Cullen Capital Management, LLC, operating under the name Schafer Cullen Capital Management, Inc. (SCCM), has released its “SCCM Value Equity Strategy” third-quarter investor letter. A copy of the letter can be downloaded here. The US equity market continued the rally in the third quarter, with the S&P 500 returning 8.1% and the Russell 1000 Value surging 5.3%. The value equity strategy returned 6.9% (gross of fees) and 6.8% (net of fees) in the quarter, while the Russell 1000 Value and S&P 500 returned 5.3% and 8.1%, respectively, during the same period. The strategy returned 13.0% (gross), YTD, compared to the Russell 1000 Value’s +11.7% return and the S&P 500’s +14.8% return. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2025.
In its third-quarter 2025 investor letter, SCCM Value Equity Strategy highlighted stocks such as Becton, Dickinson and Company (NYSE:BDX). Becton, Dickinson and Company (NYSE:BDX) is a healthcare company that develops and manufactures medical supplies, devices, laboratory equipment, and diagnostic products. The one-month return of Becton, Dickinson and Company (NYSE:BDX) was 2.24%, and its shares lost 13.52% of their value over the last 52 weeks. On November 18, 2025, Becton, Dickinson and Company (NYSE:BDX) stock closed at $192.33 per share, with a market capitalization of $55.127 billion.
SCCM Value Equity Strategy stated the following regarding Becton, Dickinson and Company (NYSE:BDX) in its third quarter 2025 investor letter:
“Becton, Dickinson and Company (NYSE:BDX) was purchased in the Value strategy. BDX is a global medical technology company engaged in the development, manufacture and sale of a broad range of medical supplies, devices, laboratory equipment and diagnostic products used by hospitals, medical offices, physicians, clinical laboratories, and the pharmaceutical industry. Its BD Medical (50% of 2024 sales) segment focuses on devices for medication delivery, including syringes, needles, infusion pumps, pre-filled syringes and related pharmaceutical services. BD is the world’s largest manufacturer of syringes, with over 80% market share in US hospital syringes. Its BD Life Sciences (26%) segment provides products and services for disease detection and research, with offerings including diagnostic systems, flow cytometry instruments, and reagents used in laboratories for disease identification and monitoring. Its BD Interventional (24%) segment offers surgical and interventional devices, such as catheters and vascular access tools.
BDX has historically been a consistent mid-single-digit top-line growth company given its leadership in medical device categories that are essential to hospitals and medical offices, including syringes, pre-filled syringes, infusion pumps, and other products. However, the company has faced a number of short-term headwinds in recent years: exiting the Covid pandemic in 2022-2023 and the associated inventory destocking dynamics, a slowdown in China’s demand for medical supplies, and more recently the Trump Administration’s cuts to NIH funding and the negative impact on demand for research instruments and supplies. Consequently, BDX now trades at its lowest P/E multiple in over a decade, at 12.0x versus a 10 year average of approximately 19x…” (Click here to read the full text)
Becton, Dickinson and Company (NYSE:BDX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. According to our database, 58 hedge fund portfolios held Becton, Dickinson and Company (NYSE:BDX) at the end of the second quarter, up from 54 in the previous quarter. In the fiscal fourth quarter of 2025, Becton, Dickinson and Company’s (NYSE:BDX) revenue grew 7% to $5.9 billion or 3.9% organic. While we acknowledge the risk and potential of Becton, Dickinson and Company (NYSE:BDX) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than Becton, Dickinson and Company (NYSE:BDX) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered Becton, Dickinson and Company (NYSE:BDX) and shared Hinde Group’s views on the company. In addition, please check out our hedge fund investor letters Q3 2025 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.
