State of Michigan Retirement System Boosts Holdings in Johnson & Johnson (NYSE:JNJ)

Posted by Defense World Staff on Jul 27th, 2023

State of Michigan Retirement System raised its stake in shares of Johnson & Johnson (NYSE:JNJ – Free Report) by 1.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 752,624 shares of the company’s stock after purchasing an additional 7,400 shares during the quarter. Johnson & Johnson comprises 0.8% of State of Michigan Retirement System’s holdings, making the stock its 20th biggest position. State of Michigan Retirement System’s holdings in Johnson & Johnson were worth $116,657,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the stock. MainStreet Investment Advisors LLC increased its stake in Johnson & Johnson by 3.0% during the 1st quarter. MainStreet Investment Advisors LLC now owns 112,950 shares of the company’s stock valued at $17,507,000 after purchasing an additional 3,239 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in shares of Johnson & Johnson by 5.9% in the first quarter. Janney Montgomery Scott LLC now owns 1,322,622 shares of the company’s stock worth $205,007,000 after acquiring an additional 73,292 shares during the period. Lountzis Asset Management LLC acquired a new stake in shares of Johnson & Johnson in the first quarter worth $214,000. Invst LLC increased its stake in shares of Johnson & Johnson by 4.7% in the first quarter. Invst LLC now owns 9,856 shares of the company’s stock worth $1,607,000 after acquiring an additional 445 shares during the period. Finally, Troy Asset Management Ltd increased its stake in shares of Johnson & Johnson by 16.2% in the first quarter. Troy Asset Management Ltd now owns 375,742 shares of the company’s stock worth $58,240,000 after acquiring an additional 52,278 shares during the period. Institutional investors and hedge funds own 67.57% of the company’s stock.

Johnson & Johnson Trading Up 0.2 %

Shares of JNJ stock opened at $172.72 on Thursday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.85 and a current ratio of 1.07. The stock has a market capitalization of $448.85 billion, a P/E ratio of 34.96, a price-to-earnings-growth ratio of 2.87 and a beta of 0.55. The company has a 50 day moving average price of $160.60 and a 200 day moving average price of $161.20. Johnson & Johnson has a fifty-two week low of $150.11 and a fifty-two week high of $181.04.

Johnson & Johnson (NYSE:JNJ – Get Free Report) last announced its quarterly earnings data on Thursday, July 20th. The company reported $2.80 earnings per share for the quarter, beating analysts’ consensus estimates of $2.62 by $0.18. The firm had revenue of $25.53 billion during the quarter, compared to analysts’ expectations of $24.63 billion. Johnson & Johnson had a net margin of 13.35% and a return on equity of 37.01%. The business’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.59 earnings per share. Equities research analysts predict that Johnson & Johnson will post 10.76 EPS for the current fiscal year.

Johnson & Johnson Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 7th. Stockholders of record on Monday, August 28th will be issued a $1.19 dividend. The ex-dividend date is Friday, August 25th. This represents a $4.76 dividend on an annualized basis and a dividend yield of 2.76%. Johnson & Johnson’s payout ratio is 96.36%.

Insider Activity

In other Johnson & Johnson news, EVP Kathryn E. Wengel sold 12,465 shares of the business’s stock in a transaction on Monday, June 12th. The shares were sold at an average price of $160.00, for a total value of $1,994,400.00. Following the transaction, the executive vice president now directly owns 65,934 shares of the company’s stock, valued at approximately $10,549,440. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.20% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on JNJ. Barclays increased their price target on shares of Johnson & Johnson from $171.00 to $175.00 and gave the stock an “equal weight” rating in a report on Monday. StockNews.com initiated coverage on shares of Johnson & Johnson in a report on Thursday, May 18th. They set a “strong-buy” rating on the stock. Morgan Stanley reaffirmed an “equal weight” rating and set a $187.00 price objective on shares of Johnson & Johnson in a report on Friday, July 21st. TheStreet downgraded shares of Johnson & Johnson from a “b” rating to a “c+” rating in a report on Friday, May 19th. Finally, Citigroup initiated coverage on shares of Johnson & Johnson in a research note on Tuesday, May 30th. They issued a “buy” rating and a $185.00 price target on the stock. Eight investment analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $171.60.

Johnson & Johnson Company Profile

(Free Report)

Johnson & Johnson, together with its subsidiaries, researches, develops, manufactures, and sells various products in the healthcare field worldwide. The company's Consumer Health segment provides skin health/beauty products under the AVEENO, CLEAN & CLEAR, DR. CI:LABO, NEUTROGENA, and OGX brands; baby care products under the JOHNSON'S and AVEENO Baby brands; oral care products under the LISTERINE brand; TYLENOL acetaminophen products; SUDAFED cold, flu, and allergy products; BENADRYL and ZYRTEC allergy products; MOTRIN IB ibuprofen products; NICORETTE smoking cessation products; and PEPCID acid reflux products.