Allen Investment Management LLC Cuts Stock Holdings in Johnson & Johnson (NYSE:JNJ)

Key Points

• Allen Investment Management LLC decreased its stake in Johnson & Johnson by 8.2%, selling 13,147 shares and holding 147,610 shares worth $24.48 million as of the latest SEC filing.
• The company's quarterly earnings beat expectations, reporting $2.77 EPS against a consensus estimate of $2.68, with revenue up 5.8% year-over-year at $23.74 billion.
• Johnson & Johnson will pay a quarterly dividend of $1.30 per share on September 9th, yielding 3.09%, with a payout ratio of 55.61%.

Allen Investment Management LLC lessened its holdings in shares of Johnson & Johnson (NYSE:JNJ - Free Report) by 8.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 147,610 shares of the company's stock after selling 13,147 shares during the quarter. Allen Investment Management LLC's holdings in Johnson & Johnson were worth $24,480,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. WealthTrak Capital Management LLC acquired a new stake in shares of Johnson & Johnson during the fourth quarter worth $26,000. Conquis Financial LLC bought a new stake in Johnson & Johnson during the 4th quarter valued at approximately $33,000. Bernard Wealth Management Corp. bought a new stake in Johnson & Johnson during the 4th quarter valued at approximately $36,000. Highline Wealth Partners LLC lifted its position in shares of Johnson & Johnson by 51.8% in the 1st quarter. Highline Wealth Partners LLC now owns 252 shares of the company's stock worth $42,000 after acquiring an additional 86 shares during the period. Finally, von Borstel & Associates Inc. bought a new stake in shares of Johnson & Johnson in the 1st quarter worth approximately $49,000. Institutional investors and hedge funds own 69.55% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently commented on JNJ. The Goldman Sachs Group upgraded Johnson & Johnson from a "neutral" rating to a "buy" rating and raised their target price for the stock from $157.00 to $172.00 in a research report on Wednesday, April 9th. Morgan Stanley boosted their price target on Johnson & Johnson from $171.00 to $176.00 and gave the company an "equal weight" rating in a report on Thursday, July 17th. Leerink Partners downgraded Johnson & Johnson from an "outperform" rating to a "market perform" rating and lowered their target price for the company from $169.00 to $153.00 in a research report on Tuesday, May 13th. Sanford C. Bernstein reissued a "market perform" rating on shares of Johnson & Johnson in a research report on Wednesday, April 16th. Finally, Royal Bank Of Canada boosted their price target on Johnson & Johnson from $181.00 to $185.00 and gave the stock an "outperform" rating in a research report on Thursday, July 17th. Nine research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $174.50.

Johnson & Johnson Trading Up 0.2%

NYSE JNJ traded up $0.36 during trading on Wednesday, hitting $168.47. 2,096,435 shares of the company's stock traded hands, compared to its average volume of 9,035,375. The stock has a fifty day moving average of $156.65 and a two-hundred day moving average of $156.22. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.01 and a quick ratio of 0.76. Johnson & Johnson has a 12-month low of $140.68 and a 12-month high of $169.99. The firm has a market cap of $405.35 billion, a P/E ratio of 18.00, a PEG ratio of 2.12 and a beta of 0.41.

Johnson & Johnson (NYSE:JNJ - Get Free Report) last posted its earnings results on Wednesday, July 16th. The company reported $2.77 earnings per share for the quarter, topping analysts' consensus estimates of $2.68 by $0.09. The company had revenue of $23.74 billion during the quarter, compared to analyst estimates of $22.85 billion. Johnson & Johnson had a net margin of 25.00% and a return on equity of 32.49%. Johnson & Johnson's revenue for the quarter was up 5.8% on a year-over-year basis. During the same period in the prior year, the business posted $2.82 earnings per share. As a group, sell-side analysts expect that Johnson & Johnson will post 10.58 EPS for the current year.

Johnson & Johnson Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 9th. Investors of record on Tuesday, August 26th will be paid a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a yield of 3.09%. The ex-dividend date of this dividend is Tuesday, August 26th. Johnson & Johnson's payout ratio is currently 55.61%.

About Johnson & Johnson

Johnson & Johnson is a holding company, which engages in the research, development, manufacture, and sale of products in the healthcare field. It operates through the Innovative Medicine and MedTech segments. The Innovative Medicine segment focuses on immunology, infectious diseases, neuroscience, oncology, cardiovascular and metabolism, and pulmonary hypertension.