Polar Asset Management Partners Inc. Buys 363,943 Shares of DexCom, Inc. $DXCM

Key Points

• Polar Asset Management Partners Inc. significantly increased its stake in DexCom, Inc. by 765.2%, acquiring a total of 411,507 shares worth approximately $28 million.
• Multiple institutional investors, including Nuveen LLC and Jennison Associates LLC, have also boosted their positions in DexCom during the first quarter of 2023.
• Analysts have set new price targets for DexCom, with Citigroup raising its target to $102.00, while other firms also upgraded their ratings, reflecting strong investor confidence.

Polar Asset Management Partners Inc. boosted its stake in DexCom, Inc. (NASDAQ:DXCM - Free Report) by 765.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 411,507 shares of the medical device company's stock after purchasing an additional 363,943 shares during the quarter. DexCom makes up 0.6% of Polar Asset Management Partners Inc.'s investment portfolio, making the stock its 28th largest position. Polar Asset Management Partners Inc. owned about 0.10% of DexCom worth $28,102,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in DXCM. Nuveen LLC bought a new position in DexCom in the 1st quarter worth about $554,893,000. Jennison Associates LLC boosted 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 during the period. Massachusetts Financial Services Co. MA boosted 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 during the period. Federated Hermes Inc. boosted 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 during the period. Finally, Vanguard Group Inc. boosted its stake in DexCom by 2.0% in the 1st quarter. Vanguard Group Inc. now owns 47,455,899 shares of the medical device company's stock worth $3,240,763,000 after purchasing an additional 925,882 shares during the period. Institutional investors own 97.75% of the company's stock.

Analysts Set New Price Targets

DXCM has been the topic of several recent analyst reports. Citigroup reaffirmed a "buy" rating and issued a $102.00 price target (up previously from $82.00) on shares of DexCom in a report on Thursday, May 22nd. Raymond James Financial raised their price target on DexCom from $99.00 to $102.00 and gave the company a "strong-buy" rating in a report on Thursday, July 31st. William Blair raised DexCom to a "strong-buy" rating in a report on Thursday, July 31st. Piper Sandler raised their price target on DexCom from $90.00 to $100.00 and gave the company an "overweight" rating in a report on Thursday, July 31st. Finally, Wall Street Zen cut DexCom from a "strong-buy" rating to a "buy" rating in a report on Sunday, August 10th. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, DexCom presently has an average rating of "Moderate Buy" and an average price target of $99.89.

Insider Buying and Selling

In other news, Director Mark G. Foletta sold 2,750 shares of DexCom stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $83.13, for a total value of $228,607.50. Following the sale, the director directly owned 56,621 shares in the company, valued at approximately $4,706,903.73. This trade represents a 4.63% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Sadie Stern sold 1,466 shares of DexCom stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $88.99, for a total value of $130,459.34. Following the completion of the sale, the executive vice president owned 106,689 shares in the company, 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 have sold 15,722 shares of company stock valued at $1,306,131 in the last 90 days. 0.32% of the stock is owned by insiders.

DexCom Stock Performance

Shares of NASDAQ DXCM opened at $80.76 on Friday. The stock has a market cap of $31.67 billion, a price-to-earnings ratio of 56.08, a P/E/G ratio of 1.65 and a beta of 1.48. The company has a current ratio of 1.52, a quick ratio of 1.35 and a debt-to-equity ratio of 0.48. DexCom, Inc. has a 1-year low of $57.52 and a 1-year high of $93.25. The stock's 50-day moving average is $81.70 and its 200 day moving average is $79.22.

DexCom (NASDAQ:DXCM - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The medical device company reported $0.48 earnings per share for the quarter, beating analysts' consensus estimates of $0.45 by $0.03. DexCom had a return on equity of 30.41% and a net margin of 13.29%.The company had revenue of $1.16 billion for the quarter, compared to analysts' expectations of $1.13 billion. During the same period last year, the firm posted $0.43 EPS. DexCom's revenue for the quarter was up 15.2% compared to the same quarter last year. DexCom has set its FY 2025 guidance at EPS. On average, sell-side analysts anticipate that DexCom, Inc. will post 2.03 EPS for the current fiscal year.

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.

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