Form 4: BDX Executive Sells Shares After SAR Exercise

Becton Dickinson & Co. EVP Michael David Garrison exercised stock appreciation rights and subsequently sold common stock shares on January 15, 2026, under a pre-arranged 10b5-1 plan.

Summary

• Michael David Garrison, EVP & President of Medical Essential & BioPharm at Becton Dickinson & Co. (BDX), reported transactions on January 15, 2026.
• Garrison acquired 3,054 shares of Common Stock by exercising Stock Appreciation Rights (SARs) at an exercise price of $167.91 per share.
• Following the SAR exercise, Garrison's beneficial ownership of Common Stock was 16,159 shares.
• Subsequently, Garrison disposed of a total of 4,064 shares of Common Stock through multiple sales.
• The sales included 2,454 shares at $209 per share, 600 shares at $209 per share, and 1,010 shares at $206.54 per share.
• After all reported transactions, Garrison's direct beneficial ownership of Common Stock stands at 12,095 shares.
• All reported transactions were conducted pursuant to a Rule 10b5-1 plan adopted by Garrison on August 13, 2025.

Sentiment

Score: 5

Explanation: The sentiment is neutral. While an executive sold shares, the transaction was pre-planned under a Rule 10b5-1 plan, which mitigates concerns about opportunistic selling. The exercise of SARs indicates the stock's value appreciation, which is positive for the executive, but the net reduction in holdings is slightly negative.

Positives

• The executive exercised Stock Appreciation Rights, indicating the value of the company's stock had appreciated above the exercise price of $167.91.
• The sales were executed at prices ($209 and $206.54) significantly higher than the SAR exercise price ($167.91), resulting in a personal gain for the executive.

Negatives

• The executive's net beneficial ownership of common stock decreased by 1,010 shares (from 13,105 shares before exercise to 12,095 shares after all transactions).

Future Outlook

NA

Industry Context

This Form 4 filing details a routine insider transaction for an executive at a major medical technology company. Such transactions, especially when conducted under a Rule 10b5-1 plan, are common for executive compensation and personal financial planning and typically do not reflect new strategic insights or significant shifts in company performance or industry trends.

Stakeholder Impact

• Shareholders: The net reduction in executive holdings is minor and pre-planned, so it is unlikely to have a significant impact on shareholder sentiment or the stock price. The transaction reflects a routine part of executive compensation and personal financial management.

Key Dates

Keywords

Becton Dickinson, BDX, Form 4, Insider Trading, Stock Appreciation Rights, SARs, Common Stock, Executive Compensation, Rule 10b5-1 Plan, Michael David Garrison