ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Value Strategy” first quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy underperformed its benchmark, the Russell 1000 Value Index, in the first quarter. On an absolute basis, the strategy gained from 5 of the 11 sectors in which it was invested for the quarter. The information technology (IT) and communication services sectors were the leading contributors while health care and financials sectors detracted. Overall stock selection detracted from the performance on a relative basis while sector allocation was positive. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Large Cap Value Strategy highlighted stocks like Becton, Dickinson and Company (NYSE:BDX) in the first quarter 2023 investor letter. Headquartered in Franklin Lakes, New Jersey, Becton, Dickinson and Company (NYSE:BDX) is a medical technology company. On July 3, 2023, Becton, Dickinson and Company (NYSE:BDX) stock closed at $261.92 per share. One-month return of Becton, Dickinson and Company (NYSE:BDX) was 3.12%, and its shares gained 4.02% of their value over the last 52 weeks. Becton, Dickinson and Company (NYSE:BDX) has a market capitalization of $74.389 billion.
ClearBridge Large Cap Value Strategy made the following comment about Becton, Dickinson and Company (NYSE:BDX) in its first quarter 2023 investor letter:
“The selloff in the health care space provided an opportunity to add to our position in medical device company Becton, Dickinson and Company (NYSE:BDX). We believe the company maintains a strong position at hospital customers, where it is able to drive pricing given its differentiated consumable offerings and regulatory hurdles to replace existing solutions. While the company has struggled procuring components due to COVID-induced supply chain challenges, easing constraints should lead to revenue growth in the coming quarters combined with margin expansion as the company focuses on better integrating previous acquisitions, improving operations and reducing product SKUs.”
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Becton, Dickinson and Company (NYSE:BDX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 56 hedge fund portfolios held Becton, Dickinson and Company (NYSE:BDX) at the end of first quarter 2023 which was 52 in the previous quarter.
We discussed Becton, Dickinson and Company (NYSE:BDX) in another article and shared the list of best dividend aristocrat stocks sorted by hedge fund popularity. In addition, please check out our hedge fund investor letters Q1 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.
