Becton, Dickinson (NYSE:BDX)

Becton DickinsonBecton, Dickinson and Company est une entreprise américaine qui produit et vend du matériel médical. Crée en 1897 et ayant son siège à Franklin Lakes, au New Jersey, BDX est présent dans près de 50 pays et emploie plus de 29.000 personnes. 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 syringesIn fact, BDX built the first factory in the United States producing needles, syringes and thermometers. 

Bien que le dividend yield soit modeste, avec 2.3% (1.91% en moyenne sur le long terme), BD a augmenté ses distributions sur un rythme de 12.04% par année. La société a par ailleurs fait progresser son dividende depuis 39 années consécutives. Mais une des qualités les plus remarquables du titre, c'est son taux de distribution qui est seulement de 31.41%. Avec de tels chiffres, il est certain que 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 lors du double bottom de la décennie 2000-2010. Ceci se traduit également par une volatility en CHF plus que raisonnable, de 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..

Becton, Dickinson (NYSE:BDX)

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

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


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