Connor Clark & Lunn Investment Management Ltd. Cuts Position in Johnson & Johnson (NYSE:JNJ)

Key Points

• Connor Clark & Lunn Investment Management Ltd. has significantly reduced its stock holdings in Johnson & Johnson by 68.3%, now owning 119,253 shares valued at approximately $19.8 million after selling over 256,000 shares in the first quarter.
• While some institutional investors have decreased their stakes, others like Highline Wealth Partners LLC increased their position by 51.8%, indicating mixed investment sentiment among hedge funds.
• Analyst ratings vary, with Johnson & Johnson receiving a consensus rating of "Moderate Buy" and a price target of $174.50, while some analysts downgraded the stock or adjusted price targets amidst fluctuating performance metrics.

Connor Clark & Lunn Investment Management Ltd. cut its position in shares of Johnson & Johnson (NYSE:JNJ - Free Report) by 68.3% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 119,253 shares of the company's stock after selling 256,581 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in Johnson & Johnson were worth $19,777,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in JNJ. Highline Wealth Partners LLC boosted its position in shares of Johnson & Johnson by 51.8% during the first quarter. Highline Wealth Partners LLC now owns 252 shares of the company's stock valued at $42,000 after purchasing an additional 86 shares in the last quarter. von Borstel & Associates Inc. bought a new stake in shares of Johnson & Johnson during the first quarter valued at approximately $49,000. Capital A Wealth Management LLC bought a new stake in shares of Johnson & Johnson during the fourth quarter valued at approximately $50,000. Harvest Fund Management Co. Ltd bought a new stake in shares of Johnson & Johnson during the first quarter valued at approximately $52,000. Finally, Accredited Wealth Management LLC bought a new stake in Johnson & Johnson in the fourth quarter worth $58,000. 69.55% of the stock is currently owned by institutional investors.

Johnson & Johnson Price Performance

Shares of NYSE:JNJ traded down $1.03 during trading on Tuesday, hitting $172.79. 7,872,042 shares of the company's stock were exchanged, compared to its average volume of 9,065,147. The business's 50-day simple moving average is $159.63 and its 200 day simple moving average is $157.79. Johnson & Johnson has a 52-week low of $140.68 and a 52-week high of $174.76. The company has a market cap of $416.14 billion, a price-to-earnings ratio of 18.48, a PEG ratio of 2.21 and a beta of 0.41. 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 (NYSE:JNJ - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The company reported $2.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.68 by $0.09. The business had revenue of $23.74 billion for the quarter, compared to analysts' expectations of $22.85 billion. Johnson & Johnson had a return on equity of 32.49% and a net margin of 25.00%. The company's revenue for the quarter was up 5.8% on a year-over-year basis. During the same period in the prior year, the firm earned $2.82 EPS. As a group, equities analysts predict that Johnson & Johnson will post 10.58 EPS for the current year.

Johnson & Johnson Announces Dividend

The firm 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 dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Tuesday, August 26th. Johnson & Johnson's dividend payout ratio (DPR) is currently 55.61%.

Analyst Upgrades and Downgrades

JNJ has been the topic of several analyst reports. Sanford C. Bernstein reissued a "market perform" rating on shares of Johnson & Johnson in a report on Wednesday, April 16th. Barclays upped their price objective on Johnson & Johnson from $165.00 to $176.00 and gave the company an "equal weight" rating in a research report on Thursday, July 17th. Piper Sandler restated an "overweight" rating on shares of Johnson & Johnson in a research report on Thursday, July 17th. Leerink Partnrs cut Johnson & Johnson from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 13th. Finally, Erste Group Bank upgraded Johnson & Johnson from a "hold" rating to a "buy" rating in a research report on Wednesday, July 23rd. Nine analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $174.50.

Johnson & Johnson Profile

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.