Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Mid Cap Growth Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. Mid-cap stocks experienced a notable improvement in the third quarter after incurring losses in the second quarter. The Russell Midcap Growth Index (up 6.54%) underperformed the Russell Midcap Value Index (up 10.08%) during the quarter. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Carillon Eagle Mid Cap Growth Fund highlighted stocks like DexCom, Inc. (NASDAQ:DXCM), in the third quarter 2024 investor letter. DexCom, Inc. (NASDAQ:DXCM) is a medical device company that develops and commercializes continuous glucose monitoring (CGM) systems. The one-month return of DexCom, Inc. (NASDAQ:DXCM) was 1.39%, and its shares lost 34.08% of their value over the last 52 weeks. On November 21, 2024, DexCom, Inc. (NASDAQ:DXCM) stock closed at $74.46 per share with a market capitalization of $29.084 billion.
Carillon Eagle Mid Cap Growth Fund stated the following regarding DexCom, Inc. (NASDAQ:DXCM) in its Q3 2024 investor letter:
“DexCom, Inc. (NASDAQ:DXCM) is a medical device company that helped pioneer the design and development of continuous glucose monitoring systems (CGMs). The company faced a challenging quarter, primarily due to operational missteps. Issues included difficulties in contacting sufficient physicians as Dexcom expanded its sales force and delays in overseas product approvals. Additionally, a shift in focus from the durable medical equipment channel to the pharmacy channel resulted in lost market share. Despite these setbacks, the company is actively working to address these issues and aims to return to a path of renewed growth and multiple expansion.”
A doctor demonstrating how to use the medical device to a patient with diabetes.
DexCom, Inc. (NASDAQ:DXCM) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 55 hedge fund portfolios held DexCom, Inc. (NASDAQ:DXCM) at the end of the third quarter which was 64 in the previous quarter. In the third quarter, DexCom, Inc. (NASDAQ:DXCM) reported revenue of $994 million, compared to $975 million in Q3 2023. While we acknowledge the potential of DexCom, Inc. (NASDAQ:DXCM) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed DexCom, Inc. (NASDAQ:DXCM) and shared the list of high growth large cap stocks to buy. DexCom, Inc. (NASDAQ:DXCM) detracted from Aristotle Focus Growth Strategy’s performance in the third quarter due to earnings miss. In addition, please check out our hedge fund investor letters Q3 2024 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.