Becton, Dickinson (NYSE:BDX)

Becton, Dickinson and Company is an American company that produces and sells medical equipment. Founded in 1897 and headquartered in Franklin Lakes, New Jersey, BDX operates in nearly 50 countries and employs more than 29,000 people.. During fiscal year 2009, 60% of BDX sales came from markets outside the United States. The company's customers primarily include hospitals, laboratories and researchers.

BDX generates revenue through three business divisions: Medical (54%), Diagnostics (30%) and Life Sciences (16%). Through its medical division, BDX is the world's leading manufacturer and distributor of products such as needles and syringes. In fact, BDX built the first factory in the United States producing needles, syringes and thermometers. 

Although the dividend yield is modest, with 2.3% (1.91% on average over the long term), BD has increased its distributions at a rate of 12.04% per year. The company has also increased its dividend for 39 consecutive years. But one of the most remarkable qualities of the stock is its distribution rate which is only 31.41%. With such figures, it is certain that Becton Dickinson will have no trouble growing its dividend for many years to come..

BDX displays low market sensitivity, with a beta of 0.59. It was noted that defensive nature of the title during the double bottom of the decade 2000-2010. This also translates into a more than reasonable volatility in CHF, of 9.90%.

The low volatility of the title in the Swiss currency is also explained by a total decorrelation of the USD/CHF with the value in CHF of BDX ($risk=0.09), this being due to a predominant rate of exports. A fall in the dollar therefore has no impact on the value of BDX in Swiss francs in principle..

Given these fundamentals, our analysis model considers that BDX is still a purchase opportunity.

Sources: Wikipedia, Wikinvest, Yahoo Finance, Swissquote, dividends.ch