On September 10, 2023, Price T Rowe Associates Inc. MD announced a decrease in its holdings in Becton, Dickinson and Company (NYSE:BDX) by 17.9% during the first quarter of the year. According to their most recent filing with the Securities and Exchange Commission (SEC), the firm now owns 14,927,834 shares of the medical instruments supplier’s stock after selling 3,247,724 shares. The total value of their holdings in Becton, Dickinson and Company is estimated to be $3,695,237,000 based on their most recent SEC filing.
Becton, Dickinson and Company (NYSE:BDX) recently disclosed its quarterly earnings results on Thursday, August 3rd. The medical instruments supplier reported an earnings per share (EPS) of $2.96 for the quarter, surpassing the consensus estimate of $2.89 by $0.07. In addition to this positive result, Becton, Dickinson and Company achieved a net margin of 8.73% and a return on equity of 13.24%. With revenue amounting to $4.88 billion during the quarter compared to a consensus estimate of $4.84 billion, Becton, Dickinson and Company experienced a growth rate of 5.1% in revenue compared to the same period last year.
Equities analysts have weighed in on BDX shares as well. StockNews.com downgraded Becton, Dickinson and Company from a “buy” rating to a “hold” rating in a research report published on Wednesday, August 16th. Raymond James also adjusted their price objective for Becton Dickinson from $305 to $304 while maintaining an “outperform” rating for the company in another research report released on Friday, August 4th.
Citigroup analysts increased their price target on Becton Dickinson from $260.00 to $282.00 and gave the stock a “neutral” rating according to a report published on Monday, August 21st. Barclays also increased their target price on Becton Dickinson from $284.00 to $303.00 and gave the stock an “overweight” rating in a research note on Monday, August 7th. Similarly, Morgan Stanley lifted their price target on Becton Dickinson from $295.00 to $310.00 and gave the company an “overweight” rating in a research note published on Friday, August 4th.
Based on these assessments from various analysts, it is worth noting that two analysts have given a hold rating while eight others have given a buy rating to Becton, Dickinson and Company (NYSE:BDX). The average rating attributed by Bloomberg data is “Moderate Buy”, with a consensus price target of approximately $288.44.
In conclusion, Price T Rowe Associates Inc. MD reduced its holdings in Becton, Dickinson and Company during the first quarter of this year, resulting in the firm owning about 5.26% of the stock’s total shares at an estimated value of $3,695,237,000. Becton Dickinson has reported positive quarterly earnings results and experienced revenue growth when compared to the same period last year. Analysts’ opinions on the stock range from hold to moderate buy with an average price target predicted at around $288.44 per share.
[bs_slider_forecast ticker=”KNSL”]
Hedge Funds and Insiders Influence Becton, Dickinson and Company’s Stock Performance
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”KNSL” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]On September 10, 2023, a number of hedge funds made significant changes to their positions in Becton, Dickinson and Company (BDX). Fairfield Bush & Co. acquired a new stake in the company during the first quarter, valued at approximately $114,000. This move reflects the firm’s confidence in the medical instruments supplier’s stock. Additionally, Sequoia Financial Advisors LLC increased its stake in BDX by 11.3% in the same quarter. The financial advisory firm now owns 2,923 shares of BDX stock, valued at $778,000 after purchasing an additional 297 shares.
Brighton Jones LLC also showed its support for Becton, Dickinson and Company by raising its holdings by 8.8% in the first quarter. The investment firm now owns 1,383 shares of BDX stock, worth $368,000 after acquiring an additional 112 shares during this period. Zions Bancorporation N.A., too, displayed its confidence in BDX stock as it boosted its holdings by 13.0% during the first quarter.
Furthermore, Mather Group LLC demonstrated its growing interest in Becton, Dickinson and Company by increasing its holdings by 26.0% during the same period. With an additional 278 shares purchased last quarter, Mather Group LLC now owns 1,346 shares of BDX stock valued at $358,000.
These changes in hedge fund positions demonstrate widespread institutional investor interest and highlight their considerable influence on market dynamics. In fact, an astonishingly high percentage—86.72%—of Becton Dickinson and Company’s stock is currently owned by hedge funds and other institutional investors.
In other notable developments related to Becton Dickinson and Company on August 28th this year: Director Claire Fraser sold 848 shares of the company’s stock at an average price of $281.66. This transaction amounted to a total value of $238,847.68. As a result, Director Fraser now possesses 21,608 shares in the company, valued at $6,086,109.28.
Similarly, EVP David Hickey sold 2,974 shares of BDX stock on August 11th at an average price of $277.85. This sale totaled $826,325.90 and reduced Hickey’s stake in the company to 4,199 shares valued at approximately $1,166,692.15.
These insider transactions underscore the fluid nature of stock ownership within Becton Dickinson and Company and provide insight into top-level decision-making within the organization.
As for the market performance of NYSE:BDX on September 10th this year: The stock traded down $0.30 during trading on Friday and reached a closing price of $266.76. The trading volume amounted to 1,182,936 shares compared to the average volume of 1,020,350 shares—a noteworthy figure indicative of active investor participation in BDX.
Becton Dickinson and Company’s stock has showcased notable volatility over the past year with a range between its 52-week lows and highs standing at $215.90 and “$287.32 respectively—further evidence of fluctuating market conditions.
The firm enjoys a substantial market capitalization of approximately $77.39 billion while maintaining a relatively high price-to-earnings ratio (P/E) of 48.41—a metric used to evaluate an investment’s potential profitability relative to its current share price. Moreover, BDX holds a reasonable P/E-to-growth ratio (P/E/G) of 2.21 that suggests investors may anticipate steady growth in earnings over time.
Several key factors contribute to this overall positive outlook for Becton Dickinson and Company’s stock performance including its beta value—a measure assessing systematic risk—and its quick and current ratios which reflect the firm’s liquidity.
The company has a beta value of 0.57, indicating that it is less volatile than the market. Moreover, BDX possesses a quick ratio of 0.73 and a current ratio of 1.25—implying its ability to promptly satisfy short-term financial obligations.
By considering all these factors in conjunction with the recent changes made by hedge funds and insider transactions at Becton Dickinson and Company, investors can gain insights into the dynamics shaping the medical instruments supplier’s stock performance in today’s market.
