DexCom, Inc. $DXCM Holdings Decreased by Westfield Capital Management Co. LP

Key Points

• Westfield Capital Management cut its DexCom stake by 37.7% in the fourth quarter, selling 872,521 shares and ending with 1.44 million shares valued at about $95.6 million.
• DexCom reported strong quarterly results, with EPS of $0.56 beating estimates and revenue of $1.19 billion topping expectations; revenue rose 15% year over year.
• Despite some insider selling, analysts remain broadly positive on DXCM, with a Moderate Buy consensus and an average price target of $82.42.

Westfield Capital Management Co. LP reduced its stake in shares of DexCom, Inc. (NASDAQ:DXCM - Free Report) by 37.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,439,689 shares of the medical device company's stock after selling 872,521 shares during the quarter. Westfield Capital Management Co. LP owned about 0.37% of DexCom worth $95,552,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. raised its position in DexCom by 2.3% in the third quarter. Vanguard Group Inc. now owns 49,456,043 shares of the medical device company's stock worth $3,327,897,000 after acquiring an additional 1,133,638 shares in the last quarter. Geode Capital Management LLC raised its position in DexCom by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 11,006,183 shares of the medical device company's stock worth $727,842,000 after acquiring an additional 42,411 shares in the last quarter. Norges Bank bought a new stake in DexCom in the fourth quarter worth about $483,356,000. CIBC Private Wealth Group LLC raised its position in DexCom by 374.3% in the third quarter. CIBC Private Wealth Group LLC now owns 2,907,801 shares of the medical device company's stock worth $195,666,000 after acquiring an additional 2,294,709 shares in the last quarter. Finally, Legal & General Group Plc raised its position in DexCom by 4.7% in the third quarter. Legal & General Group Plc now owns 2,635,700 shares of the medical device company's stock worth $177,356,000 after acquiring an additional 117,493 shares in the last quarter. 97.75% of the stock is currently owned by institutional investors.

DexCom Trading Down 0.2%

Shares of DXCM opened at $72.59 on Friday. The business's 50-day moving average price is $64.71 and its 200 day moving average price is $66.94. The stock has a market capitalization of $28.01 billion, a P/E ratio of 31.02, a P/E/G ratio of 1.14 and a beta of 1.45. DexCom, Inc. has a 1-year low of $54.11 and a 1-year high of $89.98. The company has a current ratio of 1.95, a quick ratio of 1.64 and a debt-to-equity ratio of 0.42.

DexCom (NASDAQ:DXCM - Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The medical device company reported $0.56 earnings per share for the quarter, topping analysts' consensus estimates of $0.47 by $0.09. The firm had revenue of $1.19 billion for the quarter, compared to analysts' expectations of $1.17 billion. DexCom had a return on equity of 33.33% and a net margin of 19.31%.DexCom's revenue was up 15.0% on a year-over-year basis. During the same quarter last year, the business posted $0.32 EPS. Analysts expect that DexCom, Inc. will post 2.57 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Bridgette P. Heller sold 1,012 shares of DexCom stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $60.01, for a total value of $60,730.12. Following the transaction, the director owned 25,007 shares of the company's stock, valued at approximately $1,500,670.07. This trade represents a 3.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Kevin R. Sayer sold 26,759 shares of DexCom stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $72.00, for a total value of $1,926,648.00. Following the completion of the transaction, the insider directly owned 382,482 shares in the company, valued at $27,538,704. This represents a 6.54% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 32,871 shares of company stock valued at $2,306,638. 0.28% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

DXCM has been the topic of several research reports. Truist Financial reiterated a "buy" rating and issued a $80.00 price target (down from $82.00) on shares of DexCom in a research report on Tuesday, February 17th. Canaccord Genuity Group set a $82.00 price target on shares of DexCom and gave the stock a "buy" rating in a research report on Monday, May 18th. Wall Street Zen cut shares of DexCom from a "strong-buy" rating to a "buy" rating in a research report on Sunday, May 10th. Raymond James Financial set a $81.00 price target on shares of DexCom in a research report on Friday, May 1st. Finally, TD Cowen dropped their price target on shares of DexCom from $84.00 to $75.00 and set a "buy" rating on the stock in a research report on Friday, May 1st. Three analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $82.42.

DexCom Profile

DexCom, Inc is a medical device company that develops, manufactures and distributes continuous glucose monitoring (CGM) systems for people with diabetes. Its products are designed to provide near real-time glucose readings, trend information and alerts to help patients and clinicians manage insulin dosing and reduce hypoglycemia and hyperglycemia. The company's offerings combine wearable glucose sensors, wireless transmitters and software applications that deliver data to smartphones, dedicated receivers and cloud-based platforms for remote monitoring.

Founded in 1999 and headquartered in San Diego, California, DexCom has focused its business on advancing CGM technology and expanding clinical use beyond traditional insulin-dependent populations.

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