Corebridge Financial Inc. Decreases Stock Holdings in Johnson & Johnson $JNJ

Key Points

• Corebridge Financial Inc. reduced its stake in Johnson & Johnson by 3.0%, holding 536,984 shares worth approximately $89 million, now accounting for 0.5% of its total holdings.
• Wall Street analysts have increased their price targets for Johnson & Johnson, with Barclays raising it to $176.00 and Royal Bank of Canada to $185.00, indicating positive sentiment towards the company's growth prospects.
• Johnson & Johnson announced a quarterly dividend of $1.30 per share, with an upcoming payment on September 9th, reflecting a 2.9% yield based on its annualized dividend of $5.20.

Corebridge Financial Inc. reduced its stake in shares of Johnson & Johnson (NYSE:JNJ - Free Report) by 3.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 536,984 shares of the company's stock after selling 16,363 shares during the quarter. Johnson & Johnson makes up 0.5% of Corebridge Financial Inc.'s holdings, making the stock its 23rd largest position. Corebridge Financial Inc.'s holdings in Johnson & Johnson were worth $89,053,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Highline Wealth Partners LLC lifted its stake in shares of Johnson & Johnson by 51.8% during the 1st quarter. Highline Wealth Partners LLC now owns 252 shares of the company's stock worth $42,000 after purchasing an additional 86 shares during the last quarter. Stone House Investment Management LLC purchased a new stake in Johnson & Johnson in the first quarter valued at about $47,000. von Borstel & Associates Inc. purchased a new stake in Johnson & Johnson in the first quarter valued at about $49,000. Harvest Fund Management Co. Ltd purchased a new stake in Johnson & Johnson in the first quarter valued at about $52,000. Finally, Capital A Wealth Management LLC purchased a new stake in Johnson & Johnson in the fourth quarter valued at about $50,000. 69.55% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Barclays increased their price target on Johnson & Johnson from $165.00 to $176.00 and gave the company an "equal weight" rating in a research note on Thursday, July 17th. Piper Sandler reissued an "overweight" rating on shares of Johnson & Johnson in a report on Thursday, July 17th. Wall Street Zen lowered Johnson & Johnson from a "strong-buy" rating to a "buy" rating in a report on Friday, July 18th. Royal Bank Of Canada increased their price objective on Johnson & Johnson from $181.00 to $185.00 and gave the company an "outperform" rating in a report on Thursday, July 17th. Finally, Morgan Stanley increased their price objective on Johnson & Johnson from $171.00 to $176.00 and gave the company an "equal weight" rating in a report on Thursday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, Johnson & Johnson presently has a consensus rating of "Moderate Buy" and a consensus target price of $176.29.

Johnson & Johnson Stock Up 0.1%

Johnson & Johnson stock opened at $179.0980 on Monday. The firm has a market cap of $431.33 billion, a price-to-earnings ratio of 19.15, a price-to-earnings-growth ratio of 2.28 and a beta of 0.41. Johnson & Johnson has a 52 week low of $140.68 and a 52 week high of $181.16. The business's 50-day moving average price is $163.48 and its 200 day moving average price is $159.30. The company has a quick ratio of 0.76, a current ratio of 1.01 and a debt-to-equity ratio of 0.50.

Johnson & Johnson (NYSE:JNJ - Get Free Report) last posted its earnings results on Wednesday, July 16th. The company reported $2.77 EPS for the quarter, topping the consensus estimate of $2.68 by $0.09. The firm had revenue of $23.74 billion for the quarter, compared to analyst estimates of $22.85 billion. Johnson & Johnson had a return on equity of 32.49% and a net margin of 25.00%.Johnson & Johnson's revenue for the quarter was up 5.8% compared to the same quarter last year. During the same period last year, the company earned $2.82 earnings per share. Johnson & Johnson has set its FY 2025 guidance at 10.800-10.900 EPS. As a group, sell-side analysts anticipate that Johnson & Johnson will post 10.58 earnings per share for the current year.

Johnson & Johnson Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 9th. Investors of record on Tuesday, August 26th will be issued a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Tuesday, August 26th. Johnson & Johnson's dividend payout ratio (DPR) is 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.

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