MercadoLibre SA (MELI) Rating Increased to Strong-Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of MercadoLibre SA (NASDAQ:MELI) from a hold rating to a strong-buy rating in a report published on Wednesday. The firm currently has $212.00 price target on the stock.
According to Zacks, “MercadoLibre is the largest online trading platform in Latin America. We are market leaders in e-commerce in each of Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Peru, Uruguay and Venezuela, based on unique visitors and page views. Additionally, we have recently launched online trading platforms in Costa Rica, the Dominican Republic and Panama. With a market of over Five fifty million people and a region with one of the world’s fastest-growing Internet penetration rates, we provide buyers and sellers a robust online trading environment that fosters the development of a large and growing e-commerce community. We offer a technological and commercial solution that addresses the distinctive cultural and geographic challenges of operating an online trading platform in Latin America. “
A number of other research firms have also recently commented on MELI. Piper Jaffray Cos. restated a buy rating and set a $160.00 target price on shares of MercadoLibre SA in a research note on Friday, July 1st. JPMorgan Chase & Co. upgraded shares of MercadoLibre SA from a neutral rating to an overweight rating and raised their target price for the stock from $173.68 to $200.00 in a research note on Friday, September 2nd. Finally, Goldman Sachs Group Inc. started coverage on shares of MercadoLibre SA in a research note on Tuesday, August 9th. They set a neutral rating and a $170.00 target price on the stock. Four investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. MercadoLibre SA currently has a consensus rating of Buy and a consensus target price of $162.88.
Shares of MercadoLibre SA (NASDAQ:MELI) opened at 189.19 on Wednesday. MercadoLibre SA has a 12-month low of $84.19 and a 12-month high of $193.58. The company’s 50-day moving average is $179.60 and its 200-day moving average is $148.65. The company has a market capitalization of $8.35 billion, a price-to-earnings ratio of 63.92 and a beta of 2.08.
MercadoLibre SA (NASDAQ:MELI) last released its earnings results on Thursday, August 4th. The company reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.59 by $0.23. MercadoLibre SA had a return on equity of 38.04% and a net margin of 18.50%. The firm had revenue of $199.60 million for the quarter, compared to the consensus estimate of $180.94 million. During the same quarter in the previous year, the business posted $0.44 EPS. MercadoLibre SA’s revenue was up 29.4% on a year-over-year basis. Analysts predict that MercadoLibre SA will post $2.76 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be issued a $0.15 dividend. 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 (DPR) is presently 20.34%.
In related news, EVP Daniel Rabinovich sold 6,195 shares of the firm’s stock in a transaction on Friday, August 19th. The shares were sold at an average price of $166.61, for a total value of $1,032,148.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director A Michael Spence sold 3,451 shares of the firm’s stock in a transaction on Tuesday, August 9th. The shares were 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 directly 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 bought and sold shares of MELI. Eqis Capital Management Inc. raised its position in MercadoLibre SA by 17.9% in the third quarter. Eqis Capital Management Inc. now owns 4,273 shares of the company’s stock worth $790,000 after buying an additional 650 shares during the period. Macquarie Group Ltd. raised its position in MercadoLibre SA by 70.9% in the second quarter. Macquarie Group Ltd. now owns 21,019 shares of the company’s stock worth $2,957,000 after buying an additional 8,719 shares during the period. IFP Advisors Inc raised its position in MercadoLibre SA by 8.8% in the second quarter. IFP Advisors Inc now owns 765 shares of the company’s stock worth $108,000 after buying an additional 62 shares during the period. Public Employees Retirement System of Ohio raised its position in MercadoLibre SA by 22.0% in the second quarter. Public Employees Retirement System of Ohio now owns 102,277 shares of the company’s stock worth $14,387,000 after buying an additional 18,411 shares during the period. Finally, Perigon Wealth Management LLC raised its position in MercadoLibre SA by 6.8% in the second quarter. Perigon Wealth Management LLC now owns 4,444 shares of the company’s stock worth $626,000 after buying an additional 282 shares during the period. 74.01% of the stock is owned by hedge funds and other institutional investors.
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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