Saudi Central Bank Increases Holdings in DexCom, Inc. $DXCM

Key Points

• Saudi Central Bank increased its DexCom stake by 87.1% in the second quarter, holding 26,941 shares valued at approximately $1.8 million. Institutional investors collectively own 97.75% of DXCM’s outstanding shares.
• Analysts remain broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $88.71; several firms recently raised their targets to $90–$95.
• DexCom’s latest quarterly results exceeded expectations, with EPS of $0.70 versus $0.61 expected and revenue of $1.31 billion, up 13.1% year over year. Shares opened at $84.53, below the 52-week high of $92.59.

Saudi Central Bank increased its position in DexCom, Inc. (NASDAQ:DXCM - Free Report) by 87.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,941 shares of the medical device company's stock after buying an additional 12,545 shares during the quarter. Saudi Central Bank's holdings in DexCom were worth $1,814,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of DXCM. Norges Bank bought a new stake in shares of DexCom in the 4th quarter worth approximately $483,356,000. AQR Capital Management LLC raised its position in DexCom by 597.8% in the 4th quarter. AQR Capital Management LLC now owns 3,102,789 shares of the medical device company's stock worth $205,932,000 after purchasing an additional 2,658,158 shares during the period. Legal & General Group Plc purchased a new position in DexCom in the 2nd quarter worth $173,237,000. Deutsche Bank AG bought a new stake in DexCom in the second quarter worth $164,035,000. Finally, Employees Provident Fund Board bought a new stake in DexCom in the fourth quarter worth $145,352,000. Hedge funds and other institutional investors own 97.75% of the company's stock.

Insider Transactions at DexCom

In other news, EVP Sadie Stern sold 2,565 shares of the company's stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $88.37, for a total value of $226,669.05. Following the sale, the executive vice president directly owned 126,043 shares of the company's stock, valued at $11,138,419.91. This represents a 1.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Kevin Sayer sold 26,756 shares of DexCom stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $76.32, for a total transaction of $2,042,017.92. Following the transaction, the insider directly owned 328,970 shares of the company's stock, valued at approximately $25,106,990.40. This trade represents a 7.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 65,777 shares of company stock valued at $4,950,714 in the last three months. Company insiders own 0.28% of the company's stock.

Analysts Set New Price Targets

DXCM has been the topic of several analyst reports. Canaccord Genuity Group set a $90.00 price objective on DexCom and gave the stock a "buy" rating in a report on Monday, August 3rd. Royal Bank Of Canada increased their target price on DexCom from $85.00 to $90.00 and gave the company an "outperform" rating in a report on Friday, July 31st. Piper Sandler restated an "overweight" rating and set a $95.00 price target (up from $88.00) on shares of DexCom in a research report on Friday, July 31st. Wells Fargo & Company boosted their price objective on DexCom from $85.00 to $90.00 and gave the company an "overweight" rating in a research report on Friday, July 31st. Finally, Wall Street Zen raised shares of DexCom from a "hold" rating to a "buy" rating in a research note on Sunday. Two analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $88.71.

DexCom Stock Performance

Shares of DXCM stock opened at $84.53 on Wednesday. The firm has a market capitalization of $31.90 billion, a price-to-earnings ratio of 33.41, a PEG ratio of 1.47 and a beta of 1.42. The stock has a fifty day moving average of $81.95 and a 200 day moving average of $72.57. DexCom, Inc. has a 52 week low of $54.11 and a 52 week high of $92.59. The company has a quick ratio of 1.43, a current ratio of 1.73 and a debt-to-equity ratio of 0.47.

DexCom (NASDAQ:DXCM - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The medical device company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.09. DexCom had a net margin of 20.12% and a return on equity of 35.94%. The company had revenue of $1.31 billion for the quarter, compared to analysts' expectations of $1.29 billion. During the same quarter in the previous year, the company earned $0.48 earnings per share. DexCom's quarterly revenue was up 13.1% on a year-over-year basis. As a group, research analysts expect that DexCom, Inc. will post 2.64 earnings per share for the current year.

About DexCom

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.

Want to see what other hedge funds are holding DXCM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for DexCom, Inc. (NASDAQ:DXCM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.