Covenant Asset Management LLC lifted its holdings in shares of DexCom, Inc. (NASDAQ:DXCM – Get Rating) by 223.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 21,272 shares of the medical device company's stock after acquiring an additional 14,701 shares during the quarter. Covenant Asset Management LLC's holdings in DexCom were worth $1,585,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of DexCom by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 10,550,784 shares of the medical device company's stock worth $5,397,781,000 after acquiring an additional 140,465 shares during the period. Baillie Gifford & Co. boosted its stake in DexCom by 1.0% in the 1st quarter. Baillie Gifford & Co. now owns 4,554,293 shares of the medical device company's stock valued at $2,329,976,000 after purchasing an additional 45,107 shares during the period. Sands Capital Management LLC boosted its stake in DexCom by 33.9% in the 1st quarter. Sands Capital Management LLC now owns 4,189,245 shares of the medical device company's stock valued at $2,143,218,000 after purchasing an additional 1,060,655 shares during the period. Capital Research Global Investors boosted its stake in DexCom by 11.3% in the 1st quarter. Capital Research Global Investors now owns 2,642,510 shares of the medical device company's stock valued at $1,351,923,000 after purchasing an additional 267,965 shares during the period. Finally, Jennison Associates LLC boosted its stake in DexCom by 83.4% in the 1st quarter. Jennison Associates LLC now owns 2,600,283 shares of the medical device company's stock valued at $1,330,305,000 after purchasing an additional 1,182,632 shares during the period. 92.34% of the stock is currently owned by institutional investors.
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Insiders Place Their Bets
In other DexCom news, Director Steven Robert Pacelli sold 1,000 shares of the company's stock in a transaction dated Monday, July 25th. The stock was sold at an average price of $83.07, for a total value of $83,070.00. Following the completion of the transaction, the director now owns 138,700 shares of the company's stock, valued at approximately $11,521,809. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.41% of the company's stock.
Wall Street Analysts Forecast Growth
Several research firms recently issued reports on DXCM. Morgan Stanley reduced their price target on DexCom from $91.00 to $83.00 and set an "equal weight" rating for the company in a research note on Friday, July 29th. Piper Sandler reduced their price target on DexCom from $120.00 to $110.00 and set an "overweight" rating for the company in a research note on Friday, July 29th. Wells Fargo & Company reduced their price target on DexCom from $144.00 to $102.00 in a research note on Friday, July 29th. Robert W. Baird dropped their price objective on DexCom from $115.00 to $97.00 in a report on Friday, July 29th. Finally, Cowen reaffirmed a "buy" rating and issued a $85.00 price objective on shares of DexCom in a report on Friday, July 29th. Two analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $115.23.
DexCom Price Performance
Shares of DexCom stock traded up $0.57 during trading on Friday, reaching $82.67. 25,604 shares of the company's stock were exchanged, compared to its average volume of 2,263,450. The company has a debt-to-equity ratio of 0.87, a quick ratio of 4.30 and a current ratio of 4.72. DexCom, Inc. has a 1-year low of $66.89 and a 1-year high of $164.86. The company has a market cap of $32.45 billion, a P/E ratio of 171.05, a PEG ratio of 3.37 and a beta of 1.03. The firm's 50-day moving average price is $86.24 and its 200 day moving average price is $90.79.
DexCom (NASDAQ:DXCM – Get Rating) last issued its earnings results on Thursday, July 28th. The medical device company reported $0.17 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.19 by ($0.02). DexCom had a return on equity of 11.79% and a net margin of 7.47%. The firm had revenue of $696.20 million during the quarter, compared to analyst estimates of $709.33 million. During the same period in the previous year, the company earned $0.19 EPS. DexCom's revenue for the quarter was up 17.0% on a year-over-year basis. As a group, research analysts anticipate that DexCom, Inc. will post 0.79 earnings per share for the current year.
DexCom Profile
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DexCom, Inc, a medical device company, focuses on the design, development, and commercialization of continuous glucose monitoring (CGM) systems in the United States and internationally. The company provides its systems for use by people with diabetes, as well as for use by healthcare providers. Its products include DexCom G6, an integrated CGM system for diabetes management; Dexcom Real-Time API, which enables invited third-party developers to integrate real-time CGM data into their digital health applications and devices; Dexcom ONE, that is designed to replace finger stick blood glucose testing for diabetes treatment decisions; and Dexcom Share, a remote monitoring system.
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