On September 14, 2023, it was reported that the State Board of Administration of Florida Retirement System has decreased its stake in DexCom, Inc. (NASDAQ:DXCM) by 1.1% during the first quarter. This information was disclosed in the institution’s most recent 13F filing with the Securities and Exchange Commission (SEC). The State Board of Administration of Florida Retirement System now owns 424,000 shares of DexCom after selling 4,580 shares during the period. At the end of the quarter, these shares were valued at approximately $49,260,000.
DexCom, Inc. is a renowned medical device company that specializes in continuous glucose monitoring systems for people with diabetes. The stock opened at $105.22 on Thursday on NASDAQ:DXCM. Over the past year, its share price has fluctuated between a low of $78.94 and a high of $139.55.
The company’s financials reveal a debt-to-equity ratio of 1.16, indicating a moderate level of leverage. It boasts a current ratio of 2.42 and a quick ratio of 2.21, suggesting healthy liquidity levels to meet short-term obligations without difficulty.
With a market capitalization standing at an impressive $40.81 billion, DexCom has established itself as a significant player in the medical device industry. The company currently holds a price-to-earnings (P/E) ratio of 122.35, indicating that investors are willing to pay a premium for every dollar generated in earnings by DexCom.
Moreover, analysts are anticipating future growth from this medical device giant as evidenced by its P/E/G ratio of 1.99, which suggests strong potential for positive earnings growth over time.
Investors should also take note that Dexcom’s stock carries a beta value of 1.12 which implies sensitivity to market volatility but still within a reasonable range.
In conclusion, the recent decrease in stake by the State Board of Administration of Florida Retirement System in DexCom, Inc. indicates a shift in investment portfolio strategy. However, despite this change, DexCom’s solid financial position and positive growth prospects make it an attractive player in the medical device industry.
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DexCom Solidifies Position in Medical Device Industry with Institutional Investor Confidence and Positive Earnings Reports
September 14, 2023 – DexCom (NASDAQ:DXCM), a leading medical device company, has recently seen modifications in the holdings of several hedge funds. KB Financial Partners LLC bought a new position in DexCom during the first quarter, valued at approximately $72,000. Avalon Trust Co also acquired a new position in shares of DexCom during the same period, with a value of $26,000. Additionally, Whittier Trust Co. increased its holdings in DexCom by an astonishing 684.4% during the first quarter.
The rise in institutional investors’ ownership further solidifies DexCom’s standing within the medical device industry. With institutional investors now owning 93.88% of the company’s stock, it is evident that there is significant confidence in DexCom’s future prospects.
In other news concerning DexCom, EVP Sadie Stern recently sold 392 shares of the company’s stock on July 10th for an average price of $128.05 per share. The total value of this transaction amounted to $50,195.60. Following the sale, Stern now holds 82,074 shares directly within the company with an approximate value of $10,509,575.70.
Director Bridgette P. Heller also made a sale of 600 shares on September 12th at an average price of $106.56 per share, totaling $63,936.00. After this transaction, Heller now owns 23,731 shares valued at approximately $2,528,775.36.
The recent earnings release from DexCom on July 27th showed promising results for the medical device company. The reported earnings per share (EPS) for the quarter stood at $0.34 compared to the consensus estimate of $0.22 EPS – surpassing estimates by $0.12 per share.
The second-quarter revenue for DexCom reached a total of $871.30 million, exceeding analyst estimates of $841.16 million. The company experienced a 25.2% year-over-year increase in quarterly revenue. Furthermore, DexCom achieved a return on equity of 22.01% and a net margin of 11.18%.
Moving forward, research analysts believe that DexCom will continue to perform strongly, with an anticipated EPS of 1.23 for the current fiscal year.
In light of these impressive figures, brokerages have recently issued reports on DexCom’s outlook. Robert W. Baird decreased their target price from $153.00 to $130.00 but maintained an “outperform” rating on the stock in their report released on August 21st.
UBS Group also reduced its price objective for DexCom from $175.00 to $138.00 but retained a “buy” rating on the stock in their research note published on September 6th.
Barclays, on the other hand, raised its target price for DexCom from $115.00 to $138.00 and provided an “equal weight” rating in their report issued on July 31st.
Piper Sandler lifted the target price for DexCom from $150.00 to $160.00 and assigned an “overweight” rating in their analysis published on July 28th.
Finally, Raymond James increased their price target for DexCom from $140.00 to $154.00 in their report released on July 28th.
Based on data sourced from Bloomberg, DexCom currently holds an average rating of “Moderate Buy,” with analysts projecting an average target price of $137.75 for the company’s stock.
DexCom continues to exhibit strong performance within the medical device industry and secure investor confidence through institutional holdings and positive earnings reports.The company’s dedication to innovation and advancement in medical technology further cements its position as a key player in the industry.