Millicom International Cellular SA $TIGO Stock Sold by Perpetual Ltd

Key Points

• Perpetual Ltd reduced its Millicom International Cellular stake by 11.7% in the third quarter, selling 152,732 shares and retaining 1.16 million shares valued at approximately $100.8 million.
• Analyst sentiment remains moderately positive, with a consensus rating of “Moderate Buy” and an average price target of $85.68. Ratings range from Strong Buy to Sell, while several firms recently raised their targets.
• Millicom declared a quarterly dividend of $0.75 per share, equivalent to $3.00 annually and a 3.7% yield; the stock recently opened at $80.28, well below its 12-month high of $107.13.

Perpetual Ltd decreased its holdings in shares of Millicom International Cellular SA (NASDAQ:TIGO - Free Report) by 11.7% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,156,414 shares of the technology company's stock after selling 152,732 shares during the period. Millicom International Cellular makes up approximately 1.6% of Perpetual Ltd's holdings, making the stock its 20th largest position. Perpetual Ltd owned approximately 0.68% of Millicom International Cellular worth $100,770,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Versant Capital Management Inc raised its stake in Millicom International Cellular by 896.7% during the 2nd quarter. Versant Capital Management Inc now owns 299 shares of the technology company's stock valued at $27,000 after acquiring an additional 269 shares during the last quarter. Altshuler Shaham Ltd lifted its position in Millicom International Cellular by 36.7% during the 1st quarter. Altshuler Shaham Ltd now owns 633 shares of the technology company's stock worth $47,000 after acquiring an additional 170 shares during the period. Allworth Financial LP lifted its position in Millicom International Cellular by 32.4% during the 2nd quarter. Allworth Financial LP now owns 650 shares of the technology company's stock worth $59,000 after acquiring an additional 159 shares during the period. PNC Financial Services Group Inc. grew its stake in shares of Millicom International Cellular by 19.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 866 shares of the technology company's stock valued at $65,000 after purchasing an additional 139 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its stake in shares of Millicom International Cellular by 24.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,142 shares of the technology company's stock valued at $100,000 after purchasing an additional 228 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. JPMorgan Chase & Co. reissued a "neutral" rating and issued a $105.00 target price (up from $100.00) on shares of Millicom International Cellular in a report on Tuesday, August 18th. Royal Bank Of Canada set a $105.00 price target on Millicom International Cellular in a report on Tuesday, August 18th. Scotiabank increased their price target on Millicom International Cellular from $52.40 to $60.10 and gave the stock a "sector underperform" rating in a report on Friday, August 7th. Zacks Research upgraded shares of Millicom International Cellular from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, October 6th. Finally, UBS Group lifted their price objective on shares of Millicom International Cellular from $90.00 to $100.00 and gave the company a "neutral" rating in a research report on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $85.68.

Millicom International Cellular Stock Performance

Shares of TIGO stock opened at $80.28 on Tuesday. The company has a market cap of $13.57 billion, a price-to-earnings ratio of 20.27 and a beta of 0.93. The stock has a 50 day simple moving average of $92.82 and a 200-day simple moving average of $88.79. Millicom International Cellular SA has a 12-month low of $44.88 and a 12-month high of $107.13. The company has a current ratio of 0.53, a quick ratio of 0.51 and a debt-to-equity ratio of 3.07.

Millicom International Cellular Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 15th. Investors of record on Friday, January 8th will be issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend is Friday, January 8th. Millicom International Cellular's dividend payout ratio is currently 75.76%.

Millicom International Cellular Company Profile

Millicom International Cellular SA is a telecommunications and digital services company that operates under the Tigo brand. The company provides mobile voice and data services, fixed broadband, pay television, and other connectivity solutions to consumers and businesses in Latin America.

Millicom also offers digital financial services, including mobile money and payment products through Tigo Money in selected markets. Its business-to-business operations provide connectivity, cloud, cybersecurity, data center, and digital solutions to enterprises, governments, and other organizations.

Founded in 1990, Millicom has developed a telecommunications presence across Latin America, serving markets including Bolivia, Colombia, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama, and Paraguay.

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