Millicom International Cellular (NASDAQ:TIGO) Reaches New 52-Week High After Dividend Announcement

Millicom International Cellular S.A. (NASDAQ:TIGO)’s share price hit a new 52-week high on Thursday following a dividend announcement from the company. The company traded as high as $31.63 and last traded at $31.22, with a volume of 912344 shares traded. The stock had previously closed at $31.13.

The newly announced dividend which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 8th will be given a dividend of $0.75 per share. The ex-dividend date of this dividend is Tuesday, April 8th. This represents a dividend yield of 3.9%. Millicom International Cellular’s dividend payout ratio is currently 202.70%.

Wall Street Analyst Weigh In

Several research firms have issued reports on TIGO. JPMorgan Chase & Co. dropped their target price on Millicom International Cellular from $36.00 to $33.00 and set an “overweight” rating on the stock in a research report on Thursday, January 16th. HSBC upgraded Millicom International Cellular from a “hold” rating to a “buy” rating and set a $34.00 target price on the stock in a research report on Wednesday, January 22nd. Scotiabank increased their price objective on Millicom International Cellular from $37.30 to $37.90 and gave the stock a “sector outperform” rating in a research report on Friday, February 28th. Morgan Stanley initiated coverage on Millicom International Cellular in a research report on Wednesday, January 29th. They issued an “equal weight” rating and a $32.00 price objective on the stock. Finally, Hsbc Global Res upgraded Millicom International Cellular from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, January 22nd. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $33.98.

Millicom International Cellular Stock Up 0.3 %

The company has a quick ratio of 0.64, a current ratio of 0.66 and a debt-to-equity ratio of 1.59. The company has a market cap of $5.37 billion, a PE ratio of 33.21 and a beta of 1.23. The stock has a 50-day moving average of $27.34 and a 200-day moving average of $26.66.

Institutional Investors Weigh In On Millicom International Cellular

A number of institutional investors and hedge funds have recently made changes to their positions in TIGO. Charles Schwab Investment Management Inc. raised its position in Millicom International Cellular by 95.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 108,047 shares of the technology company’s stock valued at $2,930,000 after purchasing an additional 52,638 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in Millicom International Cellular during the third quarter valued at about $168,000. Point72 Asset Management L.P. purchased a new stake in Millicom International Cellular during the third quarter valued at about $87,000. Quantinno Capital Management LP purchased a new stake in Millicom International Cellular during the third quarter valued at about $261,000. Finally, State Street Corp purchased a new stake in Millicom International Cellular during the third quarter valued at about $231,000.

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.