The Manufacturers Life Insurance Company Has $30.84 Million Stake in MercadoLibre, Inc. $MELI

Key Points

• The Manufacturers Life Insurance Company cut its MercadoLibre stake by 4.4% in the second quarter, selling 846 shares and retaining 18,170 shares valued at approximately $30.84 million. Institutional investors and hedge funds collectively own 87.62% of MELI.
• MercadoLibre exceeded quarterly expectations, reporting $9.19 in EPS versus the $8.65 consensus and $10.17 billion in revenue versus $9.79 billion expected. Revenue increased 49.8% year over year.
• Analysts remain broadly positive, with 11 Buy ratings and six Holds producing a “Moderate Buy” consensus and an average price target of $2,272, above the reported share price of $1,897.37.

The Manufacturers Life Insurance Company reduced its position in MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 4.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 18,170 shares of the company's stock after selling 846 shares during the quarter. The Manufacturers Life Insurance Company's holdings in MercadoLibre were worth $30,840,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of MELI. Cornerstone Select Advisors LLC raised its stake in MercadoLibre by 2.9% during the fourth quarter. Cornerstone Select Advisors LLC now owns 176 shares of the company's stock worth $355,000 after buying an additional 5 shares during the last quarter. Mitchell Capital Management Co. boosted its position in MercadoLibre by 0.4% during the fourth quarter. Mitchell Capital Management Co. now owns 1,262 shares of the company's stock valued at $2,542,000 after acquiring an additional 5 shares during the last quarter. Strategic Advisors LLC grew its holdings in MercadoLibre by 0.4% during the 4th quarter. Strategic Advisors LLC now owns 1,273 shares of the company's stock worth $2,564,000 after acquiring an additional 5 shares during the period. Laird Norton Wetherby Wealth Management LLC grew its holdings in MercadoLibre by 2.0% during the 3rd quarter. Laird Norton Wetherby Wealth Management LLC now owns 259 shares of the company's stock worth $605,000 after acquiring an additional 5 shares during the period. Finally, Beese Fulmer Investment Management Inc. raised its position in shares of MercadoLibre by 2.7% in the 4th quarter. Beese Fulmer Investment Management Inc. now owns 229 shares of the company's stock worth $461,000 after acquiring an additional 6 shares in the last quarter. 87.62% of the stock is currently owned by institutional investors and hedge funds.

MercadoLibre Price Performance

Shares of NASDAQ MELI opened at $1,897.37 on Friday. The firm's 50-day moving average price is $1,878.13 and its 200-day moving average price is $1,768.31. MercadoLibre, Inc. has a 1-year low of $1,495.00 and a 1-year high of $2,548.50. The firm has a market capitalization of $96.20 billion, a P/E ratio of 51.60, a P/E/G ratio of 1.30 and a beta of 1.31. The company has a current ratio of 1.12, a quick ratio of 1.10 and a debt-to-equity ratio of 0.53.

MercadoLibre (NASDAQ:MELI - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported $9.19 EPS for the quarter, beating the consensus estimate of $8.65 by $0.54. The company had revenue of $10.17 billion during the quarter, compared to the consensus estimate of $9.79 billion. MercadoLibre had a return on equity of 26.54% and a net margin of 5.30%.The firm's revenue for the quarter was up 49.8% compared to the same quarter last year. During the same period last year, the business posted $10.31 EPS. Equities research analysts anticipate that MercadoLibre, Inc. will post 39.11 earnings per share for the current fiscal year.

Analyst Ratings Changes

MELI has been the topic of a number of recent analyst reports. BTIG Research reissued a "buy" rating and issued a $2,150.00 price objective on shares of MercadoLibre in a research note on Thursday, September 3rd. Cantor Fitzgerald raised their target price on MercadoLibre from $2,150.00 to $2,300.00 and gave the stock an "overweight" rating in a research note on Thursday, August 6th. JPMorgan Chase & Co. lifted their target price on MercadoLibre from $1,900.00 to $2,150.00 and gave the stock a "neutral" rating in a report on Tuesday, August 11th. Citigroup boosted their price target on MercadoLibre from $1,950.00 to $2,000.00 and gave the company a "neutral" rating in a research note on Wednesday, July 15th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of MercadoLibre in a report on Thursday, July 2nd. Eleven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat, MercadoLibre presently has an average rating of "Moderate Buy" and an average target price of $2,272.00.

About MercadoLibre

MercadoLibre, Inc is a technology company that operates an online commerce and financial services ecosystem across Latin America. Founded in 1999 by Marcos Galperin, the company began as an online marketplace and has expanded into a broad platform serving consumers, merchants and businesses.

Its marketplace enables users to buy and sell products across categories, while Mercado Pago provides digital payments, online checkout, money transfers and other financial services. The company also offers Mercado Envíos logistics and fulfillment services, Mercado Ads advertising solutions, and credit products through Mercado Crédito.

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.