Premier Fund Managers Ltd Sells 2,751 Shares of MercadoLibre, Inc. (NASDAQ:MELI)

Key Points

• Premier Fund Managers Ltd reduced its stake in MercadoLibre, Inc. by 38.3% in the first quarter, now holding 4,424 shares worth approximately $9 million.
• Several institutional investors increased their holdings, with notable stakes raised by Capital Research Global Investors and Price T Rowe Associates Inc., highlighting a trend of increased confidence in the stock.
• Brokerages have varied in their ratings, with a consensus rating of "Moderate Buy" and an average price target of around $2,690.29 for MercadoLibre's shares.

Premier Fund Managers Ltd cut its holdings in MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 38.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,424 shares of the company's stock after selling 2,751 shares during the quarter. Premier Fund Managers Ltd's holdings in MercadoLibre were worth $9,065,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Capital Research Global Investors grew its holdings in shares of MercadoLibre by 8.0% in the fourth quarter. Capital Research Global Investors now owns 2,415,815 shares of the company's stock valued at $4,108,079,000 after purchasing an additional 179,807 shares in the last quarter. Capital International Investors grew its holdings in shares of MercadoLibre by 38.7% in the fourth quarter. Capital International Investors now owns 1,687,114 shares of the company's stock valued at $2,868,869,000 after purchasing an additional 470,829 shares in the last quarter. Capital World Investors grew its holdings in shares of MercadoLibre by 24.5% in 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 in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of MercadoLibre by 41.0% in 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 in the last quarter. Finally, Jennison Associates LLC grew its holdings in shares of MercadoLibre by 1.6% in 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 in the last quarter. 87.62% of the stock is owned by hedge funds and other institutional investors.

MercadoLibre Stock Down 0.2%

Shares of MELI stock traded down $3.63 on Friday, hitting $2,370.27. The stock had a trading volume of 238,889 shares, compared to its average volume of 388,258. The company has a quick ratio of 1.18, a current ratio of 1.20 and a debt-to-equity ratio of 0.57. The business has a 50 day moving average price of $2,458.47 and a 200 day moving average price of $2,219.50. The company has a market cap of $120.17 billion, a PE ratio of 58.44, a P/E/G ratio of 1.42 and a beta of 1.49. MercadoLibre, Inc. has a one year low of $1,646.00 and a one year high of $2,645.22.

MercadoLibre (NASDAQ:MELI - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported $9.74 earnings per share for the quarter, beating the consensus estimate of $7.82 by $1.92. The firm had revenue of $5.94 billion during the quarter, compared to the consensus estimate of $5.55 billion. MercadoLibre had a return on equity of 48.46% and a net margin of 9.21%. The firm's quarterly revenue was up 37.0% on a year-over-year basis. During the same period in the previous year, the company posted $6.78 earnings per share. Research analysts anticipate that MercadoLibre, Inc. will post 43.96 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Citigroup reaffirmed a "buy" rating on shares of MercadoLibre in a research note on Friday, June 6th. Cantor Fitzgerald dropped their price objective on shares of MercadoLibre from $2,900.00 to $2,700.00 and set an "overweight" rating for the company in a research note on Wednesday, June 11th. Morgan Stanley reaffirmed an "overweight" rating on shares of MercadoLibre in a research note on Thursday, May 1st. Barclays dropped their price objective on shares of MercadoLibre from $3,100.00 to $3,000.00 and set an "overweight" rating for the company in a research note on Wednesday, July 23rd. Finally, Daiwa Capital Markets assumed coverage on shares of MercadoLibre in a research note on Friday. They set a "buy" rating and a $3,000.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $2,707.50.

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.