DexCom (NASDAQ:DXCM) Stock Price Up 10.3% - Here's What Happened

DexCom, Inc. (NASDAQ:DXCM - Get Free Report) shares were up 10.3% during mid-day trading on Tuesday . The stock traded as high as $88.10 and last traded at $88.03. Approximately 6,837,395 shares changed hands during trading, an increase of 56% from the average daily volume of 4,373,434 shares. The stock had previously closed at $79.84.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Cfra Research upgraded shares of DexCom to a "hold" rating in a research report on Friday, March 21st. Citigroup restated a "buy" rating and issued a $102.00 price target (up previously from $82.00) on shares of DexCom in a research note on Thursday, May 22nd. Barclays boosted their price objective on DexCom from $90.00 to $93.00 and gave the stock an "equal weight" rating in a research report on Monday, May 5th. Truist Financial began coverage on DexCom in a research report on Monday, June 16th. They issued a "buy" rating and a $102.00 target price on the stock. Finally, Mizuho assumed coverage on DexCom in a research report on Thursday, April 10th. They set an "outperform" rating and a $85.00 price target for the company. Four investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat, DexCom has a consensus rating of "Moderate Buy" and an average target price of $98.50.

DexCom Price Performance

The company has a market cap of $34.34 billion, a price-to-earnings ratio of 65.35, a P/E/G ratio of 1.71 and a beta of 1.46. The company has a current ratio of 1.50, a quick ratio of 1.32 and a debt-to-equity ratio of 0.55. The business has a 50-day moving average price of $80.33 and a 200 day moving average price of $79.41.

DexCom (NASDAQ:DXCM - Get Free Report) last announced its earnings results on Thursday, May 1st. The medical device company reported $0.32 EPS for the quarter, missing the consensus estimate of $0.33 by ($0.01). The company had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $1.02 billion. DexCom had a net margin of 12.90% and a return on equity of 30.05%. The company's revenue for the quarter was up 12.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.32 earnings per share. As a group, research analysts expect that DexCom, Inc. will post 2.03 earnings per share for the current fiscal year.

Insider Transactions at DexCom

In related news, EVP Michael Jon Brown sold 500 shares of the stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $82.80, for a total value of $41,400.00. Following the completion of the sale, the executive vice president now directly owns 95,102 shares of the company's stock, valued at approximately $7,874,445.60. This represents a 0.52% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Sadie Stern sold 6,184 shares of the firm's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $85.11, for a total value of $526,320.24. Following the sale, the executive vice president now owns 109,621 shares of the company's stock, valued at $9,329,843.31. The trade was a 5.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 25,724 shares of company stock valued at $2,157,034 over the last ninety days. Corporate insiders own 0.32% of the company's stock.

Institutional Investors Weigh In On DexCom

A number of institutional investors have recently modified their holdings of the stock. Nuveen LLC purchased a new stake in shares of DexCom during the first quarter worth $554,893,000. Norges Bank purchased a new stake in shares of DexCom during the 4th quarter worth about $385,367,000. Jennison Associates LLC lifted its holdings in shares of DexCom by 37.7% during the 1st quarter. Jennison Associates LLC now owns 10,523,246 shares of the medical device company's stock valued at $718,632,000 after buying an additional 2,879,489 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of DexCom by 171.0% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,194,829 shares of the medical device company's stock valued at $218,175,000 after buying an additional 2,015,971 shares during the last quarter. Finally, Federated Hermes Inc. increased its holdings in DexCom by 2,371.4% in the first quarter. Federated Hermes Inc. now owns 1,994,732 shares of the medical device company's stock worth $136,220,000 after buying an additional 1,914,019 shares during the last quarter. Institutional investors and hedge funds own 97.75% of the company's stock.

DexCom Company Profile

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 and Dexcom G7, integrated CGM systems for diabetes management; Dexcom Share, a remote monitoring system; Dexcom Real-Time API, which enables authorized third-party software developers to integrate real-time CGM data into their digital health apps and devices; and Dexcom ONE, that is designed to replace finger stick blood glucose testing for diabetes treatment decisions.

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