Millicom International Cellular (NASDAQ:TIGO) Shares Down 4.9% - Here's Why

Key Points

• Millicom shares fell 4.9% to about $83.67, trading at just 4% of the stock’s average daily volume.
• Analyst sentiment remains generally positive, with an average “Moderate Buy” rating and an $85.68 price target; recent targets from UBS, JPMorgan, and RBC range from $100 to $105.
• The company declared a quarterly dividend of $0.75, equivalent to $3.00 annually and a 3.6% yield, while several institutional investors recently established or increased positions.

Millicom International Cellular SA (NASDAQ:TIGO - Get Free Report) shares were down 4.9% on Friday. The company traded as low as $85.59 and last traded at $83.6710. 54,015 shares changed hands during trading, a decline of 96% from the average session volume of 1,394,041 shares. The stock had previously closed at $87.95.

Analyst Ratings Changes

A number of equities analysts recently issued reports on TIGO shares. UBS Group raised their target price on Millicom International Cellular from $90.00 to $100.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 14th. Royal Bank Of Canada set a $105.00 price objective on Millicom International Cellular in a report on Tuesday, August 18th. Scotiabank raised their price objective on Millicom International Cellular from $52.40 to $60.10 and gave the stock a "sector underperform" rating in a research note on Friday, August 7th. Zacks Research raised Millicom International Cellular from a "hold" rating to a "strong-buy" rating in a report on Tuesday. Finally, JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $105.00 target price (up from $100.00) on shares of Millicom International Cellular in a research report on Tuesday, August 18th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Millicom International Cellular has an average rating of "Moderate Buy" and an average price target of $85.68.

Millicom International Cellular Price Performance

The company has a debt-to-equity ratio of 3.07, a current ratio of 0.53 and a quick ratio of 0.51. The stock has a fifty day simple moving average of $93.43 and a 200-day simple moving average of $88.72. The company has a market capitalization of $13.94 billion, a price-to-earnings ratio of 20.81 and a beta of 0.93.

Millicom International Cellular Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 15th. Investors of record on Friday, January 8th will be paid a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Friday, January 8th. Millicom International Cellular's payout ratio is currently 75.76%.

Institutional Trading of Millicom International Cellular

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TIGO. Cullen Capital Management LLC purchased a new stake in shares of Millicom International Cellular in the second quarter valued at approximately $71,258,000. Bank of New York Mellon Corp purchased a new position in shares of Millicom International Cellular during the 2nd quarter valued at approximately $45,791,000. Public Employees Retirement System of Ohio acquired a new stake in Millicom International Cellular in the 2nd quarter valued at $33,503,000. Amundi grew its stake in Millicom International Cellular by 120.8% in the 1st quarter. Amundi now owns 529,936 shares of the technology company's stock valued at $39,713,000 after acquiring an additional 289,913 shares during the period. Finally, Lee Danner & Bass Inc. purchased a new stake in Millicom International Cellular in the 1st quarter worth $18,210,000.

Millicom International Cellular Company Profile

Millicom International Cellular SA is a telecommunications and digital services company that operates under the Tigo brand. The company provides mobile voice and data services, fixed broadband, pay television, and other connectivity solutions to consumers and businesses in Latin America.

Millicom also offers digital financial services, including mobile money and payment products through Tigo Money in selected markets. Its business-to-business operations provide connectivity, cloud, cybersecurity, data center, and digital solutions to enterprises, governments, and other organizations.

Founded in 1990, Millicom has developed a telecommunications presence across Latin America, serving markets including Bolivia, Colombia, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama, and Paraguay.

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