DexCom, Inc. (NASDAQ:DXCM) Shares Purchased by Federated Hermes Inc.

Key Points

• Federated Hermes Inc. significantly increased its stake in DexCom, Inc. by 2,371.4% in Q1 2023, now owning nearly 2 million shares worth approximately $136.2 million.
• Several analysts have recently raised their target price for DexCom, with most ratings indicating a consensus of "Moderate Buy" and an average price target of $98.72.
• Insider trading activity includes directors selling a total of 6,422 shares recently, indicating some decreases in their positions, while only 0.32% of the company's stock is held by insiders.

Federated Hermes Inc. boosted its holdings in DexCom, Inc. (NASDAQ:DXCM - Free Report) by 2,371.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,994,732 shares of the medical device company's stock after purchasing an additional 1,914,019 shares during the quarter. Federated Hermes Inc. owned approximately 0.51% of DexCom worth $136,220,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the business. Patten & Patten Inc. TN increased its stake in DexCom by 4.2% in the first quarter. Patten & Patten Inc. TN now owns 77,958 shares of the medical device company's stock valued at $5,324,000 after purchasing an additional 3,147 shares during the last quarter. TCW Group Inc. grew its position in DexCom by 7.7% during the first quarter. TCW Group Inc. now owns 937,499 shares of the medical device company's stock valued at $64,022,000 after acquiring an additional 67,403 shares during the period. Empirical Finance LLC grew its position in DexCom by 2.8% during the first quarter. Empirical Finance LLC now owns 12,880 shares of the medical device company's stock valued at $880,000 after acquiring an additional 346 shares during the period. Skandinaviska Enskilda Banken AB publ grew its position in DexCom by 2.8% during the first quarter. Skandinaviska Enskilda Banken AB publ now owns 291,563 shares of the medical device company's stock valued at $19,895,000 after acquiring an additional 7,909 shares during the period. Finally, Stevens Capital Management LP purchased a new stake in DexCom during the first quarter valued at about $583,000. 97.75% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other DexCom news, EVP Michael Jon Brown sold 10,000 shares of the company's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $84.28, for a total transaction of $842,800.00. Following the sale, the executive vice president owned 95,602 shares in the company, valued at $8,057,336.56. This represents a 9.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Mark G. Foletta sold 2,750 shares of the company's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $83.13, for a total value of $228,607.50. Following the sale, the director owned 56,621 shares in the company, valued at $4,706,903.73. The trade was a 4.63% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 28,656 shares of company stock worth $2,412,191. Company insiders own 0.32% of the company's stock.

Analyst Ratings Changes

DXCM has been the subject of a number of research reports. Barclays boosted their price target on DexCom from $93.00 to $98.00 and gave the company an "equal weight" rating in a research report on Wednesday. Truist Financial initiated coverage on DexCom in a research report on Monday, June 16th. They set a "buy" rating and a $102.00 price target for the company. Mizuho boosted their price target on DexCom from $95.00 to $100.00 and gave the company an "outperform" rating in a research report on Wednesday, July 16th. UBS Group boosted their price target on DexCom from $105.00 to $106.00 and gave the company a "buy" rating in a research report on Thursday. Finally, The Goldman Sachs Group assumed coverage on DexCom in a research report on Friday, May 30th. They set a "buy" rating and a $104.00 price target for the company. Four investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, DexCom has an average rating of "Moderate Buy" and an average price target of $99.89.

DexCom Stock Down 1.4%

DXCM traded down $1.11 on Friday, reaching $79.66. The company's stock had a trading volume of 3,734,755 shares, compared to its average volume of 3,876,596. The stock has a market cap of $31.24 billion, a price-to-earnings ratio of 55.18, a price-to-earnings-growth ratio of 1.90 and a beta of 1.44. DexCom, Inc. has a 1 year low of $57.52 and a 1 year high of $93.25. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.50 and a quick ratio of 1.32. The business's 50 day moving average is $84.67 and its 200 day moving average is $80.62.

DexCom (NASDAQ:DXCM - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The medical device company reported $0.48 EPS for the quarter, beating analysts' consensus estimates of $0.45 by $0.03. The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.13 billion. DexCom had a return on equity of 32.05% and a net margin of 13.29%. DexCom's revenue for the quarter was up 15.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.43 earnings per share. As a group, research analysts forecast that DexCom, Inc. will post 2.03 EPS for the current fiscal year.

DexCom 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.