The Manufacturers Life Insurance Company Purchases 6,153 Shares of MercadoLibre, Inc. (NASDAQ:MELI)

The Manufacturers Life Insurance Company lifted its position in MercadoLibre, Inc. (NASDAQ:MELI) by 26.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,194 shares of the company’s stock after buying an additional 6,153 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.06% of MercadoLibre worth $47,978,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. MBB Public Markets I LLC lifted its holdings in MercadoLibre by 1,134.5% during the 2nd quarter. MBB Public Markets I LLC now owns 3,222 shares of the company’s stock valued at $5,295,000 after purchasing an additional 2,961 shares during the last quarter. Deerfield Management Company L.P. Series C acquired a new stake in MercadoLibre during the 2nd quarter valued at $378,000. Dorsal Capital Management LP lifted its holdings in MercadoLibre by 25.0% during the 2nd quarter. Dorsal Capital Management LP now owns 87,500 shares of the company’s stock valued at $143,798,000 after purchasing an additional 17,500 shares during the last quarter. Duquesne Family Office LLC acquired a new stake in shares of MercadoLibre during the second quarter worth $59,973,000. Finally, AXA S.A. lifted its holdings in shares of MercadoLibre by 17.9% during the second quarter. AXA S.A. now owns 42,322 shares of the company’s stock worth $69,552,000 after buying an additional 6,419 shares in the last quarter. 87.62% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

MELI has been the subject of a number of research reports. JPMorgan Chase & Co. lifted their target price on MercadoLibre from $2,150.00 to $2,400.00 and gave the stock an “overweight” rating in a report on Tuesday, August 6th. Cantor Fitzgerald reissued an “overweight” rating and set a $2,530.00 target price on shares of MercadoLibre in a report on Monday, September 23rd. BTIG Research lifted their target price on MercadoLibre from $2,025.00 to $2,250.00 and gave the stock a “buy” rating in a report on Wednesday, August 21st. Citigroup lifted their target price on MercadoLibre from $2,000.00 to $2,200.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Finally, Barclays lifted their target price on MercadoLibre from $2,000.00 to $2,100.00 and gave the stock an “overweight” rating in a report on Tuesday, August 6th. Two research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $2,217.50.

MercadoLibre Price Performance

Shares of NASDAQ:MELI opened at $2,064.71 on Monday. The stock’s 50 day moving average is $1,941.21 and its 200-day moving average is $1,712.60. MercadoLibre, Inc. has a twelve month low of $1,141.04 and a twelve month high of $2,161.73. The firm has a market capitalization of $104.67 billion, a price-to-earnings ratio of 92.38, a PEG ratio of 1.34 and a beta of 1.61. The company has a quick ratio of 1.26, a current ratio of 1.28 and a debt-to-equity ratio of 0.67.

MercadoLibre (NASDAQ:MELI) last announced its quarterly earnings results on Thursday, August 1st. The company reported $10.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.53 by $1.95. MercadoLibre had a return on equity of 43.52% and a net margin of 8.03%. The business had revenue of $5.07 billion during the quarter, compared to the consensus estimate of $4.64 billion. During the same quarter in the prior year, the company posted $5.16 earnings per share. MercadoLibre’s revenue was up 41.5% compared to the same quarter last year. Sell-side analysts forecast that MercadoLibre, Inc. will post 35.79 EPS for the current fiscal year.

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.