Nordea Investment Management AB, an investment management firm, recently announced that it has increased its holdings in DexCom, Inc. by 3.5% during the second quarter of this year. According to the company’s disclosure with the SEC, Nordea Investment Management AB now owns a total of 79,186 shares of DexCom’s stock after acquiring an additional 2,671 shares during the quarter. These holdings are estimated to be worth $10,361,000 as of the end of the recent quarter.
DexCom (NASDAQ:DXCM), a medical device company known for its continuous glucose monitoring systems, released its quarterly earnings results on July 27th. The company reported earnings per share of $0.34 for the quarter, surpassing the consensus estimate of $0.22 by $0.12. DexCom’s net margin was recorded at 11.18%, and it had a return on equity of 22.01%. Furthermore, DexCom generated revenue of $871.30 million during the quarter, exceeding the consensus estimate of $841.16 million.
Comparing these figures to the same period last year shows significant growth for DexCom as their quarterly revenue was up by 25.2%. In Q2 of last year, the company earned $0.17 earnings per share; however, this year they achieved an even higher figure of $0.34 per share.
Equities analysts are predicting that DexCom will post earnings per share (EPS) of 1.23 for the current year as a whole.
These recent developments indicate positive growth and promising financial performance for DexCom in both its devices and financials sectors.
As is common practice with investment firms and publicly traded companies alike, Nordea Investment Management AB discloses its holdings to provide transparency regarding their investments in various entities such as DexCom.
Overall considering Nordea Investment Management AB’s increased stake in Dexcom and the impressive earnings results for the second quarter, it appears that DexCom is on a positive trajectory. With strong financial performance and a growing market presence, DexCom seems poised to continue its upward momentum in the medical device industry.
DexCom Inc. Sees Surge in Interest from Hedge Funds and Institutional Investors
DexCom, Inc., a leading medical device company specializing in continuous glucose monitoring systems, has seen increased interest from hedge funds and institutional investors. This influx of investment comes as no surprise, considering the company’s strong financial performance and positive market sentiment.
One such investor, Resources Investment Advisors LLC, recently purchased a new stake in DexCom worth approximately $287,000. This move demonstrates confidence in the company’s potential for growth and profitability. Similarly, Financial Counselors Inc. increased its holdings in DexCom by 2.3% during the first quarter, further indicating faith in the company’s value.
Spouting Rock Asset Management LLC joined the league of investors by acquiring a stake worth around $540,000. In addition to this, First Hawaiian Bank augmented its holdings by purchasing additional shares valued at $1,850,000. CX Institutional also entered the fray by acquiring shares worth approximately $251,000. These investments from hedge funds and institutional investors represent a staggering 93.88% ownership of DexCom.
Equities research analysts have taken note of this increased activity surrounding DexCom stock and have weighed in with their opinions. Robert W. Baird lowered their price target on shares of DexCom from $153.00 to $130.00 but maintained an “outperform” rating on the stock. Conversely, Piper Sandler increased their price target from $150.00 to $160.00 and labeled DexCom as “overweight”. Morgan Stanley initiated coverage on DexCom with an “equal weight” rating and set a price target of $131.00.
UBS Group recently lowered their price objective from $175.00 to $138.00 but maintained a “buy” rating on the stock while Oppenheimer increased their price objective to $150.00.
These varying ratings reflect the diverse perspectives within the financial industry regarding DexCom’s future growth prospects.
In recent news related to insider trading, Director Steven R. Altman sold 1,000 shares of DexCom stock at an average price of $101.50, totaling $101,500. Following this transaction, Altman’s direct ownership in the company stands at 61,700 shares valued at approximately $6,262,550. Additionally, CFO Jereme M. Sylvain sold 1,844 shares at an average price of $104.38 for a total transaction amount of $192,476.
While insider selling can be perceived as potential signals or reflections of future performance or concerns about the company’s prospects, these sales should be evaluated in the context of each individual’s financial situation and investment strategies.
DexCom opened at $94.16 on September 20th and has experienced a range between a 1-year low of $78.94 and a 1-year high of $139.55. Currently boasting a market capitalization of $36.52 billion with a PE ratio of 109.49 and PEG ratio of 1.82, it is clear that DexCom occupies a strong position within its industry.
In conclusion, hedge funds and institutional investors have recognized the value and potential growth opportunities offered by DexCom Inc., leading to increased investment in the company’s stock. Despite differing opinions from equities research analysts regarding its future performance, DexCom continues to draw interest from various investors seeking long-term growth prospects in the medical device industry.