Coronation Fund Managers Ltd. Cuts Holdings in Mercadolibre Inc (MELI)

Coronation Fund Managers Ltd. reduced its position in shares of Mercadolibre Inc (NASDAQ:MELI) by 64.3% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 78,219 shares of the company’s stock after selling 140,880 shares during the period. Mercadolibre comprises 1.5% of Coronation Fund Managers Ltd.’s portfolio, making the stock its 20th biggest holding. Coronation Fund Managers Ltd.’s holdings in Mercadolibre were worth $39,714,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Shine Investment Advisory Services Inc. purchased a new stake in Mercadolibre during the 1st quarter worth approximately $34,000. Carroll Financial Associates Inc. increased its stake in Mercadolibre by 59.5% during the 1st quarter. Carroll Financial Associates Inc. now owns 67 shares of the company’s stock worth $34,000 after buying an additional 25 shares in the last quarter. Capital Investment Advisory Services LLC increased its stake in Mercadolibre by 76.4% during the 1st quarter. Capital Investment Advisory Services LLC now owns 97 shares of the company’s stock worth $49,000 after buying an additional 42 shares in the last quarter. Csenge Advisory Group purchased a new stake in Mercadolibre during the 3rd quarter worth approximately $42,000. Finally, We Are One Seven LLC acquired a new position in shares of Mercadolibre during the 4th quarter worth approximately $51,000. Institutional investors own 91.12% of the company’s stock.

In other Mercadolibre news, Director Emiliano Calemzuk acquired 120 shares of the firm’s stock in a transaction that occurred on Saturday, March 9th. The shares were purchased at an average cost of $414.14 per share, for a total transaction of $49,696.80. Following the completion of the acquisition, the director now owns 2,669 shares of the company’s stock, valued at approximately $1,105,339.66. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.32% of the company’s stock.

MELI has been the topic of several recent research reports. Credit Suisse Group boosted their target price on Mercadolibre from $398.00 to $420.00 and gave the stock an “outperform” rating in a report on Wednesday, February 27th. Barclays restated a “buy” rating and set a $445.00 target price on shares of Mercadolibre in a report on Thursday, February 28th. BidaskClub upgraded Mercadolibre from a “buy” rating to a “strong-buy” rating in a report on Wednesday, March 6th. Bank of America restated a “buy” rating and set a $600.00 target price on shares of Mercadolibre in a report on Wednesday, April 3rd. Finally, Zacks Investment Research cut Mercadolibre from a “hold” rating to a “strong sell” rating in a report on Monday, February 4th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Mercadolibre presently has an average rating of “Hold” and an average target price of $447.92.

MELI traded down $13.99 during trading hours on Wednesday, reaching $486.01. The company’s stock had a trading volume of 777,116 shares, compared to its average volume of 645,499. Mercadolibre Inc has a fifty-two week low of $257.52 and a fifty-two week high of $527.09. The stock has a market capitalization of $22.60 billion, a PE ratio of -592.70 and a beta of 2.22. The company has a debt-to-equity ratio of 1.79, a quick ratio of 1.29 and a current ratio of 1.30.

Mercadolibre (NASDAQ:MELI) last released its quarterly earnings data on Tuesday, February 26th. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.13. Mercadolibre had a negative return on equity of 13.47% and a negative net margin of 2.54%. The firm had revenue of $428.00 million for the quarter, compared to analysts’ expectations of $400.80 million. During the same period in the prior year, the firm posted ($1.53) earnings per share. The firm’s quarterly revenue was up 19.5% on a year-over-year basis. As a group, equities research analysts forecast that Mercadolibre Inc will post 0.4 earnings per share for the current fiscal year.

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Mercadolibre Profile

MercadoLibre, Inc operates online commerce platforms in Latin America. It operates MercadoLibre Marketplace, an automated online commerce platform that enables businesses and individuals to list merchandise and conduct sales and purchases online; and MercadoPago FinTech, 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, and allows merchants to process transactions via their Websites and mobile apps, as well as in their brick-and-mortar stores through QR and mobile points of sale.

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Institutional Ownership by Quarter for Mercadolibre (NASDAQ:MELI)

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