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Madison Investments Bought Becton Dickinson (BDX) and Adobe (ADBE) Stocks

Madison Investments, an independently-owned investment firm, recently published its first-quarter Madison Investors Fund commentary – a copy of which can be downloaded here. During the first quarter of 2020, the Madison Investors Fund returned -20.53%, while the benchmark S&P 500 was down 19.6%.

In the said letter, Madison Investments highlighted a few stocks and Becton Dickinson & Co (NYSE:BDX) is one of them. Becton Dickinson is a medical technology company. Year-to-date, BDX stock lost 7.4% and on May 1st it had a closing price of $251.87. Its market cap is of $68.3 billion. Here is what Madison Investments said:

“We purchased Becton Dickinson (BD) early in the quarter. It is one of the world’s largest medical supply, device, lab equipment, and diagnostic products manufacturers. We believe it is well managed and maintains cost and intellectual property advantages. Our research indicates that BD generates about 85% of its revenue from consumables. In our estimate, BD was purchased at a fair price and one that was attractive compared to some of the portfolio sales made around the same time.”

In Q4 2019, the number of bullish hedge fund positions on BDX stock decreased by about 2% from the previous quarter (see the chart here).

Madison Investments comments on Adobe

In the said letter, Madison Investments also highlighted Adobe Inc. (NASDAQ:ADBE) stock. Adobe is a computer software company based in California. Here is what Madison Investments said:

“We purchased Adobe in March. Adobe has an extremely strong competitive position in software products that enable creation of digital graphics. It also has leading businesses in digital documents and in business tools for the creation and enhancement of digital business models. We feel that Adobe’s products will remain in high demand, and that it will be relatively resilient during 2020.”

In Q4 2019, the number of bullish hedge fund positions on ADBE stock increased by about 4% from the previous quarter (see the chart here).

Disclosure: None. This article is originally published at Insider Monkey.

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