Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Mid Cap Growth Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. Having carried over some of the strength from the previous year into the first quarter, mid-cap stocks reversed course and ended the second quarter at a loss. The Russell Midcap Growth Index (down 3.21%) slightly outperformed the Russell Midcap Value Index (down 3.40%) in 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 second quarter 2024 investor letter. DexCom, Inc. (NASDAQ:DXCM) is a medical device company engages in the development and commercialization of continuous glucose monitoring (CGM) systems. The one-month return of DexCom, Inc. (NASDAQ:DXCM) was -30.71%, and its shares lost 27.38% of their value over the last 52 weeks. On August 19, 2024, DexCom, Inc. (NASDAQ:DXCM) stock closed at $77.69 per share with a market capitalization of $31.132 billion.
Carillon Eagle Mid Cap Growth Fund stated the following regarding DexCom, Inc. (NASDAQ:DXCM) in its Q2 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). They are primarily used by a large fraction of Type 1 diabetics and a meaningfully growing number of Type 2 diabetics to monitor their blood glucose levels. As such, we believe there is a huge greenfield opportunity as many individuals in the addressable market still rely on finger prick tests. Despite beating analysts’ estimates and raising guidance most quarters, the stock has taken a hit as the size of the beats and raises have lately become a bit constrained. Nevertheless, we continue to be supportive of the stock through new product introductions and the integration of its CGMs into tubed and tubeless insulin pump systems.”
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, 64 hedge fund portfolios held DexCom, Inc. (NASDAQ:DXCM) at the end of the second quarter which was 73 in the previous quarter. In the second quarter, DexCom, Inc. (NASDAQ:DXCM) reported revenue of $1.004 billion, compared to $871.3 million in Q2 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 Baron Health Care Fund’s views on the company. In addition, please check out our hedge fund investor letters Q2 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.
