Victory Capital Management Inc. Invests $23 Million in Millicom International Cellular SA (NASDAQ:TIGO)

Victory Capital Management Inc. purchased a new position in shares of Millicom International Cellular SA (NASDAQ:TIGO - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 759,786 shares of the technology company's stock, valued at approximately $22,999,000. Victory Capital Management Inc. owned 0.44% of Millicom International Cellular at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Cerity Partners LLC increased its position in Millicom International Cellular by 4.7% in the 1st quarter. Cerity Partners LLC now owns 11,208 shares of the technology company's stock valued at $339,000 after acquiring an additional 508 shares during the period. Envestnet Asset Management Inc. increased its position in Millicom International Cellular by 26.8% in the 1st quarter. Envestnet Asset Management Inc. now owns 133,732 shares of the technology company's stock valued at $4,048,000 after acquiring an additional 28,284 shares during the period. LB Partners LLC increased its position in Millicom International Cellular by 0.4% in the 1st quarter. LB Partners LLC now owns 520,923 shares of the technology company's stock valued at $15,907,000 after acquiring an additional 2,000 shares during the period. Bank of New York Mellon Corp acquired a new position in Millicom International Cellular in the 1st quarter valued at approximately $1,130,000. Finally, Calamos Advisors LLC acquired a new position in Millicom International Cellular in the 1st quarter valued at approximately $642,000.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Barclays cut their target price on shares of Millicom International Cellular from $310.00 to $36.00 and set an "equal weight" rating on the stock in a research note on Thursday, April 3rd. Wall Street Zen lowered shares of Millicom International Cellular from a "strong-buy" rating to a "buy" rating in a research note on Friday, May 30th. UBS Group increased their target price on shares of Millicom International Cellular from $31.50 to $39.50 and gave the stock a "buy" rating in a research note on Friday, May 16th. Scotiabank lowered shares of Millicom International Cellular from a "sector outperform" rating to a "sector perform" rating and set a $37.00 price objective on the stock. in a research note on Tuesday, June 17th. Finally, JPMorgan Chase & Co. raised 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. Three equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $38.08.

Millicom International Cellular Trading Up 2.1%

Shares of Millicom International Cellular stock opened at $40.80 on Tuesday. Millicom International Cellular SA has a 1 year low of $23.61 and a 1 year high of $41.45. The firm has a market cap of $7.02 billion, a PE ratio of 19.62 and a beta of 1.06. The company has a debt-to-equity ratio of 1.65, a current ratio of 0.76 and a quick ratio of 0.74. The company has a 50 day simple moving average of $37.17 and a two-hundred day simple moving average of $31.77.

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

Millicom International Cellular Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 8th were given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 7.35%. The ex-dividend date of this dividend was Tuesday, July 8th. Millicom International Cellular's payout ratio is currently 144.23%.

Millicom International Cellular Company Profile

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.

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