Raiffeisen Bank International AG Buys 32,000 Shares of Millicom International Cellular SA (NASDAQ:TIGO)

Key Points

• Raiffeisen Bank International AG increased its stake in Millicom International Cellular SA by 320.0% during the first quarter, acquiring an additional 32,000 shares to hold a total of 42,000 shares.
• Several institutional investors have recently invested significantly in Millicom, with Southeastern Asset Management purchasing a new stake valued at approximately $60 million.
• Wall Street analysts have mixed views on Millicom, with UBS raising its target price from $31.50 to $39.50 and JP Morgan increasing it to $50.00, while others have downgraded ratings.

Raiffeisen Bank International AG increased its stake in shares of Millicom International Cellular SA (NASDAQ:TIGO - Free Report) by 320.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,000 shares of the technology company's stock after buying an additional 32,000 shares during the quarter. Raiffeisen Bank International AG's holdings in Millicom International Cellular were worth $1,268,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. State of Wyoming acquired a new stake in shares of Millicom International Cellular during the 4th quarter worth approximately $49,000. Wells Fargo & Company MN raised its holdings in shares of Millicom International Cellular by 72.4% during the 4th quarter. Wells Fargo & Company MN now owns 4,892 shares of the technology company's stock worth $122,000 after buying an additional 2,055 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Millicom International Cellular by 65.6% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,284 shares of the technology company's stock valued at $190,000 after buying an additional 2,489 shares in the last quarter. EWA LLC acquired a new position in Millicom International Cellular during the first quarter worth about $201,000. Finally, Spinnaker Trust bought a new position in shares of Millicom International Cellular in the first quarter worth about $212,000.

Millicom International Cellular Trading Down 0.8%

Millicom International Cellular stock traded down $0.32 during trading hours on Wednesday, reaching $39.94. 1,021,756 shares of the company's stock were exchanged, compared to its average volume of 1,111,698. The firm's 50 day simple moving average is $38.18 and its 200 day simple moving average is $32.94. Millicom International Cellular SA has a twelve month low of $23.61 and a twelve month high of $43.03. The company has a quick ratio of 0.74, a current ratio of 0.76 and a debt-to-equity ratio of 1.65. The firm has a market capitalization of $6.87 billion, a PE ratio of 19.20 and a beta of 1.04.

Millicom International Cellular (NASDAQ:TIGO - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The technology company reported $1.14 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.23. Millicom International Cellular had a net margin of 6.20% and a return on equity of 10.02%. The company had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.45 billion. During the same quarter in the previous year, the business posted $0.54 EPS. Millicom International Cellular's revenue for the quarter was down 7.6% compared to the same quarter last year. Research analysts predict that Millicom International Cellular SA will post 1.91 earnings per share for the current year.

Millicom International Cellular Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 8th were paid a $0.75 dividend. The ex-dividend date was Tuesday, July 8th. This represents a $3.00 annualized dividend and a dividend yield of 7.5%. Millicom International Cellular's dividend payout ratio (DPR) is currently 144.23%.

Analysts Set New Price Targets

TIGO has been the subject of several research reports. JPMorgan Chase & Co. increased their price objective on shares of Millicom International Cellular from $41.00 to $50.00 and gave the company an "overweight" rating in a research note on Tuesday, May 27th. Wall Street Zen cut Millicom International Cellular from a "strong-buy" rating to a "buy" rating in a report on Friday, May 30th. UBS Group upped their price objective on Millicom International Cellular from $31.50 to $39.50 and gave the company a "buy" rating in a research note on Friday, May 16th. Finally, Scotiabank cut shares of Millicom International Cellular from a "sector outperform" rating to a "sector perform" rating and set a $37.00 price target for the company. in a research report on Tuesday, June 17th. Three analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $38.08.

About Millicom International Cellular

Millicom International Cellular SA provides cable and mobile services in Latin America. It offers mobile services, including mobile data and voice, and short message services; and mobile financial services, such as payments, money transfers, international remittances, savings, real-time loans, and micro-insurance.