Millicom International Cellular (NASDAQ:TIGO) Stock Price Up 3.4% After Dividend Announcement

Millicom International Cellular S.A. (NASDAQ:TIGO)’s stock price shot up 3.4% on Thursday after the company announced a dividend. The stock traded as high as $30.54 and last traded at $30.53. 969,825 shares were traded during mid-day trading, an increase of 269% from the average session volume of 263,077 shares. The stock had previously closed at $29.53.

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. This represents a yield of 3.9%. The ex-dividend date of this dividend is Tuesday, April 8th. Millicom International Cellular’s dividend payout ratio (DPR) is 202.70%.

Wall Street Analysts Forecast Growth

TIGO has been the subject of several recent research reports. HSBC upgraded shares of Millicom International Cellular from a “hold” rating to a “buy” rating and set a $34.00 target price for the company in a research note on Wednesday, January 22nd. Barclays dropped their target price on shares of Millicom International Cellular from $310.00 to $36.00 and set an “equal weight” rating for the company in a report on Thursday. Morgan Stanley started coverage on shares of Millicom International Cellular in a research note on Wednesday, January 29th. They issued an “equal weight” rating and a $32.00 price objective on the stock. Hsbc Global Res upgraded Millicom International Cellular from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. upped their target price on Millicom International Cellular from $33.00 to $41.00 and gave the company an “overweight” rating in a research note on Thursday. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $35.65.

Millicom International Cellular Trading Up 3.5 %

The business has a 50 day moving average price of $28.13 and a 200-day moving average price of $26.91. 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 firm has a market cap of $5.26 billion, a price-to-earnings ratio of 32.48 and a beta of 1.23.

Institutional Investors Weigh In On Millicom International Cellular

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Perpetual Ltd bought a new stake in shares of Millicom International Cellular in the 4th quarter worth about $1,587,000. Brandes Investment Partners LP boosted its holdings in shares of Millicom International Cellular by 1.5% during the fourth quarter. Brandes Investment Partners LP now owns 4,574,255 shares of the technology company’s stock valued at $114,402,000 after acquiring an additional 68,061 shares during the period. Assetmark Inc. boosted its stake in Millicom International Cellular by 4,044.9% during the 4th quarter. Assetmark Inc. now owns 27,481 shares of the technology company’s stock valued at $687,000 after purchasing an additional 26,818 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Millicom International Cellular by 47.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 159,667 shares of the technology company’s stock worth $3,993,000 after purchasing an additional 51,620 shares in the last quarter. Finally, Magnetar Financial LLC bought a new stake in Millicom International Cellular during the fourth quarter worth approximately $474,000.

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.