Is DexCom (DXCM) a Worthy Investment?

TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” third-quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy outperformed the Russell Midcap Growth Index and returned -4.11% (net) while the index return was -5.22%. The third quarter saw a decline in global equities markets, although they have held up positive year-to-date. In addition, please check the fund’s top five holdings to know its best picks in 2023.

TimesSquare Capital U.S. Mid Cap Growth Strategy highlighted stocks like  DexCom, Inc. (NASDAQ:DXCM) in the third quarter 2023 investor letter. Headquartered in San Diego, California, DexCom, Inc. (NASDAQ:DXCM) is a medical device company. On December 15, 2023, DexCom, Inc. (NASDAQ:DXCM) stock closed at $122.59 per share. One-month return of DexCom, Inc. (NASDAQ:DXCM) was 12.51%, and its shares gained 9.23% of their value over the last 52 weeks. DexCom, Inc. (NASDAQ:DXCM) has a market capitalization of $46.789 billion.

TimesSquare Capital U.S. Mid Cap Growth Strategy made the following comment about DexCom, Inc. (NASDAQ:DXCM) in its Q3 2023 investor letter:

“Our preference within Health Care is for novel therapies to address unmet medical needs, specialized providers, and innovators. New to the portfolio this quarter is DexCom, Inc. (NASDAQ:DXCM), a producer of glucose monitoring systems for people with diabetes. While GLP-1 drugs can help with weight loss, individuals with type 1 diabetes would remain insulin dependent. We used share price weakness as an opportunity to initiate the position.”

A doctor demonstrating how to use the medical device to a patient with diabetes.

DexCom, Inc. (NASDAQ:DXCM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 78 hedge fund portfolios held DexCom, Inc. (NASDAQ:DXCM) at the end of third quarter which was 58 in the previous quarter.

We discussed DexCom, Inc. (NASDAQ:DXCM) in another article and shared Artisan Mid Cap Fund’s views on the company. In addition, please check out our hedge fund investor letters Q3 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.