Millicom International Cellular SA (NASDAQ:TIGO) to Issue Quarterly Dividend of $0.75

Millicom International Cellular SA (NASDAQ:TIGO - Get Free Report) announced a quarterly dividend on Wednesday, May 21st, NASDAQ Dividends reports. Stockholders of record on Tuesday, July 8th will be given a dividend of 0.75 per share by the technology company on Tuesday, July 15th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 8.08%. The ex-dividend date is Tuesday, July 8th.

Millicom International Cellular has a payout ratio of 86.2% meaning its dividend is currently covered by earnings, but may not be in the future if the company's earnings tumble. Research analysts expect Millicom International Cellular to earn $2.84 per share next year, which means the company may not be able to cover its $3.00 annual dividend with an expected future payout ratio of 105.6%.

Millicom International Cellular Stock Performance

TIGO stock traded up $0.10 during trading on Wednesday, reaching $37.14. The stock had a trading volume of 1,104,807 shares, compared to its average volume of 487,787. Millicom International Cellular has a 52 week low of $23.61 and a 52 week high of $38.92. The stock's 50 day moving average is $36.24 and its two-hundred day moving average is $30.79. The company has a current ratio of 0.76, a quick ratio of 0.74 and a debt-to-equity ratio of 1.65. The firm has a market cap of $6.39 billion, a PE ratio of 17.86 and a beta of 1.06.

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

Analysts Set New Price Targets

Several analysts recently issued reports on TIGO shares. Wall Street Zen cut Millicom International Cellular from a "strong-buy" rating to a "buy" rating in a research report on Friday, May 30th. UBS Group raised their price target on 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 Millicom International Cellular from a "sector outperform" rating to a "sector perform" rating and set a $37.00 target price for the company. in a research report on Tuesday, June 17th. JPMorgan Chase & Co. lifted their price target on Millicom International Cellular from $41.00 to $50.00 and gave the company an "overweight" rating in a report on Tuesday, May 27th. Finally, Barclays cut their price target on Millicom International Cellular from $310.00 to $36.00 and set an "equal weight" rating on the stock in a report on Thursday, April 3rd. Three equities 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. Based on data from MarketBeat, Millicom International Cellular presently has a consensus rating of "Moderate Buy" and an average target price of $38.08.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. AQR Capital Management LLC grew its stake in Millicom International Cellular by 5.0% during the 1st quarter. AQR Capital Management LLC now owns 9,587 shares of the technology company's stock valued at $290,000 after purchasing an additional 453 shares during the last quarter. Acadian Asset Management LLC acquired a new position in shares of Millicom International Cellular during the first quarter valued at approximately $819,000. Jane Street Group LLC acquired a new position in shares of Millicom International Cellular during the first quarter valued at approximately $928,000. Royal Bank of Canada raised its holdings in shares of Millicom International Cellular by 48.1% during the first quarter. Royal Bank of Canada now owns 46,183 shares of the technology company's stock valued at $1,398,000 after acquiring an additional 14,990 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Millicom International Cellular during the first quarter valued at approximately $2,188,000.

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.