MercadoLibre SA (MELI) Trading Up 1.5% on Analyst Upgrade
MercadoLibre SA (NASDAQ:MELI) was up 1.5% on Friday after Stifel Nicolaus raised their price target on the stock from $150.00 to $180.00. Stifel Nicolaus currently has a hold rating on the stock. MercadoLibre SA traded as high as $190.15 and last traded at $189.12, with a volume of 202,743 shares changing hands. The stock had previously closed at $186.29.
MELI has been the subject of several other research reports. Piper Jaffray Cos. reissued an “overweight” rating and set a $185.00 price target on shares of MercadoLibre SA in a research report on Tuesday, August 30th. JPMorgan Chase & Co. raised shares of MercadoLibre SA from a “neutral” rating to an “overweight” rating and increased their price target for the company from $173.68 to $200.00 in a research report on Friday, September 2nd. Goldman Sachs Group Inc. started coverage on shares of MercadoLibre SA in a report on Tuesday, August 9th. They issued a “neutral” rating and a $170.00 price objective for the company. Finally, Zacks Investment Research upgraded shares of MercadoLibre SA from a “hold” rating to a “strong-buy” rating and set a $212.00 price objective for the company in a report on Wednesday. Four investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $162.88.
In related news, VP Pedro Arnt sold 3,000 shares of the stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $168.27, for a total value of $504,810.00. Following the completion of the transaction, the vice president now directly owns 19,129 shares in the company, valued at approximately $3,218,836.83. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director A Michael Spence sold 3,451 shares of the stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $168.97, for a total transaction of $583,115.47. Following the completion of the transaction, the director now owns 6,903 shares of the company’s stock, valued at $1,166,399.91. The disclosure for this sale can be found here. 0.36% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of MELI. Orbis Allan Gray Ltd acquired a new position in shares of MercadoLibre SA during the first quarter valued at about $70,045,000. Jericho Capital Asset Management L.P. acquired a new position in shares of MercadoLibre SA during the first quarter valued at about $52,059,000. BlackRock Inc. raised its position in shares of MercadoLibre SA by 1,649.1% in the first quarter. BlackRock Inc. now owns 8,116 shares of the company’s stock valued at $956,000 after buying an additional 7,652 shares during the last quarter. State Street Corp raised its position in shares of MercadoLibre SA by 1.8% in the first quarter. State Street Corp now owns 29,227 shares of the company’s stock valued at $3,445,000 after buying an additional 528 shares during the last quarter. Finally, Motley Fool Wealth Management LLC raised its position in shares of MercadoLibre SA by 2.7% in the first quarter. Motley Fool Wealth Management LLC now owns 43,784 shares of the company’s stock valued at $5,160,000 after buying an additional 1,169 shares during the last quarter. Institutional investors own 74.01% of the company’s stock.
The firm has a market capitalization of $8.38 billion, a P/E ratio of 64.10 and a beta of 2.08. The stock has a 50-day moving average of $178.34 and a 200 day moving average of $147.07.
MercadoLibre SA (NASDAQ:MELI) last issued its earnings results on Thursday, August 4th. The company reported $0.36 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.59 by $0.23. The company had revenue of $199.60 million for the quarter, compared to analysts’ expectations of $180.94 million. MercadoLibre SA had a net margin of 18.50% and a return on equity of 38.04%. The firm’s revenue for the quarter was up 29.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.44 earnings per share. Equities research analysts anticipate that MercadoLibre SA will post $2.76 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.32%. The ex-dividend date of this dividend is Wednesday, September 28th. MercadoLibre SA’s dividend payout ratio is currently 20.34%.
MercadoLibre SA Company Profile
MercadoLibre, Inc (MercadoLibre) hosts an online commerce platform in Latin America, which is focused on enabling e-commerce and its related services. The Company provides a portfolio of services facilitating e-commerce transactions. Its geographic segments are Brazil, Argentina, Mexico, Venezuela and other countries (including Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Panama, Peru, Portugal, Guatemala, Bolivia, Paraguay, Uruguay and the United States of America.
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