Millicom International Cellular (NASDAQ:TIGO) Upgraded to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Millicom International Cellular (NASDAQ:TIGO) from a hold rating to a strong-buy rating in a report released on Tuesday morning,Zacks reports.

A number of other brokerages have also recently issued reports on TIGO. Royal Bank Of Canada set a $105.00 price objective on Millicom International Cellular in a research note on Tuesday, August 18th. Weiss Ratings cut shares of Millicom International Cellular from a “buy (a-)” rating to a “buy (b)” rating in a research note on Friday, August 21st. JPMorgan Chase & Co. restated a “neutral” rating and set a $105.00 target price (up from $100.00) on shares of Millicom International Cellular in a report on Tuesday, August 18th. UBS Group upped their price target on shares of Millicom International Cellular from $90.00 to $100.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 14th. Finally, Scotiabank increased their price target on shares of Millicom International Cellular from $52.40 to $60.10 and gave the company a “sector underperform” rating in a research note on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $85.68.

Millicom International Cellular Stock Performance

TIGO opened at $90.77 on Tuesday. Millicom International Cellular has a 52-week low of $44.88 and a 52-week high of $107.13. The firm has a market capitalization of $15.34 billion, a PE ratio of 22.92 and a beta of 0.93. The company has a debt-to-equity ratio of 3.07, a quick ratio of 0.51 and a current ratio of 0.53. The business’s 50-day simple moving average is $93.57 and its 200 day simple moving average is $88.61.

Millicom International Cellular Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 15th. Shareholders of record on Friday, January 8th will be paid a $0.75 dividend. The ex-dividend date is Friday, January 8th. This represents a $3.00 annualized dividend and a yield of 3.3%. Millicom International Cellular’s dividend payout ratio is currently 75.76%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in TIGO. Cullen Capital Management LLC bought a new stake in Millicom International Cellular in the 2nd quarter valued at $71,258,000. Bank of New York Mellon Corp bought a new position in Millicom International Cellular during the second quarter worth $45,791,000. Renaissance Technologies LLC increased its holdings in shares of Millicom International Cellular by 18.9% in the first quarter. Renaissance Technologies LLC now owns 549,792 shares of the technology company’s stock valued at $41,201,000 after purchasing an additional 87,400 shares during the last quarter. Sei Investments Co. increased its holdings in shares of Millicom International Cellular by 31.7% in the first quarter. Sei Investments Co. now owns 546,999 shares of the technology company’s stock valued at $40,990,000 after purchasing an additional 131,580 shares during the last quarter. Finally, Amundi raised its position in shares of Millicom International Cellular by 120.8% in the first quarter. Amundi now owns 529,936 shares of the technology company’s stock valued at $39,713,000 after purchasing an additional 289,913 shares during the period.

About Millicom International Cellular

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.