TopPicks from Lorne Steinberg, president Lorne Steinberg Wealth Management
Lorne Steinberg, president of Lorne Steinberg Wealth Management, discusses his top picks: Becton Dickinson and Co., Corteva, and Johnson & Johnson.BDX is a global medical technology company, manufacturing a broad range of supplies, devices and lab equipment sold to hospitals, physicians and pharma companies. The company has about a 25 per cent share of its addressable market and spends about six per cent of its revenues on research and development to maintain its leading position.
BDX has used some of its free cash flow to acquire related businesses and has an excellent track record in this regard. The shares were negatively impacted by a product recall, but this has been fully resolved and the new version of this product should boost revenues going forward. Besides acquisitions, free cash flow has been the source of steady dividend increases and share buybacks, and at the current price, these shares offer excellent long-term value.Corteva is an agricultural company operating in two segments, seeds and crop protection. This company has flourished since it was spun out of DowDuPont, enhancing its product line, growing sales and earnings and maintaining a pristine balance sheet with minimal debt.
We anticipate annual earnings growth of over 10 per cent for the next several years, which makes these shares a compelling purchase at the current valuation.JNJ is best known to investors for its consumer products , but this division accounts for only 16 per cent of sales. Pharmaceuticals account for over half of revenues, with medical devices making up the balance.
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