Destination Wealth Management Invests $1.81 Million in MercadoLibre, Inc. $MELI

Destination Wealth Management bought a new position in MercadoLibre, Inc. (NASDAQ:MELI) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 896 shares of the company’s stock, valued at approximately $1,805,000.

A number of other hedge funds have also modified their holdings of the stock. Laurel Wealth Advisors LLC acquired a new stake in MercadoLibre during the 4th quarter valued at $26,000. Transamerica Financial Advisors LLC bought a new position in MercadoLibre in the 4th quarter valued at $26,000. Darwin Wealth Management LLC bought a new position in MercadoLibre in the 2nd quarter valued at $29,000. Curio Wealth LLC bought a new position in MercadoLibre in the 4th quarter valued at $30,000. Finally, Holos Integrated Wealth LLC bought a new position in MercadoLibre in the 4th quarter valued at $32,000. 87.62% of the stock is owned by institutional investors and hedge funds.

MercadoLibre Stock Down 1.3%

NASDAQ MELI opened at $1,589.60 on Friday. The stock has a fifty day moving average of $1,715.68 and a 200-day moving average of $1,873.83. The stock has a market capitalization of $80.59 billion, a P/E ratio of 41.95, a price-to-earnings-growth ratio of 0.98 and a beta of 1.36. MercadoLibre, Inc. has a 52 week low of $1,495.00 and a 52 week high of $2,645.22. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.14 and a current ratio of 1.16.

MercadoLibre (NASDAQ:MELI) last released its earnings results on Thursday, May 7th. The company reported $8.23 EPS for the quarter, missing the consensus estimate of $8.75 by ($0.52). MercadoLibre had a net margin of 6.04% and a return on equity of 29.58%. The firm had revenue of $8.85 billion during the quarter, compared to analyst estimates of $8.29 billion. During the same period last year, the business posted $9.74 earnings per share. The firm’s quarterly revenue was up 49.0% on a year-over-year basis. On average, equities research analysts forecast that MercadoLibre, Inc. will post 40.97 EPS for the current year.

Insider Activity at MercadoLibre

In related news, Director Alejandro Nicolas Aguzin acquired 600 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The stock was acquired at an average cost of $1,655.93 per share, with a total value of $993,558.00. Following the completion of the purchase, the director directly owned 5,355 shares in the company, valued at approximately $8,867,505.15. This trade represents a 12.62% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.26% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on MELI shares. Morgan Stanley cut their price objective on MercadoLibre from $2,600.00 to $2,450.00 and set an “overweight” rating for the company in a research report on Monday, May 11th. Itau BBA Securities reiterated an “outperform” rating on shares of MercadoLibre in a research report on Wednesday, February 25th. JPMorgan Chase & Co. cut their price objective on MercadoLibre from $2,100.00 to $1,900.00 and set a “neutral” rating for the company in a research report on Wednesday, May 13th. Cantor Fitzgerald cut their price objective on MercadoLibre from $2,400.00 to $2,350.00 and set an “overweight” rating for the company in a research report on Tuesday, April 21st. Finally, Barclays cut their price objective on MercadoLibre from $2,500.00 to $2,300.00 and set an “overweight” rating for the company in a research report on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, MercadoLibre presently has a consensus rating of “Moderate Buy” and a consensus target price of $2,255.33.

About MercadoLibre

MercadoLibre, Inc operates an integrated e-commerce and fintech ecosystem serving consumers and businesses across Latin America. The company provides an online marketplace that connects buyers and sellers for a wide range of goods and services, supported by tools for merchants, advertising, and classifieds. Over time MercadoLibre has expanded beyond its marketplace roots into complementary areas that support digital commerce end to end.

Key offerings include its marketplace platform and a suite of logistics and payment services.