13,945 Shares in Johnson & Johnson (NYSE:JNJ) Acquired by Pinnacle West Asset Management Inc.

Posted by Defense World Staff on Aug 28th, 2023

Pinnacle West Asset Management Inc. bought a new position in Johnson & Johnson (NYSE:JNJ – Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 13,945 shares of the company’s stock, valued at approximately $2,161,000. Johnson & Johnson makes up about 2.3% of Pinnacle West Asset Management Inc.’s portfolio, making the stock its 5th largest holding.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Talisman Wealth Advisors LLC raised its holdings in shares of Johnson & Johnson by 11.8% in the first quarter. Talisman Wealth Advisors LLC now owns 9,305 shares of the company’s stock valued at $1,442,000 after acquiring an additional 979 shares in the last quarter. Skandinaviska Enskilda Banken AB publ increased its holdings in shares of Johnson & Johnson by 7.6% in the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 972,957 shares of the company’s stock valued at $150,808,000 after acquiring an additional 69,007 shares during the period. Gateway Advisory LLC grew its position in shares of Johnson & Johnson by 14,755.2% in the 1st quarter. Gateway Advisory LLC now owns 694,331 shares of the company’s stock worth $694,000 after buying an additional 689,657 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich grew its holdings in Johnson & Johnson by 4.1% in the first quarter. Bank Julius Baer & Co. Ltd Zurich now owns 2,267,158 shares of the company’s stock worth $351,410,000 after purchasing an additional 88,607 shares during the last quarter. Finally, Citizens Financial Group Inc RI grew its stake in Johnson & Johnson by 65.4% during the 1st quarter. Citizens Financial Group Inc RI now owns 135,010 shares of the company’s stock worth $20,926,000 after buying an additional 53,387 shares during the last quarter. Institutional investors own 68.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on JNJ. Stifel Nicolaus raised their price target on Johnson & Johnson from $165.00 to $175.00 in a report on Friday, July 21st. TheStreet upgraded shares of Johnson & Johnson from a “c+” rating to a “b+” rating in a research note on Monday, August 21st. Citigroup assumed coverage on shares of Johnson & Johnson in a report on Tuesday, May 30th. They set a “buy” rating and a $185.00 price objective on the stock. Raymond James raised their target price on Johnson & Johnson from $181.00 to $184.00 and gave the stock an “outperform” rating in a research note on Monday, July 24th. Finally, Atlantic Securities raised their price objective on Johnson & Johnson from $167.00 to $170.00 and gave the stock a “neutral” rating in a research note on Friday, August 4th. Eight analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $171.80.

Check Out Our Latest Analysis on Johnson & Johnson

Johnson & Johnson Stock Performance

NYSE JNJ opened at $166.25 on Monday. The stock has a market capitalization of $432.08 billion, a price-to-earnings ratio of 33.65, a PEG ratio of 2.79 and a beta of 0.54. The stock has a 50-day moving average of $166.68 and a 200 day moving average of $161.48. The company has a current ratio of 1.12, a quick ratio of 0.88 and a debt-to-equity ratio of 0.44. Johnson & Johnson has a twelve month low of $150.11 and a twelve month high of $181.04.

Johnson & Johnson (NYSE:JNJ – Get Free Report) last announced its earnings results on Thursday, July 20th. The company reported $2.80 earnings per share for the quarter, topping the consensus estimate of $2.62 by $0.18. Johnson & Johnson had a return on equity of 36.72% and a net margin of 13.35%. The business had revenue of $25.53 billion during the quarter, compared to the consensus estimate of $24.63 billion. During the same period in the prior year, the company posted $2.59 EPS. The business’s quarterly revenue was up 6.3% on a year-over-year basis. Sell-side analysts anticipate that Johnson & Johnson will post 10.75 EPS for the current fiscal year.

Johnson & Johnson Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 7th. Stockholders of record on Monday, August 28th will be given a $1.19 dividend. The ex-dividend date of this dividend is Friday, August 25th. This represents a $4.76 annualized dividend and a dividend yield of 2.86%. Johnson & Johnson’s dividend payout ratio (DPR) is presently 96.36%.

Insider Buying and Selling

In other Johnson & Johnson news, EVP Kathryn E. Wengel sold 12,465 shares of the firm’s stock in a transaction that occurred 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Kathryn E. Wengel sold 12,465 shares of Johnson & Johnson stock in a transaction that occurred on Monday, June 12th. The stock was sold at an average price of $160.00, for a total transaction of $1,994,400.00. Following the transaction, the executive vice president now owns 65,934 shares in the company, valued at $10,549,440. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Peter Fasolo sold 20,000 shares of the firm’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $170.32, for a total value of $3,406,400.00. Following the completion of the sale, the vice president now directly owns 102,696 shares of the company’s stock, valued at $17,491,182.72. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 47,163 shares of company stock worth $7,928,856. 0.20% of the stock is owned by corporate insiders.

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.