.00 annualized dividend and a dividend yield of 3.3%. Millicom International Cellular's payout ratio is presently 40.76%.

Insider Activity

In related news, insider Salvador Escalon sold 49,288 shares of the firm's 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 approximately $14,634,597.44. This trade represents a 22.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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.

Want to see what other hedge funds are holding TIGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Millicom International Cellular SA (NASDAQ:TIGO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.