Armor Investment Advisors LLC significantly reduced its investment in Becton, Dickinson and Company (NYSE: BDX) by 64.9% during the third quarter of 2023. According to a recent filing with the Securities and Exchange Commission, the firm sold 4,890 shares, leaving it with 2,645 shares valued at approximately $495,000.
This move comes amid a wave of trading activity among institutional investors in Becton, Dickinson. Other notable changes in ownership include a 15.4% increase in holdings by Vanguard Group Inc., which now owns 32,308,749 shares valued at about $5.57 billion. In addition, First Eagle Investment Management LLC boosted its stake by 59.2%, acquiring an additional 3,268,478 shares, bringing its total to 8,786,190 shares worth approximately $1.51 billion.
Massachusetts Financial Services Co. also increased its position by 24.4%, acquiring more than 1.67 million shares, while Geode Capital Management LLC raised its stake by 3.8% with an additional 244,199 shares. Meanwhile, Norges Bank made a new investment worth $653.38 million during the second quarter. Overall, institutional investors now own 86.97% of Becton, Dickinson’s stock.
Analysts’ Ratings and Price Targets
Recent reports from various financial analysts have influenced Becton, Dickinson’s stock outlook. Stifel Nicolaus lowered its target price from $224.00 to $210.00, while Morgan Stanley raised its price objective from $197.00 to $210.00 and issued an “overweight” rating. Argus increased its target from $220.00 to $230.00, and Royal Bank of Canada revised its target upward from $202.00 to $210.00.
Currently, four analysts rate Becton, Dickinson’s stock as a “Buy,” while nine maintain a “Hold” rating. As per data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $205.64.
Insider Transactions and Stock Performance
In other developments, Michael David Garrison, Executive Vice President of Becton, Dickinson, sold 629 shares on December 17, 2023, at an average price of $196.03, totaling $123,302.87. Following this transaction, Garrison holds 13,105 shares valued at about $2.57 million. Additionally, Bertram L. Scott, a company director, sold 217 shares at an average price of $176.58, amounting to $38,317.86. Insiders have sold a total of 1,052 shares worth $201,235 over the last 90 days, with insiders owning 0.40% of the company’s stock.
On December 15, 2023, shares of Becton, Dickinson opened at $194.73. The stock has seen a 12-month low of $162.29 and a high of $251.99. With a market capitalization of $55.48 billion, the company has a P/E ratio of 33.40 and a P/E/G ratio of 1.80. Becton, Dickinson’s last quarterly earnings report, released on April 14, 2023, showed earnings of $4.10 per share, with a revenue of $5.32 billion.
Recently, the company announced a quarterly dividend of $1.05, an increase from the previous quarter’s $1.04. This dividend was paid on December 31, 2023, with a record date of December 8, 2023. The annualized dividend now stands at $4.20, reflecting a yield of 2.2%, with a payout ratio of 72.04%.
Becton, Dickinson and Company remains a key player in the global medical technology sector, developing a wide array of medical devices and solutions aimed at improving healthcare delivery and diagnostic capabilities.
