AGF Management Ltd. Grows Position in MercadoLibre, Inc. (NASDAQ:MELI)

Key Points

• AGF Management Ltd. increased its stake in MercadoLibre, Inc. by 11.1% during the first quarter, owning approximately 0.12% of the company by the end of the reporting period.
• MercadoLibre reported a quarterly revenue of $6.79 billion, exceeding analyst estimates and showing a 33.8% increase compared to the same quarter last year, although its earnings per share missed expectations.
• Analysts' ratings for MercadoLibre are generally positive, with a consensus rating of "Moderate Buy" and an average target price of $2,795.00.

AGF Management Ltd. increased its position in MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 11.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 59,166 shares of the company's stock after acquiring an additional 5,924 shares during the quarter. AGF Management Ltd. owned about 0.12% of MercadoLibre worth $115,425,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Capital Research Global Investors lifted its position in MercadoLibre by 8.0% in 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 last quarter. Capital International Investors grew its stake in shares of MercadoLibre by 38.7% during the fourth quarter. Capital International Investors now owns 1,687,114 shares of the company's stock valued at $2,868,869,000 after buying an additional 470,829 shares during the last quarter. Capital World Investors boosted its stake in shares of MercadoLibre by 24.5% during the fourth quarter. Capital World Investors now owns 1,568,602 shares of the company's stock valued at $2,667,386,000 after purchasing an additional 308,973 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of MercadoLibre by 41.0% during the fourth 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 purchasing an additional 405,425 shares during the period. Finally, Jennison Associates LLC boosted its stake in shares of MercadoLibre by 1.6% during the first quarter. Jennison Associates LLC now owns 1,154,116 shares of the company's stock valued at $2,251,531,000 after purchasing an additional 18,731 shares during the period. 87.62% of the stock is currently owned by institutional investors.

MercadoLibre Stock Down 1.0%

MercadoLibre stock traded down $23.53 during mid-day trading on Wednesday, hitting $2,327.30. The company had a trading volume of 313,716 shares, compared to its average volume of 358,235. The company has a current ratio of 1.20, a quick ratio of 1.18 and a debt-to-equity ratio of 0.61. The stock's 50 day moving average price is $2,421.61 and its two-hundred day moving average price is $2,252.11. 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 $117.99 billion, a PE ratio of 57.48, a price-to-earnings-growth ratio of 1.49 and a beta of 1.46.

MercadoLibre (NASDAQ:MELI - Get Free Report) last announced its quarterly earnings data 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 return on equity of 43.06% and a net margin of 8.52%. The firm had revenue of $6.79 billion during the quarter, compared to analysts' expectations of $6.57 billion. During the same quarter in the previous year, the firm earned $10.48 earnings per share. MercadoLibre's revenue was up 33.8% on a year-over-year basis. As a group, sell-side analysts anticipate that MercadoLibre, Inc. will post 43.96 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently weighed in on MELI shares. Wall Street Zen lowered MercadoLibre from a "buy" rating to a "hold" rating in a research note on Sunday, June 22nd. Cantor Fitzgerald reissued an "overweight" rating and set a $2,700.00 price objective on shares of MercadoLibre in a research note on Tuesday, August 5th. Raymond James Financial reissued a "strong-buy" rating and set a $2,750.00 target price on shares of MercadoLibre in a research note on Tuesday, August 5th. Daiwa Capital Markets began coverage on MercadoLibre in a research note on Friday, August 1st. They set a "buy" rating and a $3,000.00 target price on the stock. Finally, Scotiabank began coverage on MercadoLibre in a research note on Monday, July 28th. They set a "sector outperform" rating and a $3,500.00 target price on the stock. Three investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, MercadoLibre currently has a consensus rating of "Moderate Buy" and a consensus price target of $2,795.00.

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.