DexCom, Inc. $DXCM Position Trimmed by Provident Investment Management Inc.

Provident Investment Management Inc. trimmed its holdings in shares of DexCom, Inc. (NASDAQ:DXCM) by 3.1% in the third quarter, HoldingsChannel reports. The institutional investor owned 369,810 shares of the medical device company’s stock after selling 11,764 shares during the quarter. DexCom accounts for about 3.2% of Provident Investment Management Inc.’s portfolio, making the stock its 14th largest holding. Provident Investment Management Inc.’s holdings in DexCom were worth $31,911,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Radnor Capital Management LLC bought a new stake in shares of DexCom during the 3rd quarter worth $1,114,000. Signaturefd LLC grew its holdings in shares of DexCom by 7.5% in the 3rd quarter. Signaturefd LLC now owns 5,673 shares of the medical device company’s stock worth $489,000 after acquiring an additional 397 shares during the last quarter. Simplicity Wealth LLC grew its holdings in shares of DexCom by 5.4% in the 3rd quarter. Simplicity Wealth LLC now owns 3,169 shares of the medical device company’s stock worth $273,000 after acquiring an additional 162 shares during the last quarter. Gibbs Wealth Management raised its position in shares of DexCom by 147.7% during the third quarter. Gibbs Wealth Management now owns 9,084 shares of the medical device company’s stock worth $784,000 after purchasing an additional 5,417 shares during the period. Finally, Wedbush Securities Inc. raised its position in shares of DexCom by 2.6% during the third quarter. Wedbush Securities Inc. now owns 15,286 shares of the medical device company’s stock worth $1,319,000 after purchasing an additional 383 shares during the period. Institutional investors and hedge funds own 97.75% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Jereme M. Sylvain sold 3,638 shares of the firm’s stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $83.27, for a total value of $302,936.26. Following the completion of the sale, the executive vice president owned 146,828 shares of the company’s stock, valued at $12,226,367.56. This trade represents a 2.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Nicholas Augustinos sold 6,539 shares of DexCom stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $84.04, for a total value of $549,537.56. Following the transaction, the director owned 29,293 shares in the company, valued at $2,461,783.72. This represents a 18.25% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 24,257 shares of company stock valued at $2,049,173 over the last quarter. 0.28% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Benchmark upped their target price on DexCom from $77.00 to $82.00 and gave the company a “buy” rating in a report on Friday, July 31st. Stifel Nicolaus set a $95.00 price target on DexCom and gave the stock a “buy” rating in a research note on Friday, July 31st. Raymond James Financial restated a “strong-buy” rating and set a $94.00 price objective on shares of DexCom in a report on Friday, July 31st. Weiss Ratings upgraded DexCom from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, October 6th. Finally, Canaccord Genuity Group set a $90.00 price objective on shares of DexCom and gave the company a “buy” rating in a research note on Monday, August 3rd. Three analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $92.43.

DexCom Stock Performance

DexCom stock opened at $77.94 on Monday. DexCom, Inc. has a 52 week low of $54.11 and a 52 week high of $92.59. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.43 and a current ratio of 1.73. The firm has a market capitalization of $29.41 billion, a price-to-earnings ratio of 30.81, a P/E/G ratio of 1.31 and a beta of 1.48. The company has a 50 day moving average price of $86.79 and a 200 day moving average price of $76.63.

DexCom (NASDAQ:DXCM) last announced its 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 the consensus estimate of $1.29 billion. During the same period in the previous year, the business earned $0.48 EPS. The company’s revenue was up 13.1% on a year-over-year basis. Research analysts forecast that DexCom, Inc. will post 2.64 EPS for the current year.

About DexCom

DexCom, Inc develops and commercializes continuous glucose monitoring (CGM) systems for people with diabetes. Its devices use a small wearable sensor to measure glucose levels in real time and transmit readings to compatible smartphones, receivers, smartwatches, and other connected devices, helping users monitor glucose trends and make informed decisions about their health.

The company’s product portfolio includes the Dexcom G7 and Dexcom G6 CGM systems, as well as Dexcom ONE and Dexcom ONE+ products offered in select markets.