Empire Life Investments Inc. Trims Stake in DexCom, Inc. (NASDAQ:DXCM)

Key Points

• Empire Life Investments Inc. has reduced its stake in DexCom, Inc. by 7.9% during the first quarter, following the sale of 7,055 shares, leaving them with 82,208 shares valued at $5,614,000.
• Recent analyst ratings show a bullish sentiment towards DexCom, with multiple upgrades leading to target prices ranging from $100 to $106, indicating a strong buy consensus from several research firms.
• DexCom reported earnings of $0.48 per share for the last quarter, exceeding estimates, with a revenue increase of 15.2% year-over-year, showcasing strong financial performance.

Empire Life Investments Inc. lowered its stake in DexCom, Inc. (NASDAQ:DXCM - Free Report) by 7.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 82,208 shares of the medical device company's stock after selling 7,055 shares during the quarter. Empire Life Investments Inc.'s holdings in DexCom were worth $5,614,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Jennison Associates LLC boosted its stake in shares of DexCom by 37.7% in the first quarter. Jennison Associates LLC now owns 10,523,246 shares of the medical device company's stock worth $718,632,000 after acquiring an additional 2,879,489 shares during the period. Northern Trust Corp boosted its holdings 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 valued at $322,454,000 after acquiring an additional 753,857 shares during the period. Massachusetts Financial Services Co. MA increased its stake in DexCom by 171.0% in the first 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. Blair William & Co. IL boosted its stake in shares of DexCom by 0.3% during the first quarter. Blair William & Co. IL now owns 2,238,563 shares of the medical device company's stock valued at $152,871,000 after purchasing an additional 5,916 shares during the period. Finally, Federated Hermes Inc. lifted its holdings in 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 valued at $136,220,000 after buying an additional 1,914,019 shares in the last quarter. 97.75% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, EVP Sadie Stern sold 6,184 shares of DexCom stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $85.11, for a total value of $526,320.24. Following the sale, the executive vice president owned 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Mark G. Foletta sold 2,750 shares of the stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $83.13, for a total transaction of $228,607.50. Following the transaction, the director directly owned 56,621 shares of the company's stock, valued at $4,706,903.73. This represents a 4.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,656 shares of company stock worth $2,412,191. Corporate insiders own 0.32% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on DXCM shares. Robert W. Baird dropped their target price 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. Barclays raised their price target 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. Wall Street Zen raised DexCom from a "buy" rating to a "strong-buy" rating in a report on Saturday. Truist Financial began coverage on shares of DexCom in a research note on Monday, June 16th. They set a "buy" rating and a $102.00 price objective on the stock. Finally, Canaccord Genuity Group reissued a "buy" rating and set a $106.00 price target on shares of DexCom in a report on Friday, August 1st. Four analysts have rated the stock with a hold rating, fifteen have issued a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $99.89.

DexCom Stock Up 1.2%

DXCM traded up $0.94 during trading hours on Wednesday, hitting $76.40. 4,827,560 shares of the company's stock were exchanged, compared to its average volume of 3,532,942. The company has a current ratio of 1.52, a quick ratio of 1.35 and a debt-to-equity ratio of 0.48. DexCom, Inc. has a 12-month low of $57.52 and a 12-month high of $93.25. The firm has a market cap of $29.96 billion, a P/E ratio of 53.06, a price-to-earnings-growth ratio of 1.58 and a beta of 1.43. The firm has a 50 day moving average of $84.21 and a 200 day moving average of $80.50.

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

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.