Westpac Banking Corp Lowers Stake in MercadoLibre, Inc. (NASDAQ:MELI)

Key Points

• Westpac Banking Corp reduced its stake in MercadoLibre, Inc. by 11.3%, holding shares worth approximately $3.72 million after selling 243 shares.
• MercadoLibre reported quarterly earnings of $10.31 EPS, missing the consensus estimate of $12.01, with revenues of $6.79 billion, a 33.8% year-over-year increase.
• Institutional investors currently own 87.62% of MercadoLibre's stock, with analyst ratings reflecting a consensus of "Moderate Buy" and an average price target of $2,795.00.

Westpac Banking Corp decreased its position in shares of MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 11.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,908 shares of the company's stock after selling 243 shares during the period. Westpac Banking Corp's holdings in MercadoLibre were worth $3,722,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Capital Research Global Investors raised its stake in MercadoLibre by 8.0% during the 4th quarter. Capital Research Global Investors now owns 2,415,815 shares of the company's stock worth $4,108,079,000 after acquiring an additional 179,807 shares during the period. Capital International Investors raised its position in shares of MercadoLibre by 38.7% during the fourth quarter. Capital International Investors now owns 1,687,114 shares of the company's stock valued at $2,868,869,000 after buying an additional 470,829 shares during the last quarter. Capital World Investors raised its position in shares of MercadoLibre by 24.5% during the fourth quarter. Capital World Investors now owns 1,568,602 shares of the company's stock valued at $2,667,386,000 after buying an additional 308,973 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of MercadoLibre by 41.0% during 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 buying an additional 405,425 shares during the last quarter. Finally, Jennison Associates LLC raised its position in shares of MercadoLibre by 1.6% during the first quarter. Jennison Associates LLC now owns 1,154,116 shares of the company's stock valued at $2,251,531,000 after buying an additional 18,731 shares during the last quarter. Institutional investors own 87.62% of the company's stock.

MercadoLibre Trading Down 1.0%

NASDAQ MELI traded down $23.53 on Wednesday, hitting $2,327.30. 313,716 shares of the stock were exchanged, compared to its average volume of 358,235. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.18 and a current ratio of 1.20. The stock has a fifty day moving average price of $2,421.61 and a two-hundred day moving average price of $2,252.11. The firm has a market capitalization of $117.99 billion, a P/E ratio of 57.48, a P/E/G ratio of 1.49 and a beta of 1.46. MercadoLibre, Inc. has a 52-week low of $1,646.00 and a 52-week high of $2,645.22.

MercadoLibre (NASDAQ:MELI - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The company reported $10.31 EPS for the quarter, missing the consensus estimate of $12.01 by ($1.70). The firm had revenue of $6.79 billion for the quarter, compared to analysts' expectations of $6.57 billion. MercadoLibre had a return on equity of 43.06% and a net margin of 8.52%. The firm's quarterly revenue was up 33.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $10.48 earnings per share. Research analysts forecast that MercadoLibre, Inc. will post 43.96 EPS for the current fiscal year.

Analysts Set New Price Targets

MELI has been the topic of several recent analyst reports. Wedbush reduced their price objective on shares of MercadoLibre from $2,800.00 to $2,700.00 and set an "outperform" rating on the stock in a research report on Tuesday, August 5th. UBS Group set a $3,000.00 price objective on shares of MercadoLibre in a research report on Monday, June 2nd. The Goldman Sachs Group lifted their price objective on shares of MercadoLibre from $2,640.00 to $3,000.00 and gave the company a "buy" rating in a research report on Wednesday, May 14th. JPMorgan Chase & Co. lifted their price objective on shares of MercadoLibre from $2,600.00 to $2,700.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. Finally, Raymond James Financial restated a "strong-buy" rating and issued a $2,750.00 price target on shares of MercadoLibre in a research report on Tuesday, August 5th. Three investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $2,795.00.

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.