Synovus Financial Corp Grows Stake in MercadoLibre, Inc. (NASDAQ:MELI)

Synovus Financial Corp lifted its stake in MercadoLibre, Inc. (NASDAQ:MELI) by 10.4% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 1,963 shares of the company’s stock after acquiring an additional 185 shares during the quarter. Synovus Financial Corp’s holdings in MercadoLibre were worth $3,340,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. Wealthfront Advisers LLC acquired a new stake in MercadoLibre in the fourth quarter valued at approximately $565,306,000. Norges Bank acquired a new stake in MercadoLibre during the 4th quarter valued at $383,051,000. Strategic Financial Concepts LLC grew its holdings in MercadoLibre by 169,952.3% during the 4th quarter. Strategic Financial Concepts LLC now owns 181,956 shares of the company’s stock valued at $309,405,000 after purchasing an additional 181,849 shares in the last quarter. Coronation Fund Managers Ltd. lifted its holdings in MercadoLibre by 130.3% in the 4th quarter. Coronation Fund Managers Ltd. now owns 77,478 shares of the company’s stock worth $131,747,000 after buying an additional 43,836 shares in the last quarter. Finally, Nordea Investment Management AB lifted its holdings in MercadoLibre by 37.8% in the 4th quarter. Nordea Investment Management AB now owns 157,688 shares of the company’s stock worth $271,897,000 after buying an additional 43,215 shares in the last quarter. Institutional investors and hedge funds own 87.62% of the company’s stock.

Analyst Ratings Changes

MELI has been the topic of a number of analyst reports. Cantor Fitzgerald lifted their target price on MercadoLibre from $2,150.00 to $3,000.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. JPMorgan Chase & Co. upped their target price on MercadoLibre from $1,950.00 to $2,300.00 and gave the company a “neutral” rating in a research report on Tuesday, February 25th. New Street Research raised shares of MercadoLibre from a “neutral” rating to a “buy” rating and raised their price target for the stock from $2,000.00 to $2,300.00 in a research report on Thursday, January 30th. Barclays upped their price target on shares of MercadoLibre from $2,200.00 to $2,500.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Finally, Morgan Stanley decreased their price objective on shares of MercadoLibre from $2,650.00 to $2,560.00 and set an “overweight” rating for the company in a report on Thursday, April 10th. Two equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $2,409.69.

MercadoLibre Trading Up 2.0 %

Shares of MELI opened at $2,037.12 on Tuesday. MercadoLibre, Inc. has a 1-year low of $1,324.99 and a 1-year high of $2,374.54. The business’s 50-day moving average price is $2,037.40 and its 200 day moving average price is $1,957.73. The company has a current ratio of 1.25, a quick ratio of 1.22 and a debt-to-equity ratio of 0.78. The stock has a market capitalization of $103.28 billion, a P/E ratio of 54.04, a P/E/G ratio of 1.12 and a beta of 1.62.

MercadoLibre (NASDAQ:MELI) last released its earnings results on Thursday, February 20th. The company reported $12.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.21 by $2.40. The company had revenue of $6.06 billion during the quarter, compared to the consensus estimate of $5.94 billion. MercadoLibre had a net margin of 9.20% and a return on equity of 51.89%. Analysts expect that MercadoLibre, Inc. will post 43.96 earnings per share for the current year.

MercadoLibre Company Profile

MercadoLibre, Inc operates online commerce platforms in the United States. It operates Mercado Libre Marketplace, an automated online commerce platform that enables businesses, merchants, and individuals to list merchandise and conduct sales and purchases digitally; and Mercado Pago FinTech platform, 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, as well as allows users to transfer money through their websites or on the apps.