Cannell & Co. Reduces Position in Johnson & Johnson (NYSE:JNJ)

Posted by Defense World Staff on May 2nd, 2023

Cannell & Co. decreased its position in Johnson & Johnson (NYSE:JNJ – Get Rating) by 0.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 137,267 shares of the company’s stock after selling 520 shares during the period. Cannell & Co.’s holdings in Johnson & Johnson were worth $24,248,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in JNJ. Glassy Mountain Advisors Inc. purchased a new stake in shares of Johnson & Johnson in the 4th quarter valued at approximately $35,000. Retirement Financial Solutions LLC purchased a new position in shares of Johnson & Johnson during the 4th quarter worth approximately $40,000. TD Capital Management LLC purchased a new position in shares of Johnson & Johnson during the 3rd quarter worth approximately $48,000. VitalStone Financial LLC purchased a new position in shares of Johnson & Johnson during the 4th quarter worth approximately $52,000. Finally, Iron Horse Wealth Management LLC boosted its position in shares of Johnson & Johnson by 112.8% during the 4th quarter. Iron Horse Wealth Management LLC now owns 300 shares of the company’s stock worth $53,000 after purchasing an additional 159 shares during the period. Hedge funds and other institutional investors own 67.94% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on JNJ. Morgan Stanley raised their price objective on shares of Johnson & Johnson from $179.00 to $183.00 and gave the company an “equal weight” rating in a report on Wednesday, April 19th. Atlantic Securities reduced their price objective on shares of Johnson & Johnson from $168.00 to $167.00 and set a “neutral” rating for the company in a research note on Wednesday, April 19th. Raymond James reduced their price objective on shares of Johnson & Johnson from $185.00 to $181.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 19th. Piper Sandler dropped their price objective on shares of Johnson & Johnson from $55.00 to $52.00 in a research report on Monday, February 6th. Finally, StockNews.com started coverage on shares of Johnson & Johnson in a research note on Thursday, March 16th. They set a “strong-buy” rating on the stock. Seven research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Johnson & Johnson currently has an average rating of “Moderate Buy” and an average price target of $173.00.

Johnson & Johnson Trading Down 0.1 %

Shares of Johnson & Johnson stock opened at $163.60 on Tuesday. The stock has a market capitalization of $426.06 billion, a P/E ratio of 34.23, a price-to-earnings-growth ratio of 2.78 and a beta of 0.53. The company has a quick ratio of 0.77, a current ratio of 0.99 and a debt-to-equity ratio of 0.35. The company has a 50-day simple moving average of $157.86 and a 200 day simple moving average of $167.04. Johnson & Johnson has a 12-month low of $150.11 and a 12-month high of $183.35.

Johnson & Johnson (NYSE:JNJ – Get Rating) last announced its earnings results on Tuesday, April 18th. The company reported $2.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.51 by $0.17. Johnson & Johnson had a net margin of 13.22% and a return on equity of 35.53%. The business had revenue of $24.75 billion during the quarter, compared to analysts’ expectations of $23.61 billion. During the same quarter last year, the company posted $2.67 EPS. The firm’s revenue for the quarter was up 5.6% on a year-over-year basis. Research analysts expect that Johnson & Johnson will post 10.66 earnings per share for the current fiscal year.

Johnson & Johnson Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 6th. Shareholders of record on Tuesday, May 23rd will be issued a dividend of $1.19 per share. The ex-dividend date of this dividend is Monday, May 22nd. This represents a $4.76 dividend on an annualized basis and a yield of 2.91%. This is a positive change from Johnson & Johnson’s previous quarterly dividend of $1.13. Johnson & Johnson’s dividend payout ratio is currently 94.56%.

Insiders Place Their Bets

In other news, insider James D. Swanson sold 1,062 shares of the firm’s stock in a transaction dated Monday, March 6th. The shares were sold at an average price of $154.66, for a total value of $164,248.92. Following the transaction, the insider now owns 9,215 shares of the company’s stock, valued at approximately $1,425,191.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.20% of the company’s stock.

About Johnson & Johnson

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Johnson & Johnson is a holding company, which engages in the research and development, manufacture and sale of products in the health care field. It operates through the following segments: Consumer Health, Pharmaceutical, and MedTech. The Consumer Health segment includes products focused on personal healthcare used in the Skin Health/Beauty, Over-the-Counter medicines, Baby Care, Oral Care, Women’s Health and Wound Care markets.