Sumitomo Mitsui Trust Group Inc. Sells 5,747 Shares of MercadoLibre, Inc. $MELI

Key Points

• Sumitomo Mitsui Trust Group trimmed its MercadoLibre stake by 3.0% in the first quarter, selling 5,747 shares and leaving it with 187,916 shares valued at about $324.9 million.
• MercadoLibre’s latest quarterly results showed revenue growth of 49% year over year to $8.85 billion, but EPS missed Wall Street expectations at $8.23 versus $8.75 expected.
• Analyst sentiment remains mixed: the stock has a Moderate Buy consensus with an average price target of $2,255.33, though several firms recently cut targets or downgraded the shares.

Sumitomo Mitsui Trust Group Inc. lessened its position in MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 3.0% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 187,916 shares of the company's stock after selling 5,747 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.37% of MercadoLibre worth $324,911,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Laurel Wealth Advisors LLC acquired a new stake in MercadoLibre in the 4th quarter valued at $26,000. Transamerica Financial Advisors LLC acquired a new position in MercadoLibre during the fourth quarter worth $26,000. Purpose Unlimited Inc. acquired a new position in MercadoLibre during the fourth quarter worth $28,000. Darwin Wealth Management LLC bought a new position in shares of MercadoLibre in the second quarter valued at $29,000. Finally, Curio Wealth LLC bought a new position in shares of MercadoLibre in the fourth quarter valued at $30,000. Institutional investors own 87.62% of the company's stock.

MercadoLibre Stock Performance

NASDAQ MELI opened at $1,809.38 on Thursday. MercadoLibre, Inc. has a 1 year low of $1,495.00 and a 1 year high of $2,548.50. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.16 and a quick ratio of 1.14. The firm has a market cap of $91.74 billion, a price-to-earnings ratio of 47.75, a PEG ratio of 1.12 and a beta of 1.35. The company has a fifty day moving average price of $1,673.87 and a 200-day moving average price of $1,828.99.

MercadoLibre (NASDAQ:MELI - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The company reported $8.23 earnings per share for the quarter, missing analysts' consensus estimates 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 for 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. As a group, equities research analysts predict that MercadoLibre, Inc. will post 40.97 EPS for the current fiscal year.

Analysts Set New Price Targets

MELI has been the subject of a number of analyst reports. Weiss Ratings reiterated a "hold (c)" rating on shares of MercadoLibre in a report on Thursday, July 2nd. JPMorgan Chase & Co. dropped 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 research report on Wednesday, May 13th. Zacks Research downgraded MercadoLibre from a "hold" rating to a "strong sell" rating in a research note on Wednesday, April 22nd. Scotiabank decreased their price objective on MercadoLibre from $3,500.00 to $2,800.00 and set a "sector outperform" rating for the company in a report on Thursday, May 7th. Finally, UBS Group lowered their price objective on MercadoLibre from $2,050.00 to $1,750.00 and set a "neutral" rating for the company in a research note on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, MercadoLibre has a consensus rating of "Moderate Buy" and an average price target of $2,255.33.

Insider Buying and Selling

In other news, Director Alejandro Nicolas Aguzin acquired 600 shares of the firm's stock in a transaction on Friday, May 22nd. The stock was purchased at an average price of $1,655.93 per share, for a total transaction of $993,558.00. Following the purchase, the director owned 5,355 shares in the company, valued at approximately $8,867,505.15. This represents a 12.62% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.26% of the company's stock.

MercadoLibre 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.

Want to see what other hedge funds are holding MELI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for MercadoLibre, Inc. (NASDAQ:MELI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.