Kornitzer Capital Management Inc. KS Sells 22,660 Shares of DexCom, Inc. $DXCM

Kornitzer Capital Management Inc. KS cut its stake in DexCom, Inc. (NASDAQ:DXCM) by 27.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 59,801 shares of the medical device company’s stock after selling 22,660 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in DexCom were worth $3,756,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the stock. Norges Bank acquired a new stake in shares of DexCom during the 4th quarter worth $483,356,000. AQR Capital Management LLC raised its stake in DexCom by 597.8% in the fourth quarter. AQR Capital Management LLC now owns 3,102,789 shares of the medical device company’s stock valued at $205,932,000 after purchasing an additional 2,658,158 shares in the last quarter. Holocene Advisors LP acquired a new position in DexCom in the third quarter valued at about $163,964,000. CIBC Private Wealth Group LLC lifted its position in DexCom by 374.3% during the third quarter. CIBC Private Wealth Group LLC now owns 2,907,801 shares of the medical device company’s stock worth $195,666,000 after purchasing an additional 2,294,709 shares during the period. Finally, Employees Provident Fund Board bought a new stake in DexCom during the fourth quarter worth about $145,352,000. 97.75% of the stock is currently owned by institutional investors.

DexCom Price Performance

DexCom stock traded up $1.94 during midday trading on Friday, reaching $74.96. The company’s stock had a trading volume of 3,856,779 shares, compared to its average volume of 4,451,275. DexCom, Inc. has a 52 week low of $54.11 and a 52 week high of $89.98. The company has a current ratio of 1.95, a quick ratio of 1.64 and a debt-to-equity ratio of 0.42. The business has a 50-day moving average price of $69.62 and a 200-day moving average price of $68.44. The stock has a market cap of $28.92 billion, a PE ratio of 32.03, a price-to-earnings-growth ratio of 1.23 and a beta of 1.45.

DexCom (NASDAQ:DXCM) last issued its earnings results on Thursday, April 30th. The medical device company reported $0.56 EPS for the quarter, topping the consensus estimate of $0.47 by $0.09. The firm had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.17 billion. DexCom had a return on equity of 33.33% and a net margin of 19.31%.The business’s quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.32 earnings per share. On average, sell-side analysts predict that DexCom, Inc. will post 2.57 EPS for the current year.

Insider Activity at DexCom

In other DexCom news, Director Mark G. Foletta sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $74.13, for a total value of $296,520.00. Following the sale, the director owned 52,852 shares in the company, valued at $3,917,918.76. This trade represents a 7.04% 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, EVP Jon Coleman sold 4,911 shares of the business’s stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $74.13, for a total transaction of $364,052.43. Following the sale, the executive vice president directly owned 95,450 shares in the company, valued at approximately $7,075,708.50. The trade was a 4.89% 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 sold a total of 73,450 shares of company stock worth $5,270,409 in the last ninety days. Insiders own 0.28% of the company’s stock.

Wall Street Analysts Forecast Growth

DXCM has been the topic of a number of analyst reports. TD Cowen reiterated a “buy” rating and set a $95.00 price objective (up from $75.00) on shares of DexCom in a research note on Wednesday, June 10th. Piper Sandler reaffirmed an “overweight” rating and set a $88.00 price target (up from $75.00) on shares of DexCom in a report on Monday, June 15th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of DexCom in a research report on Tuesday, June 23rd. They set a “buy” rating and a $86.00 price target on the stock. Raymond James Financial reissued a “strong-buy” rating and issued a $91.00 price objective on shares of DexCom in a research note on Monday, June 8th. Finally, Wall Street Zen downgraded shares of DexCom from a “strong-buy” rating to a “buy” rating in a research report on Sunday, May 10th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $84.88.

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.