DexCom (DXCM) Stock Declined on Profit Taking

The Ithaka Group, an investment advisory firm, released “Ithaka US Growth Strategy” first-quarter investor letter. A copy of the same can be downloaded here. In the quarter, the strategy returned 21.8% gross and 21.7% net compared to 14.4% for the Russell 1000 Growth Index. The outperformance of the fund was due to stock selection, with a very slight benefit from sector allocation. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Ithaka US Growth Strategy highlighted stocks like DexCom, Inc. (NASDAQ:DXCM) in the Q1 2023 investor letter. Headquartered in San Diego, California, DexCom, Inc. (NASDAQ:DXCM) is a medical device company. On June 22, 2023, DexCom, Inc. (NASDAQ:DXCM) stock closed at $126.52 per share. One-month return of DexCom, Inc. (NASDAQ:DXCM) was 9.97%, and its shares gained 62.89% of their value over the last 52 weeks. DexCom, Inc. (NASDAQ:DXCM) has a market capitalization of $49.853 billion.

Ithaka US Growth Strategy made the following comment about DexCom, Inc. (NASDAQ:DXCM) in its first quarter 2023 investor letter:

“DexCom, Inc. (NASDAQ:DXCM) is a medical device company focused on the design, development and commercialization of continuous glucose monitoring (CGM) systems for people with diabetes. Diabetes is a chronic, life-threatening disease for which there is no known cure. DexCom’s CGM system is superior to traditional finger-stick tests because it provides users with continuous data (including glucose trends and time spent in hyper or hypoglycemia) versus a snapshot in time. DexCom’s stock traded ~flat in the quarter following a 5 month stretch where the stock doubled trough to peak, likely inducing some investor to take profits.”

DexCom, Inc. (NASDAQ:DXCM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 66 hedge fund portfolios held DexCom, Inc. (NASDAQ:DXCM) at the end of first quarter 2023 which was 70 in the previous quarter.

We discussed DexCom, Inc. (NASDAQ:DXCM) in another article and shared the list of best healthcare stocks billionaires are loading up on. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.