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

Millicom International Cellular S.A. (NASDAQ:TIGO) shares traded up 3.4% on Thursday following a dividend announcement from the company. The stock traded as high as $30.54 and last traded at $30.53. 969,825 shares traded hands 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. Investors of record on Tuesday, April 8th will be issued a dividend of $0.75 per share. The ex-dividend date of this dividend is Tuesday, April 8th. This represents a yield of 3.9%. Millicom International Cellular’s dividend payout ratio (DPR) is currently 202.70%.

Wall Street Analyst Weigh In

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

Millicom International Cellular Stock Performance

The company has a current ratio of 0.66, a quick ratio of 0.64 and a debt-to-equity ratio of 1.59. The firm has a 50-day moving average of $28.13 and a 200-day moving average of $26.91. The stock has a market capitalization 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

A number of institutional investors have recently added to or reduced their stakes in the stock. Vident Advisory LLC boosted its stake in Millicom International Cellular by 24.7% during the 4th quarter. Vident Advisory LLC now owns 10,440 shares of the technology company’s stock worth $261,000 after purchasing an additional 2,071 shares during the last quarter. Squarepoint Ops LLC purchased a new position in shares of Millicom International Cellular in the fourth quarter valued at approximately $1,319,000. Two Sigma Advisers LP acquired a new position in shares of Millicom International Cellular in the fourth quarter worth $988,000. Two Sigma Investments LP raised its position in Millicom International Cellular by 229.3% in the 4th quarter. Two Sigma Investments LP now owns 57,113 shares of the technology company’s stock valued at $1,428,000 after purchasing an additional 39,771 shares in the last quarter. Finally, State of Wyoming purchased a new position in Millicom International Cellular in the fourth quarter worth approximately $49,000.

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.