DexCom, Inc. (NASDAQ:DXCM) Stock Position Increased by Bank of Nova Scotia

Key Points

• The Bank of Nova Scotia significantly increased its stake in DexCom, Inc. by 246.6% in the first quarter, acquiring an additional 662,739 shares and holding a total of 931,479 shares valued at approximately $63.6 million.
• Multiple institutional investors, including OVERSEA CHINESE BANKING Corp Ltd and PNC Financial Services Group Inc., also boosted their positions in DexCom during the same period, highlighting growing institutional interest, with 97.75% of the stock owned by hedge funds and institutional investors.
• DexCom reported earnings of $0.48 per share in its latest quarterly results, surpassing expectations and reflecting a 15.2% year-over-year revenue increase, further solidifying analyst support with many raising target prices above $95.

Bank of Nova Scotia increased its holdings in DexCom, Inc. (NASDAQ:DXCM - Free Report) by 246.6% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 931,479 shares of the medical device company's stock after purchasing an additional 662,739 shares during the period. Bank of Nova Scotia owned approximately 0.24% of DexCom worth $63,611,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. Jennison Associates LLC lifted its position in shares of DexCom by 37.7% during the first 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. Northern Trust Corp raised its position in DexCom by 22.2% during the 4th quarter. Northern Trust Corp now owns 4,146,249 shares of the medical device company's stock worth $322,454,000 after buying an additional 753,857 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake 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 worth $218,175,000 after purchasing an additional 2,015,971 shares during the period. Federated Hermes Inc. grew its stake in shares of DexCom by 2,371.4% during the 1st quarter. Federated Hermes Inc. now owns 1,994,732 shares of the medical device company's stock worth $136,220,000 after purchasing an additional 1,914,019 shares during the period. Finally, Fisher Funds Management LTD grew its stake in DexCom by 32.7% in the 1st quarter. Fisher Funds Management LTD now owns 1,647,333 shares of the medical device company's stock valued at $112,496,000 after acquiring an additional 405,612 shares during the period. Institutional investors own 97.75% of the company's stock.

Insider Transactions at DexCom

In other news, Director Nicholas Augustinos sold 3,672 shares of the business's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $82.80, for a total value of $304,041.60. Following the sale, the director owned 33,411 shares of the company's stock, valued at approximately $2,766,430.80. The trade was a 9.90% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Sadie Stern sold 1,466 shares of the business's stock in a transaction on Monday, July 28th. The stock was sold at an average price of $88.99, for a total value of $130,459.34. Following the completion of the sale, the executive vice president directly owned 106,689 shares in the company, valued at $9,494,254.11. This represents a 1.36% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,656 shares of company stock worth $2,412,191 over the last 90 days. 0.32% of the stock is currently owned by corporate insiders.

DexCom Stock Performance

DexCom stock traded down $1.02 during mid-day trading on Tuesday, hitting $75.24. 777,540 shares of the company's stock traded hands, compared to its average volume of 3,883,833. The firm has a 50 day moving average price of $84.40 and a 200 day moving average price of $80.54. The company has a quick ratio of 1.35, a current ratio of 1.52 and a debt-to-equity ratio of 0.48. The company has a market cap of $29.50 billion, a PE ratio of 52.21, a price-to-earnings-growth ratio of 1.66 and a beta of 1.43. DexCom, Inc. has a one year low of $57.52 and a one year high of $93.25.

DexCom (NASDAQ:DXCM - Get Free Report) last announced its earnings results on Wednesday, July 30th. The medical device company reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.03. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.13 billion. DexCom had a return on equity of 30.41% and a net margin of 13.29%. The firm's revenue for the quarter was up 15.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.43 EPS. On average, equities analysts forecast that DexCom, Inc. will post 2.03 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have weighed in on DXCM shares. The Goldman Sachs Group assumed coverage on DexCom in a report on Friday, May 30th. They issued a "buy" rating and a $104.00 price objective on the stock. Barclays boosted their price objective on shares of DexCom from $93.00 to $98.00 and gave the company an "equal weight" rating in a report on Wednesday, July 30th. Robert W. Baird reduced their price objective on shares of DexCom from $115.00 to $105.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. Mizuho boosted their price objective on shares of DexCom from $95.00 to $100.00 and gave the company an "outperform" rating in a report on Wednesday, July 16th. Finally, Raymond James Financial lifted their target price on DexCom from $99.00 to $102.00 and gave the company a "strong-buy" rating in a research report on Thursday, July 31st. Four analysts have rated the stock with a hold rating, fifteen have given a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat, DexCom currently has a consensus rating of "Buy" and a consensus target price of $99.89.

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.