Millicom International Cellular SA (NASDAQ:TIGO) Receives Consensus Recommendation of "Moderate Buy" from Brokerages

Key Points

• Analysts give Millicom a “Moderate Buy” consensus: Seven firms cover the stock, with three buys, one strong buy, two holds and one sell. The average 12-month price target is $80.82.
• Recent results exceeded expectations: Millicom reported quarterly earnings of $0.97 per share, topping the $0.89 consensus estimate, while revenue reached $1.99 billion in line with forecasts.
• Institutional interest increased, but an insider sold shares: Several funds opened positions during the second quarter, including Cullen Capital Management’s approximately $71.3 million stake. Insider Salvador Escalon sold 49,288 shares for about $4.36 million, reducing his holdings by nearly 23%.

Shares of Millicom International Cellular SA (NASDAQ:TIGO - Get Free Report) have earned an average recommendation of "Moderate Buy" from the seven ratings firms that are presently covering the company, MarketBeat reports. One analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, three have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $80.82.

Several research analysts recently weighed in on the company. Scotiabank increased their target price on Millicom International Cellular from $52.40 to $60.10 and gave the stock a "sector underperform" rating in a research report on Friday, August 7th. Weiss Ratings restated a "buy (a-)" rating on shares of Millicom International Cellular in a research note on Friday, August 7th. Wall Street Zen downgraded Millicom International Cellular from a "buy" rating to a "hold" rating in a report on Saturday, May 16th. JPMorgan Chase & Co. lifted their price objective on Millicom International Cellular from $86.00 to $100.00 and gave the company an "overweight" rating in a research note on Wednesday, May 20th. Finally, UBS Group boosted their target price on Millicom International Cellular from $90.00 to $100.00 and gave the stock a "neutral" rating in a report on Tuesday, July 14th.

Insider Activity at Millicom International Cellular

In other Millicom International Cellular news, insider Salvador Escalon sold 49,288 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $88.51, for a total value of $4,362,480.88. Following the completion of the sale, the insider owned 165,344 shares of the company's stock, valued at $14,634,597.44. This trade represents a 22.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last quarter, insiders sold 50,140 shares of company stock worth $4,425,461. Company insiders own 0.52% of the company's stock.

Hedge Funds Weigh In On Millicom International Cellular

Institutional investors and hedge funds have recently made changes to their positions in the business. Cullen Capital Management LLC bought a new stake in Millicom International Cellular in the second quarter valued at about $71,258,000. Great Lakes Advisors LLC bought a new position in Millicom International Cellular during the 2nd quarter worth approximately $228,000. Commerzbank Aktiengesellschaft FI bought a new position in Millicom International Cellular during the 2nd quarter worth approximately $1,569,000. Bank of New York Mellon Corp acquired a new position in shares of Millicom International Cellular in the 2nd quarter worth approximately $45,791,000. Finally, Assenagon Asset Management S.A. acquired a new position in shares of Millicom International Cellular in the 2nd quarter worth approximately $632,000.

Millicom International Cellular Stock Performance

NASDAQ TIGO opened at $94.23 on Friday. Millicom International Cellular has a fifty-two week low of $43.70 and a fifty-two week high of $107.13. The stock has a market cap of $15.92 billion, a price-to-earnings ratio of 23.80 and a beta of 0.91. The business has a fifty day moving average of $92.82 and a 200-day moving average of $81.64. The company has a quick ratio of 0.51, a current ratio of 0.53 and a debt-to-equity ratio of 3.07.

Millicom International Cellular (NASDAQ:TIGO - Get Free Report) last issued its quarterly earnings results on Tuesday, May 12th. The technology company reported $0.97 earnings per share for the quarter, topping analysts' consensus estimates of $0.89 by $0.08. The company had revenue of $1.99 billion for the quarter, compared to analyst estimates of $1.99 billion. Millicom International Cellular had a return on equity of 18.39% and a net margin of 9.19%. As a group, analysts predict that Millicom International Cellular will post 1.78 earnings per share for the current fiscal year.

About Millicom International Cellular

Millicom International Cellular SA, trading under the TIGO brand, is a Luxembourg‐headquartered telecommunications and media company that provides a range of mobile, cable broadband, digital television and enterprise services. Through its integrated infrastructure, the company delivers voice and data connectivity, high‐speed internet access and pay‐television packages to millions of customers, supported by ongoing investments in network coverage and capacity.

Established in 1990 by Swedish investor Jan Stenbeck, Millicom has grown into a multi‐regional operator focused primarily on Central and South America.

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