Millicom International Cellular (NASDAQ:TIGO) Stock Price Up 3.4% Following Analyst Upgrade

Millicom International Cellular S.A. (NASDAQ:TIGO - Get Free Report)'s share price shot up 3.4% during mid-day trading on Thursday after JPMorgan Chase & Co. raised their price target on the stock from $33.00 to $41.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Millicom International Cellular traded as high as $30.54 and last traded at $30.53. 969,825 shares changed hands during trading, an increase of 269% from the average session volume of 263,077 shares. The stock had previously closed at $29.53.

Other equities analysts have also issued research reports about the stock. Hsbc Global Res raised shares of Millicom International Cellular from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, January 22nd. Scotiabank upped their price objective on Millicom International Cellular from $37.30 to $37.90 and gave the company a "sector outperform" rating in a research note on Friday, February 28th. Morgan Stanley started coverage on shares of Millicom International Cellular in a research note on Wednesday, January 29th. They set an "equal weight" rating and a $32.00 target price for the company. Finally, HSBC upgraded Millicom International Cellular from a "hold" rating to a "buy" rating and set a $34.00 price objective for the company in a report on Wednesday, January 22nd. Two equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $35.65.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in TIGO. State of Wyoming acquired a new position in shares of Millicom International Cellular during the 4th quarter worth approximately $49,000. National Bank of Canada FI bought a new stake in Millicom International Cellular in the 3rd quarter valued at about $76,000. Point72 Asset Management L.P. bought a new stake in Millicom International Cellular during the 3rd quarter worth approximately $87,000. Blue Trust Inc. boosted its holdings in Millicom International Cellular by 69.5% during the fourth quarter. Blue Trust Inc. now owns 3,767 shares of the technology company's stock worth $102,000 after purchasing an additional 1,544 shares during the last quarter. Finally, Wells Fargo & Company MN increased its position in shares of Millicom International Cellular by 72.4% during the 4th quarter. Wells Fargo & Company MN now owns 4,892 shares of the technology company's stock valued at $122,000 after purchasing an additional 2,055 shares during the last quarter.

Millicom International Cellular Trading Down 3.5 %

The firm has a fifty day moving average of $28.22 and a two-hundred day moving average of $26.95. 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 company has a market cap of $4.64 billion, a PE ratio of 28.67 and a beta of 0.90.

Millicom International Cellular Dividend Announcement

The firm also recently disclosed an annual dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 8th will be issued a $0.75 dividend. 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 currently 202.70%.

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.