Coronation Fund Managers Ltd. Sells 5,884 Shares of MercadoLibre, Inc. (NASDAQ:MELI)

Coronation Fund Managers Ltd. cut its position in shares of MercadoLibre, Inc. (NASDAQ:MELI) by 9.9% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 53,295 shares of the company’s stock after selling 5,884 shares during the quarter. MercadoLibre accounts for about 3.9% of Coronation Fund Managers Ltd.’s portfolio, making the stock its 4th biggest holding. Coronation Fund Managers Ltd. owned about 0.11% of MercadoLibre worth $87,585,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Migdal Insurance & Financial Holdings Ltd. increased its stake in shares of MercadoLibre by 1,600.0% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 17 shares of the company’s stock worth $28,000 after purchasing an additional 16 shares during the last quarter. First PREMIER Bank bought a new position in MercadoLibre during the first quarter worth about $27,000. Financial Connections Group Inc. acquired a new position in MercadoLibre during the second quarter worth approximately $36,000. Scarborough Advisors LLC bought a new stake in MercadoLibre in the fourth quarter valued at approximately $36,000. Finally, Transcendent Capital Group LLC acquired a new stake in shares of MercadoLibre in the fourth quarter valued at approximately $38,000. 87.62% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have commented on MELI shares. BTIG Research upped their price objective on shares of MercadoLibre from $2,025.00 to $2,250.00 and gave the company a “buy” rating in a report on Wednesday, August 21st. Morgan Stanley raised their price objective on MercadoLibre from $2,175.00 to $2,500.00 and gave the stock an “overweight” rating in a research note on Friday, September 20th. Cantor Fitzgerald restated an “overweight” rating and issued a $2,530.00 target price on shares of MercadoLibre in a research report on Monday, September 23rd. StockNews.com cut shares of MercadoLibre from a “buy” rating to a “hold” rating in a research note on Saturday, August 10th. Finally, JPMorgan Chase & Co. boosted their price target on MercadoLibre from $2,150.00 to $2,400.00 and gave the stock an “overweight” rating in a report on Tuesday, August 6th. Two analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $2,217.50.

MercadoLibre Trading Up 0.7 %

NASDAQ:MELI opened at $2,066.12 on Wednesday. MercadoLibre, Inc. has a 52 week low of $1,141.04 and a 52 week high of $2,161.73. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.26 and a current ratio of 1.28. The firm’s fifty day moving average is $1,955.98 and its 200-day moving average is $1,720.04. The firm has a market cap of $104.75 billion, a P/E ratio of 92.44, a P/E/G ratio of 1.34 and a beta of 1.61.

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

About MercadoLibre

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.