Becton, Dickinson and Company (BDX) Faced Macroeconomic Headwinds in Q4
Diamond Hill Capital, an investment management company, released its “Large Cap Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy trailed the Russell 1000 Index for Q4 and underperformed for the calendar year. In Q4, both the fund’s below-benchmark weighting and individual holdings underperformed index peers, resulting in relative weakness in the technology exposure for both the full year and the quarter. In addition, overweight exposure to the weak energy sector detracted from the relative results, along with healthcare holdings. Financial holdings and over-benchmark allocation boosted performance. Positive stock picks in real estate and consumer staples sectors also contributed. The strategy returned 11.39% (net) in Q4 compared to 11.96% for the Russell 1000 Index. For the full year, the strategy returned 13.68% (net) compared to a 26.53% return for the index. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2023.
Diamond Hill Large Cap Strategy featured stocks like Becton, Dickinson and Company (NYSE:BDX) in the fourth quarter 2023 investor letter. Headquartered in Franklin Lakes, New Jersey, Becton, Dickinson and Company (NYSE:BDX) is a medical technology company. On February 28, 2024, Becton, Dickinson and Company (NYSE:BDX) stock closed at $239.15 per share. One-month return of Becton, Dickinson and Company (NYSE:BDX) was -1.32%, and its shares lost 2.22% of their value over the last 52 weeks. Becton, Dickinson and Company (NYSE:BDX) has a market capitalization of $69.091 billion.
Diamond Hill Large Cap Strategy stated the following regarding Becton, Dickinson and Company (NYSE:BDX) in its fourth quarter 2023 investor letter:
"Other bottom contributors included Chevron, Carrier Global and Becton, Dickinson and Company (NYSE:BDX). Global medical technology company Becton, Dickinson faces macroeconomic headwinds, including China’s economic malaise, which have weighed on the near-term outlook. However, we maintain our conviction in the company’s ability to operate well, even amid a relatively challenging macroeconomic environment."
A surgeon performing a procedure in an operating room using a medical device supplied by the company.
Becton, Dickinson and Company (NYSE:BDX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Becton, Dickinson and Company (NYSE:BDX) was held by 60 hedge fund portfolios, up from 57 in the previous quarter, according to our database.
We discussed Becton, Dickinson and Company (NYSE:BDX) in another article and shared the list of best environmental dividend stocks to invest in according to analysts. In addition, please check out our hedge fund investor letters Q4 2023 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.
