Spotlight on Becton Dickinson & Co

This article first appeared on GuruFocus.

First Pacific Advisors (Trades, Portfolio) recently submitted the 13F filing for the fourth quarter of 2025, providing insights into its investment moves during this period. First Pacific Advisors (Trades, Portfolio) is a Los Angeles-based investment management firm with an emphasis on value investing. It manages the FPA Capital Fund (Trades, Portfolio), the FPA Crescent Fund, the FPA New Income Fund, the FPA Paramount Fund, the FPA Perennial Fund, and Source Capital, Inc. J. Richard Atwood serves as the firms Chief Financial Officer. The firm follows a value-oriented, research-intensive process. It runs concentrated funds to focus on the best ideas of the portfolio managers, with an emphasis on intellectual independence that does not seek validation from the broader investment community. The funds have a focus on small- and mid-cap stocks.

First Pacific Advisors (Trades, Portfolio) added a total of 4 stocks, among them:

• The most significant addition was Amrize Ltd (NYSE:AMRZ), with 3,408,072 shares, accounting for 2.47% of the portfolio and a total value of $184.31 million.

• The second largest addition to the portfolio was Liberty Broadband Corp (NASDAQ:LBRDK), consisting of 2,669,348 shares, representing approximately 1.74% of the portfolio, with a total value of $129.73 million.

• The third largest addition was The Magnum Ice Cream Co NV (NYSE:MICC), with 1,697,675 shares, accounting for 0.36% of the portfolio and a total value of $26.91 million.

First Pacific Advisors (Trades, Portfolio) also increased stakes in a total of 19 stocks, among them:

• The most notable increase was Becton Dickinson & Co (NYSE:BDX), with an additional 1,014,989 shares, bringing the total to 1,951,246 shares. This adjustment represents a significant 108.41% increase in share count, a 2.64% impact on the current portfolio, with a total value of $378.68 million.

• The second largest increase was Fortune Brands Innovations Inc (NYSE:FBIN), with an additional 658,407 shares, bringing the total to 3,524,498. This adjustment represents a significant 22.97% increase in share count, with a total value of $176.30 million.

First Pacific Advisors (Trades, Portfolio) completely exited 2 of the holdings in the fourth quarter of 2025, as detailed below:

First Pacific Advisors (Trades, Portfolio) also reduced positions in 22 stocks. The most significant changes include:

• Reduced Alphabet Inc (NASDAQ:GOOGL) by 510,890 shares, resulting in a -21.09% decrease in shares and a -1.74% impact on the portfolio. The stock traded at an average price of $286.38 during the quarter and has returned 6.43% over the past 3 months and -3.15% year-to-date.

• Reduced Comcast Corp (NASDAQ:CMCSA) by 2,838,897 shares, resulting in a -25.26% reduction in shares and a -1.25% impact on the portfolio. The stock traded at an average price of $26.7 during the quarter and has returned 26.62% over the past 3 months and 15.31% year-to-date.

At the fourth quarter of 2025, First Pacific Advisors (Trades, Portfolio)’ portfolio included 62 stocks, with the top holdings including 8.02% in Alphabet Inc (NASDAQ:GOOGL), 6.82% in Analog Devices Inc (NASDAQ:ADI), 6.21% in Meta Platforms Inc (NASDAQ:META), 5.68% in Alphabet Inc (NASDAQ:GOOG), and 5.49% in Citigroup Inc (NYSE:C).

The holdings are mainly concentrated in 11 industries: Communication Services, Technology, Financial Services, Healthcare, Consumer Cyclical, Basic Materials, Industrials, Energy, Real Estate, Consumer Defensive, and Utilities.