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I discussed JP Morgan's (NYSE:JPM) best performing buys from the September quarter in a previous article. It is also interesting to have a look at some of its winning sells from the September quarter. These stocks have underperformed the S&P 500 (NYSEARCA:SPY) by at least 800 bps since the end of that month.

Company Name

Symbol

Shares bought in Sept. Quarter

Shares Held - 09/30/2011

% change in share price since Sept. end

Sprint Nextel Corporation

S

-56061851

78086626

-31.62

The Coca-Cola Company

KO

-4253163

20167265

-2.56

The Procter & Gamble Company

PG

-1801218

28416339

0.75

Accenture Plc

ACN

-3918731

3570016

4.34

Becton, Dickinson and Co.

BDX

-1496250

5452815

5.34

Source: 13F filing

I believe Becton Dickinson and Co. can see further downside from the current levels. Becton, Dickinson and Company, an American medical technology company develops, manufactures and sells medical devices, instrument systems and reagents worldwide. It operates two business segments, BD Medical and BD Diagnostics. BD Medical produces medical devices and BD Diagnostics provides products for safe collection and transport of diagnostic specimens, instrument systems and reagents to detect various diseases.

BDX is seeing several headwinds in its business. Trends indicate weak healthcare utilization with lower hospital occupancy rates and shortening lengths of stay. Although, BDX has a few new products in the pipeline, BD max, 4 mm pen needle, Accuri and self-administration injectors; they are unlikely to have any impact on the company's top line until 2013/2014. In addition to bleak topline outlook in the near term, BDX's margins also seem to be under pressure with concerns over pricing. Further, BDX is trading at the higher end of the medical supplies companies, which make it susceptible to a correction in the near term.

Two stocks on the above list that I would recommend going long on after recent underperformance are Accenture and Coca-Cola. Accenture is gaining market share in the IT industry due to its strong domain expertise, industry-leading technical and consulting capabilities, and strong onsite presence. Clients continue to focus on vendor consolidation and are building strategic vendor relationships with IT services firms that have a wide breadth of offerings. ACN with its presence across industry verticals and service lines is well placed to increase its share especially in the key accounts. Going forward three specific technologies: mobility, cloud and analytics are likely to cause a good upside in the business. Each of these technologies has potential to become billion dollar businesses and Accenture is well positioned to capitalize on these trends as the largest agnostic technology solutions provider in the world.

Coca-Cola is another good company to have in a portfolio. The company gave a good 11% plus return in 2011. Coca-Cola is a high-dividend-yielding company with a consistent growth rate and stable business. It is a good defensive pick for the current uncertain environment. Its stock price has corrected in the past few months as investors have moved to "risk-on" mode. However, I would recommend long-term investors utilize this recent underperformance as a buying opportunity in this quality company.

Source: JPMorgan's Top Underperforming Sells: 1 Potential Short, 2 To Buy