PNC Financial Services Group Inc. Boosts Holdings in DexCom, Inc. (NASDAQ:DXCM)

Key Points

• PNC Financial Services Group Inc. increased its stake in DexCom by 11.1%, acquiring an additional 5,159 shares, bringing its total holdings to 51,828 shares valued at approximately $3.54 million.
• DexCom stock rose 3.2% to reach $78.86 during trading, with significant trading volume of 3,865,353 shares.
• Analysts have set a consensus price target of $99.89 for DexCom, with several institutions, including Barclays and Canaccord Genuity, issuing positive ratings for the stock.

PNC Financial Services Group Inc. lifted its holdings in shares of DexCom, Inc. (NASDAQ:DXCM - Free Report) by 11.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 51,828 shares of the medical device company's stock after buying an additional 5,159 shares during the quarter. PNC Financial Services Group Inc.'s holdings in DexCom were worth $3,539,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of DXCM. Jennison Associates LLC lifted its stake in DexCom by 37.7% in the 1st quarter. Jennison Associates LLC now owns 10,523,246 shares of the medical device company's stock worth $718,632,000 after purchasing an additional 2,879,489 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake in DexCom by 171.0% in the 1st 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 in the last quarter. Federated Hermes Inc. lifted its stake in DexCom by 2,371.4% in the 1st quarter. Federated Hermes Inc. now owns 1,994,732 shares of the medical device company's stock worth $136,220,000 after purchasing an additional 1,914,019 shares in the last quarter. Woodline Partners LP purchased a new stake in DexCom in the 4th quarter worth approximately $63,338,000. Finally, Northern Trust Corp lifted its stake in DexCom by 22.2% in the 4th quarter. Northern Trust Corp now owns 4,146,249 shares of the medical device company's stock worth $322,454,000 after purchasing an additional 753,857 shares in the last quarter. 97.75% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other DexCom news, EVP Michael Jon Brown sold 500 shares of the firm's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $82.80, for a total value of $41,400.00. Following the sale, the executive vice president owned 95,102 shares of the company's stock, valued at $7,874,445.60. This trade represents a 0.52% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Sadie Stern sold 1,466 shares of the firm's stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $88.99, for a total transaction of $130,459.34. Following the completion of the sale, the executive vice president directly owned 106,689 shares of the company's stock, valued at approximately $9,494,254.11. This represents a 1.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 28,656 shares of company stock worth $2,412,191 in the last quarter. Insiders own 0.32% of the company's stock.

DexCom Trading Up 3.2%

DexCom stock traded up $2.46 during trading hours on Friday, reaching $78.86. The stock had a trading volume of 3,865,353 shares, compared to its average volume of 3,611,153. The stock has a market cap of $30.92 billion, a PE ratio of 54.76, a PEG ratio of 1.65 and a beta of 1.43. DexCom, Inc. has a 52 week low of $57.52 and a 52 week high of $93.25. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.52 and a quick ratio of 1.35. The company has a fifty day simple moving average of $83.68 and a 200-day simple moving average of $80.32.

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, topping analysts' consensus estimates of $0.45 by $0.03. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.13 billion. DexCom had a net margin of 13.29% and a return on equity of 30.41%. The company's revenue was up 15.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.43 EPS. Analysts forecast that DexCom, Inc. will post 2.03 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have issued reports on DXCM shares. The Goldman Sachs Group began coverage on shares of DexCom in a research note on Friday, May 30th. They issued a "buy" rating and a $104.00 target price on the stock. Wall Street Zen cut shares of DexCom from a "strong-buy" rating to a "buy" rating in a research report on Sunday. Citigroup restated a "buy" rating and set a $102.00 price objective (up previously from $82.00) on shares of DexCom in a research report on Thursday, May 22nd. Truist Financial began coverage on shares of DexCom in a research report on Monday, June 16th. They set a "buy" rating and a $102.00 price objective on the stock. Finally, Raymond James Financial raised their price objective on shares of DexCom from $99.00 to $102.00 and gave the company a "strong-buy" rating in a research report on Thursday, July 31st. Four research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $99.89.

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.