TD Asset Management Inc Lowers Stock Holdings in MercadoLibre, Inc. (NASDAQ:MELI)

Key Points

• TD Asset Management Inc reduced its stake in MercadoLibre, Inc. by 13.2%, now owning approximately 0.08% of the company, valued at around $76.66 million.
• MercadoLibre reported a 37.0% year-over-year increase in quarterly revenue, achieving $5.94 billion and beating consensus estimates significantly.
• Analysts have a Moderate Buy consensus rating for MercadoLibre, with a target price ranging up to $3,000.00 from firms like UBS and Goldman Sachs.

TD Asset Management Inc lowered its position in MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 13.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 39,297 shares of the company's stock after selling 5,954 shares during the period. TD Asset Management Inc owned approximately 0.08% of MercadoLibre worth $76,663,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Capital International Investors raised its stake 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 worth $2,868,869,000 after buying an additional 470,829 shares during the period. Price T Rowe Associates Inc. MD raised its stake 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 worth $2,370,848,000 after buying an additional 405,425 shares during the period. Capital World Investors raised its stake in shares of 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. Norges Bank acquired a new position in shares of MercadoLibre during the 4th quarter worth approximately $383,051,000. Finally, Capital Research Global Investors raised its stake in MercadoLibre by 8.0% in the 4th 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 during the last quarter. Hedge funds and other institutional investors own 87.62% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Scotiabank assumed coverage on MercadoLibre in a research note on Monday. They issued a "sector outperform" rating and a $3,500.00 price objective for the company. Benchmark downgraded MercadoLibre from a "buy" rating to a "cautious" rating in a research note on Thursday, May 1st. Morgan Stanley reissued an "overweight" rating on shares of MercadoLibre in a research note on Thursday, May 1st. Cantor Fitzgerald reduced their price objective on 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. Finally, Susquehanna reissued a "positive" rating and issued a $2,975.00 price objective (up from $2,840.00) on shares of MercadoLibre in a research note on Thursday, June 26th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $2,690.29.

MercadoLibre Trading Down 0.8%

Shares of NASDAQ MELI traded down $19.46 during mid-day trading on Thursday, reaching $2,361.93. 101,870 shares of the company's stock were exchanged, compared to its average volume of 388,287. The firm has a market capitalization of $119.75 billion, a price-to-earnings ratio of 58.09, a PEG ratio of 1.42 and a beta of 1.49. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.18 and a current ratio of 1.20. MercadoLibre, Inc. has a 52-week low of $1,579.78 and a 52-week high of $2,645.22. The company's 50-day moving average is $2,463.12 and its 200-day moving average is $2,215.13.

MercadoLibre (NASDAQ:MELI - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported $9.74 EPS for the quarter, beating analysts' consensus estimates of $7.82 by $1.92. MercadoLibre had a return on equity of 48.46% and a net margin of 9.21%. The company had revenue of $5.94 billion during the quarter, compared to analysts' expectations of $5.55 billion. During the same period last year, the business posted $6.78 EPS. MercadoLibre's revenue for the quarter was up 37.0% on a year-over-year basis. Analysts expect that MercadoLibre, Inc. will post 43.96 EPS for the current fiscal year.

MercadoLibre Company 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.