DexCom (NASDAQ:DXCM) Stock Price Expected to Rise, Morgan Stanley Analyst Says

DexCom (NASDAQ:DXCM) had its price target hoisted by Morgan Stanley from $82.00 to $89.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the medical device company’s stock. Morgan Stanley’s target price would suggest a potential upside of 3.69% from the company’s current price.

DXCM has been the topic of several other research reports. Canaccord Genuity Group lifted their price objective on shares of DexCom from $103.00 to $106.00 and gave the company a “buy” rating in a research report on Friday, May 2nd. Piper Sandler reduced their price objective on shares of DexCom from $100.00 to $90.00 and set an “overweight” rating on the stock in a research report on Friday, May 2nd. Mizuho began coverage on shares of DexCom in a report on Thursday, April 10th. They issued an “outperform” rating and a $85.00 target price for the company. Citigroup reissued a “buy” rating and issued a $102.00 target price (up from $82.00) on shares of DexCom in a report on Thursday, May 22nd. Finally, Truist Financial initiated coverage on shares of DexCom in a research note on Monday, June 16th. They set a “buy” rating and a $102.00 price objective for the company. Five research analysts have rated the stock with a hold rating, fifteen have given a buy rating and three have given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $98.85.

DexCom Trading Up 3.0%

NASDAQ:DXCM opened at $85.83 on Tuesday. The company has a fifty day moving average of $84.45 and a 200 day moving average of $80.03. DexCom has a 52 week low of $57.52 and a 52 week high of $117.19. The company has a quick ratio of 1.32, a current ratio of 1.50 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $33.65 billion, a P/E ratio of 64.12, a P/E/G ratio of 1.78 and a beta of 1.44.

DexCom (NASDAQ:DXCM) last released its earnings results on Thursday, May 1st. The medical device company reported $0.32 earnings per share for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.01). DexCom had a return on equity of 30.05% and a net margin of 12.90%. The business had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.02 billion. During the same period in the prior year, the company earned $0.32 earnings per share. The firm’s quarterly revenue was up 12.5% compared to the same quarter last year. On average, research analysts predict that DexCom will post 2.03 earnings per share for the current year.

Insider Activity at DexCom

In other DexCom news, EVP Michael Jon Brown sold 10,000 shares of the business’s stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $84.28, for a total value of $842,800.00. Following the sale, the executive vice president owned 95,602 shares of the company’s stock, valued at $8,057,336.56. The trade was a 9.47% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Nicholas Augustinos sold 3,672 shares of the company’s stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $82.80, for a total transaction of $304,041.60. Following the completion of the sale, the director directly owned 33,411 shares in the company, valued at approximately $2,766,430.80. The trade was a 9.90% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,190 shares of company stock worth $2,281,732. 0.32% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Nuveen LLC acquired a new stake in DexCom during the 1st quarter worth approximately $554,893,000. Norges Bank acquired a new stake in shares of DexCom in the fourth quarter valued at approximately $385,367,000. Jennison Associates LLC raised its holdings in shares of DexCom by 37.7% in the first quarter. Jennison Associates LLC now owns 10,523,246 shares of the medical device company’s stock valued at $718,632,000 after purchasing an additional 2,879,489 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of DexCom by 171.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 3,194,829 shares of the medical device company’s stock valued at $218,175,000 after purchasing an additional 2,015,971 shares during the last quarter. Finally, Federated Hermes Inc. raised its holdings in shares of DexCom by 2,371.4% in the first quarter. Federated Hermes Inc. now owns 1,994,732 shares of the medical device company’s stock valued at $136,220,000 after purchasing an additional 1,914,019 shares during the last quarter. 97.75% of the stock is currently owned by institutional investors and hedge funds.

DexCom Company Profile

DexCom, Inc, a medical device company, focuses on the design, development, and commercialization of continuous glucose monitoring (CGM) systems in the United States and internationally. The company provides its systems for use by people with diabetes, as well as for use by healthcare providers. Its products include Dexcom G6 and Dexcom G7, integrated CGM systems for diabetes management; Dexcom Share, a remote monitoring system; Dexcom Real-Time API, which enables authorized third-party software developers to integrate real-time CGM data into their digital health apps and devices; and Dexcom ONE, that is designed to replace finger stick blood glucose testing for diabetes treatment decisions.