Magellan Asset Management Ltd Sells 1,035 Shares of MercadoLibre, Inc. (NASDAQ:MELI)

Key Points

• Magellan Asset Management Ltd has decreased its stake in MercadoLibre, Inc. by 8.6%, now holding 10,981 shares valued at approximately $21.4 million.
• Several other institutional investors have increased their positions in MercadoLibre, contributing to overall institutional ownership of 87.62% of the company.
• Analysts have set a consensus price target of $2,795.00 for MercadoLibre, with multiple ratings indicating a general preference for the stock, including three "hold" ratings and fourteen "buy" ratings.

Magellan Asset Management Ltd decreased its holdings in MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 8.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 10,981 shares of the company's stock after selling 1,035 shares during the period. Magellan Asset Management Ltd's holdings in MercadoLibre were worth $21,423,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Capital International Investors boosted its holdings in shares of MercadoLibre by 38.7% during the 4th quarter. Capital International Investors now owns 1,687,114 shares of the company's stock valued at $2,868,869,000 after acquiring an additional 470,829 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of MercadoLibre by 41.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,394,255 shares of the company's stock valued at $2,370,848,000 after acquiring an additional 405,425 shares in the last quarter. Capital World Investors lifted its holdings in MercadoLibre by 24.5% during the 4th quarter. Capital World Investors now owns 1,568,602 shares of the company's stock worth $2,667,386,000 after buying an additional 308,973 shares during the period. Capital Research Global Investors lifted its holdings in MercadoLibre by 8.0% during the 4th quarter. Capital Research Global Investors now owns 2,415,815 shares of the company's stock worth $4,108,079,000 after buying an additional 179,807 shares during the period. Finally, Assenagon Asset Management S.A. lifted its holdings in MercadoLibre by 170.9% during the 1st quarter. Assenagon Asset Management S.A. now owns 274,960 shares of the company's stock worth $536,411,000 after buying an additional 173,449 shares during the period. Institutional investors own 87.62% of the company's stock.

Analyst Ratings Changes

Several research analysts have commented on MELI shares. Citigroup reaffirmed a "buy" rating on shares of MercadoLibre in a report on Friday, June 6th. Susquehanna reaffirmed a "positive" rating and set a $2,975.00 target price (up from $2,840.00) on shares of MercadoLibre in a report on Thursday, June 26th. JPMorgan Chase & Co. lifted their target price on MercadoLibre from $2,600.00 to $2,700.00 and gave the stock a "neutral" rating in a report on Thursday. Morgan Stanley reaffirmed an "overweight" rating on shares of MercadoLibre in a report on Thursday, May 1st. Finally, Wall Street Zen downgraded MercadoLibre from a "buy" rating to a "hold" rating in a report on Sunday, June 22nd. Three research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $2,795.00.

MercadoLibre Stock Down 2.6%

MercadoLibre stock traded down $61.66 during midday trading on Monday, reaching $2,292.04. The stock had a trading volume of 351,316 shares, compared to its average volume of 343,773. MercadoLibre, Inc. has a 12 month low of $1,646.00 and a 12 month high of $2,645.22. The company has a market capitalization of $116.21 billion, a P/E ratio of 56.61, a PEG ratio of 1.47 and a beta of 1.46. The company has a fifty day moving average price of $2,431.57 and a two-hundred day moving average price of $2,250.90. The company has a current ratio of 1.20, a quick ratio of 1.18 and a debt-to-equity ratio of 0.61.

MercadoLibre (NASDAQ:MELI - Get Free Report) last issued its earnings results on Monday, August 4th. The company reported $10.31 EPS 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 the consensus estimate of $6.57 billion. During the same period in the previous year, the firm earned $10.48 earnings per share. The business's quarterly revenue was up 33.8% on a year-over-year basis. As a group, equities analysts expect that MercadoLibre, Inc. will post 43.96 EPS for the current fiscal year.

About MercadoLibre

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.