Jennison Associates LLC Buys 2,879,489 Shares of DexCom, Inc. (NASDAQ:DXCM)

Jennison Associates LLC increased its position in DexCom, Inc. (NASDAQ:DXCM - Free Report) by 37.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,523,246 shares of the medical device company's stock after buying an additional 2,879,489 shares during the quarter. Jennison Associates LLC owned about 2.68% of DexCom worth $718,632,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Norges Bank purchased a new stake in shares of DexCom during the fourth quarter valued at $385,367,000. Massachusetts Financial Services Co. MA lifted its holdings in shares of DexCom by 171.0% during the first 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 purchasing an additional 2,015,971 shares during the last quarter. Woodline Partners LP purchased a new stake in shares of DexCom during the fourth quarter valued at $63,338,000. Northern Trust Corp lifted its holdings in shares of DexCom by 22.2% during the fourth quarter. Northern Trust Corp now owns 4,146,249 shares of the medical device company's stock valued at $322,454,000 after purchasing an additional 753,857 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of DexCom during the fourth quarter valued at $41,295,000. Institutional investors and hedge funds own 97.75% of the company's stock.

Analyst Ratings Changes

DXCM has been the subject of several research analyst reports. Mizuho increased their price objective on DexCom from $95.00 to $100.00 and gave the stock an "outperform" rating in a research note on Wednesday. Truist Financial initiated coverage on DexCom in a research note on Monday, June 16th. They issued a "buy" rating and a $102.00 price objective for the company. Cfra Research raised DexCom to a "hold" rating in a research report on Friday, March 21st. The Goldman Sachs Group initiated coverage on DexCom in a research report on Friday, May 30th. They issued a "buy" rating and a $104.00 target price on the stock. Finally, Citigroup reaffirmed a "buy" rating and issued a $102.00 target price (up from $82.00) on shares of DexCom in a research report on Thursday, May 22nd. Four research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $99.60.

DexCom Price Performance

DXCM stock traded down $0.21 during midday trading on Friday, reaching $83.89. 2,616,540 shares of the company's stock traded hands, compared to its average volume of 4,433,622. The company has a 50-day simple moving average of $84.49 and a two-hundred day simple moving average of $80.17. DexCom, Inc. has a 1-year low of $57.52 and a 1-year high of $113.28. The company has a market cap of $32.89 billion, a price-to-earnings ratio of 62.60, a PEG ratio of 1.79 and a beta of 1.44. The company has a quick ratio of 1.32, a current ratio of 1.50 and a debt-to-equity ratio of 0.55.

DexCom (NASDAQ:DXCM - Get Free Report) last released its earnings results on Thursday, May 1st. The medical device company reported $0.32 EPS for the quarter, missing the consensus estimate of $0.33 by ($0.01). The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.02 billion. DexCom had a net margin of 12.90% and a return on equity of 30.05%. The firm's quarterly revenue was up 12.5% on a year-over-year basis. During the same period last year, the business posted $0.32 earnings per share. On average, analysts anticipate that DexCom, Inc. will post 2.03 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Nicholas Augustinos sold 3,672 shares of the business's stock in a transaction dated 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 directly owned 33,411 shares in the company, valued at $2,766,430.80. The trade was a 9.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at 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 shares were sold at an average price of $83.13, for a total value of $228,607.50. Following the completion of the sale, the director owned 56,621 shares in the company, valued at approximately $4,706,903.73. This trade 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 have sold 27,190 shares of company stock valued at $2,281,732. Insiders own 0.32% of the company's stock.

About DexCom

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.