Tower Bridge Advisors Sells 4,571 Shares of Becton, Dickinson and Company (NYSE:BDX)

Key Points

• Tower Bridge Advisors reduced its stake in Becton, Dickinson and Company by 8.5%, holding 49,405 shares valued at approximately $11.32 million.
• Despite the reduction by Tower Bridge, other institutional investors such as Brighton Jones LLC and Wealth Enhancement Advisory Services LLC have increased their positions in Becton, Dickinson by significant percentages.
• Becton, Dickinson has reported a 4.5% year-over-year revenue growth in its latest quarterly earnings and issued a quarterly dividend of $1.04 per share, reflecting a yield of 2.28%.

Tower Bridge Advisors lowered its stake in shares of Becton, Dickinson and Company (NYSE:BDX - Free Report) by 8.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 49,405 shares of the medical instruments supplier's stock after selling 4,571 shares during the quarter. Becton, Dickinson and Company comprises approximately 1.3% of Tower Bridge Advisors' investment portfolio, making the stock its 22nd biggest position. Tower Bridge Advisors' holdings in Becton, Dickinson and Company were worth $11,317,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. T. Rowe Price Investment Management Inc. boosted its holdings in shares of Becton, Dickinson and Company by 36.1% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 12,126,707 shares of the medical instruments supplier's stock valued at $2,751,187,000 after purchasing an additional 3,219,317 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of Becton, Dickinson and Company by 10.8% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 6,843,856 shares of the medical instruments supplier's stock valued at $1,567,654,000 after purchasing an additional 667,957 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Becton, Dickinson and Company by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 6,351,537 shares of the medical instruments supplier's stock valued at $1,437,161,000 after purchasing an additional 66,024 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of Becton, Dickinson and Company by 6.7% in the 4th quarter. Invesco Ltd. now owns 4,265,638 shares of the medical instruments supplier's stock valued at $967,745,000 after purchasing an additional 267,436 shares in the last quarter. Finally, Kovitz Investment Group Partners LLC boosted its holdings in shares of Becton, Dickinson and Company by 392.4% in the 4th quarter. Kovitz Investment Group Partners LLC now owns 3,416,665 shares of the medical instruments supplier's stock valued at $775,139,000 after purchasing an additional 2,722,829 shares in the last quarter. Institutional investors and hedge funds own 86.97% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on BDX. Wells Fargo & Company downgraded Becton, Dickinson and Company from an "overweight" rating to an "equal weight" rating in a report on Thursday, May 1st. The Goldman Sachs Group cut Becton, Dickinson and Company from a "buy" rating to a "neutral" rating and set a $192.00 price target for the company. in a research note on Friday, May 2nd. Wall Street Zen cut Becton, Dickinson and Company from a "buy" rating to a "hold" rating in a research note on Friday, May 2nd. Raymond James Financial cut Becton, Dickinson and Company from an "outperform" rating to a "market perform" rating in a research note on Friday, May 2nd. Finally, Piper Sandler cut Becton, Dickinson and Company from an "overweight" rating to a "neutral" rating and dropped their price target for the company from $260.00 to $185.00 in a research note on Friday, May 2nd. Eight investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $219.22.

Becton, Dickinson and Company Trading Down 1.7%

BDX traded down $3.10 during midday trading on Friday, hitting $175.16. 138,176 shares of the company were exchanged, compared to its average volume of 2,613,351. The firm has a market capitalization of $50.20 billion, a P/E ratio of 33.38, a P/E/G ratio of 1.37 and a beta of 0.25. Becton, Dickinson and Company has a 1-year low of $163.33 and a 1-year high of $251.99. The firm's 50 day moving average price is $174.83 and its 200-day moving average price is $201.28. The company has a quick ratio of 0.64, a current ratio of 1.13 and a debt-to-equity ratio of 0.70.

Becton, Dickinson and Company (NYSE:BDX - Get Free Report) last announced its earnings results on Thursday, May 1st. The medical instruments supplier reported $3.35 EPS for the quarter, topping the consensus estimate of $3.28 by $0.07. The firm had revenue of $5.27 billion for the quarter, compared to the consensus estimate of $5.35 billion. Becton, Dickinson and Company had a return on equity of 15.99% and a net margin of 7.28%. The business's quarterly revenue was up 4.5% compared to the same quarter last year. During the same period in the previous year, the business earned $3.17 EPS. As a group, equities analysts forecast that Becton, Dickinson and Company will post 14.43 EPS for the current fiscal year.

Becton, Dickinson and Company Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 8th will be issued a dividend of $1.04 per share. The ex-dividend date of this dividend is Monday, September 8th. This represents a $4.16 annualized dividend and a yield of 2.4%. Becton, Dickinson and Company's payout ratio is presently 79.39%.

Insider Activity

In other news, EVP Michael David Garrison sold 1,185 shares of Becton, Dickinson and Company stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $180.29, for a total value of $213,643.65. Following the completion of the transaction, the executive vice president directly owned 4,887 shares of the company's stock, valued at approximately $881,077.23. This trade represents a 19.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP David Shan sold 1,166 shares of Becton, Dickinson and Company stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $171.19, for a total value of $199,607.54. Following the completion of the transaction, the executive vice president directly owned 4,575 shares of the company's stock, valued at approximately $783,194.25. This trade represents a 20.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.36% of the stock is currently owned by insiders.

About Becton, Dickinson and Company

Becton, Dickinson and Company develops, manufactures, and sells medical supplies, devices, laboratory equipment, and diagnostic products for healthcare institutions, physicians, life science researchers, clinical laboratories, pharmaceutical industry, and the general public worldwide. The company operates in three segments: BD Medical, BD Life Sciences, and BD Interventional.