Northcape Capital Pty Ltd Reduces Stake in Mercadolibre Inc (NASDAQ:MELI)
Northcape Capital Pty Ltd lowered its holdings in shares of Mercadolibre Inc (NASDAQ:MELI) by 8.6% during the first quarter, HoldingsChannel.com reports. The firm owned 177,891 shares of the company’s stock after selling 16,698 shares during the quarter. Mercadolibre comprises 18.4% of Northcape Capital Pty Ltd’s holdings, making the stock its 3rd largest holding. Northcape Capital Pty Ltd’s holdings in Mercadolibre were worth $90,321,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Baillie Gifford & Co. raised its position in Mercadolibre by 2.3% in the 4th quarter. Baillie Gifford & Co. now owns 5,208,620 shares of the company’s stock valued at $1,525,344,000 after buying an additional 117,948 shares during the last quarter. OppenheimerFunds Inc. boosted its stake in shares of Mercadolibre by 9.1% during the 1st quarter. OppenheimerFunds Inc. now owns 1,099,806 shares of the company’s stock worth $558,403,000 after acquiring an additional 91,900 shares during the period. FMR LLC boosted its stake in shares of Mercadolibre by 11.3% during the 4th quarter. FMR LLC now owns 1,017,995 shares of the company’s stock worth $298,119,000 after acquiring an additional 103,215 shares during the period. Jennison Associates LLC boosted its stake in shares of Mercadolibre by 29.8% during the 1st quarter. Jennison Associates LLC now owns 429,092 shares of the company’s stock worth $217,863,000 after acquiring an additional 98,432 shares during the period. Finally, Norges Bank bought a new position in shares of Mercadolibre during the 4th quarter worth approximately $110,161,000. 84.68% of the stock is currently owned by institutional investors.
Several brokerages have recently commented on MELI. Barclays reiterated a “buy” rating on shares of Mercadolibre in a research note on Sunday, May 5th. Stifel Nicolaus lifted their target price on Mercadolibre from $500.00 to $560.00 and gave the stock a “hold” rating in a research note on Friday, May 3rd. ValuEngine downgraded Mercadolibre from a “strong-buy” rating to a “buy” rating in a research note on Monday, June 3rd. BTIG Research downgraded Mercadolibre from a “buy” rating to a “neutral” rating and set a $561.01 target price for the company. in a research note on Tuesday, June 4th. Finally, Zacks Investment Research upgraded Mercadolibre from a “hold” rating to a “buy” rating and set a $608.00 target price for the company in a research note on Friday, May 10th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company’s stock. Mercadolibre has an average rating of “Hold” and a consensus price target of $500.08.
Mercadolibre (NASDAQ:MELI) last released its quarterly earnings results on Thursday, May 2nd. The company reported $0.13 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.14. The business had revenue of $474.00 million during the quarter, compared to analysts’ expectations of $423.19 million. Mercadolibre had a negative return on equity of 1.55% and a negative net margin of 0.74%. The firm’s revenue for the quarter was up 47.7% compared to the same quarter last year. During the same period last year, the firm posted ($0.29) EPS. As a group, sell-side analysts forecast that Mercadolibre Inc will post 1.16 EPS for the current year.
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Mercadolibre Company 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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