Invesco Ltd. Sells 3,718,611 Shares of DexCom, Inc. (NASDAQ:DXCM)

Key Points

• Invesco Ltd. has reduced its stake in DexCom, Inc. by 41.4%, selling 3,718,611 shares and now owning approximately 1.34% of the company, valued at $358.85 million.
• Other institutional investors have adjusted their positions in DexCom, with Golden State Wealth Management LLC increasing its holdings by 211.2% in the first quarter.
• DexCom's recent earnings report showed an EPS of $0.48, surpassing estimates, with revenues of $1.16 billion reflecting a year-over-year growth of 15.2%.

Invesco Ltd. lessened its stake in DexCom, Inc. (NASDAQ:DXCM - Free Report) by 41.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 5,254,854 shares of the medical device company's stock after selling 3,718,611 shares during the quarter. Invesco Ltd. owned 1.34% of DexCom worth $358,854,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Jennison Associates LLC grew 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 acquiring an additional 2,879,489 shares in the last quarter. Massachusetts Financial Services Co. MA grew 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 acquiring an additional 2,015,971 shares in the last quarter. Federated Hermes Inc. grew its holdings 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 valued at $136,220,000 after acquiring an additional 1,914,019 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of DexCom by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 47,455,899 shares of the medical device company's stock valued at $3,240,763,000 after acquiring an additional 925,882 shares in the last quarter. Finally, Woodline Partners LP purchased a new position in shares of DexCom during the 4th quarter valued at $63,338,000. Hedge funds and other institutional investors own 97.75% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on DXCM shares. Raymond James Financial boosted their price target on shares of DexCom from $99.00 to $102.00 and gave the company a "strong-buy" rating in a report on Thursday, July 31st. The Goldman Sachs Group started coverage on shares of DexCom in a report on Friday, May 30th. They set a "buy" rating and a $104.00 price target on the stock. Barclays boosted 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. Oppenheimer lifted their price objective on shares of DexCom from $95.00 to $102.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Finally, Canaccord Genuity Group reaffirmed a "buy" rating and issued a $106.00 price objective on shares of DexCom in a research note on Friday, August 1st. Four equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, DexCom presently has a consensus rating of "Moderate Buy" and a consensus target price of $99.89.

Insider Activity at DexCom

In other news, Director Nicholas Augustinos sold 3,672 shares of the business's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $82.80, for a total transaction of $304,041.60. Following the transaction, the director owned 33,411 shares in the company, valued at approximately $2,766,430.80. The trade was a 9.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Mark G. Foletta sold 2,750 shares of the business's 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 owned 56,621 shares in the company, valued at approximately $4,706,903.73. The trade was a 4.63% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 28,656 shares of company stock worth $2,412,191. 0.32% of the stock is owned by company insiders.

DexCom Stock Performance

DXCM remained flat at $79.96 during trading on Thursday. 2,234,312 shares of the company traded hands, compared to its average volume of 3,910,198. The stock has a market capitalization of $31.36 billion, a price-to-earnings ratio of 55.53, a PEG ratio of 1.68 and a beta of 1.43. DexCom, Inc. has a 12-month low of $57.52 and a 12-month high of $93.25. The company has a current ratio of 1.52, a quick ratio of 1.35 and a debt-to-equity ratio of 0.48. The company has a 50 day simple moving average of $83.28 and a 200 day simple moving average of $80.19.

DexCom (NASDAQ:DXCM - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The medical device company reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.03. DexCom had a net margin of 13.29% and a return on equity of 30.41%. The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same quarter in the previous year, the firm posted $0.43 EPS. The business's revenue was up 15.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that DexCom, Inc. will post 2.03 earnings per share 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.