Royal Bank of Canada Has $768.73 Million Stock Position in MercadoLibre, Inc. $MELI

Key Points

• Royal Bank of Canada more than doubled its MercadoLibre stake in the first quarter, adding 237,008 shares to own 444,603 shares valued at approximately $768.7 million, or 0.88% of the company.
• Institutional investors and hedge funds own 87.62% of MercadoLibre, while analysts maintain a “Moderate Buy” consensus with an average price target of $2,258.67.
• MercadoLibre’s latest quarterly revenue rose 49% year over year to $8.85 billion, beating estimates, though earnings per share of $8.23 fell short of the $8.75 consensus.

Royal Bank of Canada lifted its holdings in shares of MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 114.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 444,603 shares of the company's stock after acquiring an additional 237,008 shares during the period. Royal Bank of Canada owned approximately 0.88% of MercadoLibre worth $768,728,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in MELI. Brown Advisory Inc. raised its stake in shares of MercadoLibre by 2,494.9% during the 4th quarter. Brown Advisory Inc. now owns 15,362 shares of the company's stock worth $30,943,000 after purchasing an additional 14,770 shares during the period. Thompson Siegel & Walmsley LLC grew its position in MercadoLibre by 238.3% during the fourth quarter. Thompson Siegel & Walmsley LLC now owns 2,030 shares of the company's stock valued at $4,089,000 after buying an additional 1,430 shares during the period. TIAA Trust National Association grew its position in MercadoLibre by 10.9% during the fourth quarter. TIAA Trust National Association now owns 11,011 shares of the company's stock valued at $22,179,000 after buying an additional 1,083 shares during the period. Deepwater Asset Management LLC increased its holdings in MercadoLibre by 38.6% during the fourth quarter. Deepwater Asset Management LLC now owns 7,765 shares of the company's stock worth $15,641,000 after buying an additional 2,164 shares during the last quarter. Finally, Employees Retirement System of Texas increased its holdings in MercadoLibre by 18.2% during the fourth quarter. Employees Retirement System of Texas now owns 40,184 shares of the company's stock worth $80,941,000 after buying an additional 6,200 shares during the last quarter. Institutional investors and hedge funds own 87.62% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Raymond James Financial set a $2,000.00 target price on shares of MercadoLibre in a research note on Friday, May 8th. Morgan Stanley decreased their price target on shares of MercadoLibre from $2,600.00 to $2,450.00 and set an "overweight" rating for the company in a research note on Monday, May 11th. JPMorgan Chase & Co. lowered their price target on shares of MercadoLibre from $2,100.00 to $1,900.00 and set a "neutral" rating on the stock in a report on Wednesday, May 13th. UBS Group dropped their price objective on MercadoLibre from $2,050.00 to $1,750.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 13th. Finally, BTIG Research reissued a "buy" rating and issued a $2,150.00 target price on shares of MercadoLibre in a research report on Tuesday, June 2nd. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $2,258.67.

MercadoLibre Stock Performance

NASDAQ:MELI opened at $1,862.52 on Wednesday. The business's fifty day moving average is $1,715.97 and its 200 day moving average is $1,808.77. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.14 and a current ratio of 1.16. MercadoLibre, Inc. has a 52-week low of $1,495.00 and a 52-week high of $2,548.50. The firm has a market cap of $94.43 billion, a price-to-earnings ratio of 49.16, a PEG ratio of 1.12 and a beta of 1.35.

MercadoLibre (NASDAQ:MELI - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported $8.23 EPS for the quarter, missing the consensus estimate of $8.75 by ($0.52). MercadoLibre had a net margin of 6.04% and a return on equity of 29.58%. The firm had revenue of $8.85 billion during the quarter, compared to the consensus estimate of $8.29 billion. During the same period in the previous year, the business earned $9.74 earnings per share. The firm's revenue for the quarter was up 49.0% on a year-over-year basis. Research analysts predict that MercadoLibre, Inc. will post 41 EPS for the current year.

Insider Buying and Selling

In related news, Director Alejandro Nicolas Aguzin purchased 600 shares of the firm's stock in a transaction dated Friday, May 22nd. The shares were purchased at an average price of $1,655.93 per share, with a total value of $993,558.00. Following the acquisition, the director directly owned 5,355 shares of the company's stock, valued at approximately $8,867,505.15. This represents a 12.62% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.26% of the stock is currently owned by corporate insiders.

MercadoLibre Company Profile

MercadoLibre, Inc operates an integrated e-commerce and fintech ecosystem serving consumers and businesses across Latin America. The company provides an online marketplace that connects buyers and sellers for a wide range of goods and services, supported by tools for merchants, advertising, and classifieds. Over time MercadoLibre has expanded beyond its marketplace roots into complementary areas that support digital commerce end to end.

Key offerings include its marketplace platform and a suite of logistics and payment services.

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