Norges Bank Makes New $483.36 Million Investment in DexCom, Inc. $DXCM

Key Points

• Norges Bank opened a large new position in DexCom, buying 7.28 million shares worth about $483.4 million in the fourth quarter, equal to roughly 1.87% of the company.
• Other institutional investors also increased their DexCom stakes, and hedge funds and institutions now own 97.75% of the stock, highlighting strong institutional interest.
• DexCom recently beat quarterly expectations with $0.56 EPS versus $0.47 expected and revenue of $1.19 billion, while analysts currently rate the stock a Moderate Buy with a consensus target price of $82.42.

Norges Bank bought a new position in shares of DexCom, Inc. (NASDAQ:DXCM - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 7,282,743 shares of the medical device company's stock, valued at approximately $483,356,000. Norges Bank owned approximately 1.87% of DexCom as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the company. Gradient Investments LLC boosted its stake in shares of DexCom by 13.8% during the fourth quarter. Gradient Investments LLC now owns 332,006 shares of the medical device company's stock valued at $22,035,000 after purchasing an additional 40,343 shares in the last quarter. Nordea Investment Management AB lifted its holdings in DexCom by 118.6% in the fourth quarter. Nordea Investment Management AB now owns 254,315 shares of the medical device company's stock valued at $16,988,000 after buying an additional 137,986 shares during the period. NEOS Investment Management LLC lifted its stake in DexCom by 58.7% in the third quarter. NEOS Investment Management LLC now owns 175,982 shares of the medical device company's stock valued at $11,842,000 after buying an additional 65,066 shares during the period. Banco Santander S.A. lifted its stake in DexCom by 28.9% in the third quarter. Banco Santander S.A. now owns 250,310 shares of the medical device company's stock valued at $16,843,000 after buying an additional 56,062 shares during the period. Finally, Banque Pictet & Cie SA raised its holdings in shares of DexCom by 58.2% during the fourth quarter. Banque Pictet & Cie SA now owns 109,823 shares of the medical device company's stock valued at $7,289,000 after purchasing an additional 40,411 shares during the period. Institutional investors and hedge funds own 97.75% of the company's stock.

Insider Buying and Selling

In related news, Director Bridgette P. Heller sold 1,012 shares of the company's stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $60.01, for a total value of $60,730.12. Following the completion of the transaction, the director directly owned 25,007 shares in the company, valued at approximately $1,500,670.07. The trade was a 3.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Kevin R. Sayer sold 26,759 shares of the stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $72.00, for a total transaction of $1,926,648.00. Following the transaction, the insider owned 382,482 shares in the company, valued at $27,538,704. The trade was a 6.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 32,871 shares of company stock worth $2,306,638. Corporate insiders own 0.28% of the company's stock.

DexCom Price Performance

DXCM opened at $73.74 on Monday. DexCom, Inc. has a one year low of $54.11 and a one year high of $89.98. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.95 and a quick ratio of 1.64. The firm has a market capitalization of $28.45 billion, a P/E ratio of 31.51, a price-to-earnings-growth ratio of 1.22 and a beta of 1.45. The company has a fifty day moving average price of $64.17 and a 200-day moving average price of $66.53.

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

Wall Street Analysts Forecast Growth

DXCM has been the topic of a number of analyst reports. Robert W. Baird set a $80.00 target price on shares of DexCom in a report on Friday, May 1st. Piper Sandler reiterated an "overweight" rating on shares of DexCom in a research note on Thursday, February 5th. Raymond James Financial set a $81.00 target price on DexCom in a research report on Friday, May 1st. Sanford C. Bernstein set a $77.00 target price on DexCom in a research report on Friday, May 1st. Finally, Wall Street Zen lowered DexCom from a "strong-buy" rating to a "buy" rating in a research report on Sunday, May 10th. Three equities research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, DexCom has a consensus rating of "Moderate Buy" and a consensus 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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