JPMorgan Chase & Co. Raises Millicom International Cellular (NASDAQ:TIGO) Price Target to $55.00

Key Points

• JPMorgan Chase & Co. has raised the target price for Millicom International Cellular's stock from $50.00 to $55.00, presenting a potential upside of 25.01% from its previous close.
• Other analysts, including UBS Group, have also increased their price targets for Millicom, indicating a generally optimistic outlook on the stock with several ratings of "buy" and “strong-buy.”
• Millicom reported Q2 earnings that fell short of analysts' expectations, with an EPS of $0.51 versus a consensus estimate of $0.54, alongside a revenue of $1.37 billion against expectations of $1.40 billion.

Millicom International Cellular (NASDAQ:TIGO - Free Report) had its price objective upped by JPMorgan Chase & Co. from $50.00 to $55.00 in a report published on Thursday morning,Benzinga reports. They currently have an overweight rating on the technology company's stock.

Other analysts have also recently issued reports about the company. UBS Group increased their price target on Millicom International Cellular from $31.50 to $39.50 and gave the stock a "buy" rating in a research report on Friday, May 16th. Wall Street Zen upgraded Millicom International Cellular from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 9th. Finally, Scotiabank lowered Millicom International Cellular from a "sector outperform" rating to a "sector perform" rating and set a $37.00 price objective for the company. in a report on Tuesday, June 17th. Three research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $38.92.

Millicom International Cellular Stock Up 1.3%

Shares of NASDAQ:TIGO traded up $0.58 during trading on Thursday, hitting $44.67. The company's stock had a trading volume of 747,636 shares, compared to its average volume of 1,239,623. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.74 and a current ratio of 0.89. Millicom International Cellular has a fifty-two week low of $23.61 and a fifty-two week high of $45.01. The stock's 50-day moving average price is $39.09 and its two-hundred day moving average price is $33.75. The company has a market capitalization of $7.69 billion, a PE ratio of 7.88 and a beta of 1.04.

Millicom International Cellular (NASDAQ:TIGO - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The technology company reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by ($0.03). The firm had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.40 billion. Millicom International Cellular had a net margin of 16.97% and a return on equity of 10.32%. As a group, sell-side analysts expect that Millicom International Cellular will post 1.91 EPS for the current year.

Millicom International Cellular Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Tuesday, July 8th were given a dividend of $0.75 per share. The ex-dividend date of this dividend was Tuesday, July 8th. This represents a $3.00 dividend on an annualized basis and a yield of 6.7%. Millicom International Cellular's dividend payout ratio (DPR) is 52.91%.

Institutional Investors Weigh In On Millicom International Cellular

A number of institutional investors have recently added to or reduced their stakes in the company. Segall Bryant & Hamill LLC lifted its stake in Millicom International Cellular by 0.3% during the second quarter. Segall Bryant & Hamill LLC now owns 97,577 shares of the technology company's stock worth $3,656,000 after purchasing an additional 300 shares during the period. AQR Capital Management LLC lifted its stake in Millicom International Cellular by 5.0% during the first quarter. AQR Capital Management LLC now owns 9,587 shares of the technology company's stock worth $290,000 after purchasing an additional 453 shares during the period. EverSource Wealth Advisors LLC lifted its stake in Millicom International Cellular by 55.1% during the second quarter. EverSource Wealth Advisors LLC now owns 1,413 shares of the technology company's stock worth $53,000 after purchasing an additional 502 shares during the period. Cerity Partners LLC raised its stake in shares of Millicom International Cellular by 4.7% in the first 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 last quarter. Finally, BTG Pactual Asset Management US LLC raised its stake in shares of Millicom International Cellular by 1.0% in the second quarter. BTG Pactual Asset Management US LLC now owns 63,416 shares of the technology company's stock valued at $2,376,000 after acquiring an additional 609 shares during the last quarter.

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.