Corebridge Financial Inc. Cuts Stake in MercadoLibre, Inc. $MELI

Key Points

• Corebridge Financial Inc. decreased its stake in MercadoLibre, Inc. by 3.1%, selling 103 shares and reducing its holdings to 3,194 shares valued at approximately $6.23 million.
• Institutions own about 87.62% of MercadoLibre's stock, with firms like Meiji Yasuda Life Insurance Co., Formidable Asset Management LLC, and Beacon Capital Management LLC all increasing their stakes recently.
• MercadoLibre's latest quarterly earnings report showed revenue of $6.79 billion, surpassing estimates, but the EPS of $10.31 fell short of the analysts' expectations of $12.01.

Corebridge Financial Inc. lowered its position in MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 3.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,194 shares of the company's stock after selling 103 shares during the period. Corebridge Financial Inc.'s holdings in MercadoLibre were worth $6,231,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Jennison Associates LLC grew its holdings in shares of MercadoLibre by 1.6% in the 1st quarter. Jennison Associates LLC now owns 1,154,116 shares of the company's stock worth $2,251,531,000 after acquiring an additional 18,731 shares during the period. Invesco Ltd. grew its holdings in MercadoLibre by 22.4% during the 1st quarter. Invesco Ltd. now owns 570,967 shares of the company's stock valued at $1,113,881,000 after buying an additional 104,554 shares during the last quarter. GQG Partners LLC grew its holdings in MercadoLibre by 23.5% during the 1st quarter. GQG Partners LLC now owns 461,875 shares of the company's stock valued at $901,058,000 after buying an additional 87,912 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in MercadoLibre by 14.6% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 454,150 shares of the company's stock valued at $772,255,000 after buying an additional 57,806 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in MercadoLibre by 18.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 450,444 shares of the company's stock valued at $878,757,000 after buying an additional 70,834 shares during the last quarter. Institutional investors and hedge funds own 87.62% of the company's stock.

MercadoLibre Trading Up 0.0%

MercadoLibre stock traded up $0.62 during midday trading on Monday, reaching $2,472.91. The stock had a trading volume of 292,481 shares, compared to its average volume of 386,617. MercadoLibre, Inc. has a twelve month low of $1,646.00 and a twelve month high of $2,645.22. The stock has a market capitalization of $125.38 billion, a PE ratio of 61.07, a price-to-earnings-growth ratio of 1.61 and a beta of 1.49. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.18 and a current ratio of 1.20. The stock's 50-day simple moving average is $2,414.10 and its 200 day simple moving average is $2,294.36.

MercadoLibre (NASDAQ:MELI - Get Free Report) last issued its earnings results on Monday, August 4th. The company reported $10.31 earnings per share for the quarter, missing analysts' consensus estimates of $12.01 by ($1.70). MercadoLibre had a net margin of 8.52% and a return on equity of 43.06%. The firm had revenue of $6.79 billion during the quarter, compared to analyst estimates of $6.57 billion. During the same quarter in the previous year, the business posted $10.48 EPS. MercadoLibre's revenue was up 33.8% compared to the same quarter last year. Analysts expect that MercadoLibre, Inc. will post 43.96 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on MELI shares. The Goldman Sachs Group increased their target price on MercadoLibre from $2,640.00 to $3,000.00 and gave the company a "buy" rating in a report on Wednesday, May 14th. Cantor Fitzgerald reiterated an "overweight" rating and set a $2,700.00 target price on shares of MercadoLibre in a report on Tuesday, August 5th. Raymond James Financial reissued a "strong-buy" rating and set a $2,750.00 price target on shares of MercadoLibre in a research note on Tuesday, August 5th. UBS Group set a $3,000.00 price target on MercadoLibre in a research note on Monday, June 2nd. Finally, Daiwa Capital Markets started coverage on MercadoLibre in a research note on Friday, August 1st. They set a "buy" rating and a $3,000.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, MercadoLibre has a consensus rating of "Moderate Buy" and an average price target of $2,817.22.

MercadoLibre Profile

MercadoLibre, Inc operates online commerce platforms in the United States. It operates Mercado Libre Marketplace, an automated online commerce platform that enables businesses, merchants, and individuals to list merchandise and conduct sales and purchases digitally; and Mercado Pago FinTech platform, a financial technology solution platform, which facilitates transactions on and off its marketplaces by providing a mechanism that allows its users to send and receive payments online, as well as allows users to transfer money through their websites or on the apps.