Cresset Asset Management LLC Reduces Position in Johnson & Johnson $JNJ

Key Points

• Cresset Asset Management LLC reduced its stake in Johnson & Johnson by 3.4% in Q1, now holding 390,640 shares valued at approximately $64.8 million.
• Analyst ratings for Johnson & Johnson show a positive trend, with changes including a raise from "hold" to "buy" by Erste Group Bank and a target price increase by Morgan Stanley from $171.00 to $176.00.
• Johnson & Johnson reported a net revenue of $23.74 billion for the last quarter, up 5.8% year-over-year, along with earnings per share of $2.77, exceeding estimates by $0.09.

Cresset Asset Management LLC lowered its holdings in shares of Johnson & Johnson (NYSE:JNJ - Free Report) by 3.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 390,640 shares of the company's stock after selling 13,620 shares during the period. Cresset Asset Management LLC's holdings in Johnson & Johnson were worth $64,784,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Elios Financial Group Inc. increased its holdings in shares of Johnson & Johnson by 1.5% in the 1st quarter. Elios Financial Group Inc. now owns 4,496 shares of the company's stock worth $746,000 after buying an additional 66 shares during the last quarter. Atlantic Family Wealth LLC lifted its stake in shares of Johnson & Johnson by 4.4% during the 1st quarter. Atlantic Family Wealth LLC now owns 1,603 shares of the company's stock worth $266,000 after acquiring an additional 67 shares during the last quarter. MBA Advisors LLC grew its position in Johnson & Johnson by 1.2% in the 1st quarter. MBA Advisors LLC now owns 5,553 shares of the company's stock valued at $921,000 after acquiring an additional 68 shares during the last quarter. Sovereign Financial Group Inc. increased its stake in Johnson & Johnson by 1.8% in the first quarter. Sovereign Financial Group Inc. now owns 3,928 shares of the company's stock worth $651,000 after purchasing an additional 69 shares during the period. Finally, Nabity Jensen Investment Management Inc lifted its position in shares of Johnson & Johnson by 1.5% during the first quarter. Nabity Jensen Investment Management Inc now owns 4,624 shares of the company's stock worth $767,000 after purchasing an additional 69 shares during the last quarter. Institutional investors own 69.55% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. UBS Group lifted their price target on shares of Johnson & Johnson from $180.00 to $190.00 and gave the company a "buy" rating in a research note on Thursday, July 17th. Barclays boosted their price objective on shares of Johnson & Johnson from $165.00 to $176.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 17th. Benchmark raised shares of Johnson & Johnson to a "strong-buy" rating in a report on Thursday, April 24th. Royal Bank Of Canada boosted their price objective on shares of Johnson & Johnson from $181.00 to $185.00 and gave the company an "outperform" rating in a report on Thursday, July 17th. Finally, Leerink Partnrs cut Johnson & Johnson from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 13th. Nine research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Johnson & Johnson presently has an average rating of "Moderate Buy" and a consensus price target of $174.50.

Johnson & Johnson Price Performance

Shares of JNJ traded down $0.38 during mid-day trading on Monday, reaching $176.26. 9,283,816 shares of the stock traded hands, compared to its average volume of 8,411,460. The firm has a fifty day moving average price of $161.28 and a 200 day moving average price of $158.43. The company has a market cap of $424.49 billion, a price-to-earnings ratio of 18.85, a price-to-earnings-growth ratio of 2.25 and a beta of 0.41. Johnson & Johnson has a 1 year low of $140.68 and a 1 year high of $177.57. The company has a current ratio of 1.01, a quick ratio of 0.76 and a debt-to-equity ratio of 0.50.

Johnson & Johnson (NYSE:JNJ - Get Free Report) last released 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. Johnson & Johnson had a net margin of 25.00% and a return on equity of 32.49%. The firm had revenue of $23.74 billion for the quarter, compared to the consensus estimate of $22.85 billion. During the same period in the prior year, the firm earned $2.82 EPS. The company's revenue was up 5.8% compared to the same quarter last year. As a group, equities research analysts predict that Johnson & Johnson will post 10.58 earnings per share for the current year.

Johnson & Johnson Announces Dividend

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