Johnson & Johnson (NYSE:JNJ) Stock Position Lifted by Covington Investment Advisors Inc.

Key Points

• Covington Investment Advisors Inc. increased its stake in Johnson & Johnson by 9.8% in the first quarter, owning 55,630 shares valued at approximately $9.2 million.
• Johnson & Johnson reported a quarterly earnings per share of $2.77, surpassing analysts' expectations, and achieved a revenue of $23.74 billion for the quarter.
• The company announced a quarterly dividend of $1.30, reflecting a 3.0% dividend yield and a dividend payout ratio of 55.61%.

Covington Investment Advisors Inc. increased its position in shares of Johnson & Johnson (NYSE:JNJ - Free Report) by 9.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 55,630 shares of the company's stock after purchasing an additional 4,986 shares during the quarter. Johnson & Johnson makes up about 1.4% of Covington Investment Advisors Inc.'s holdings, making the stock its 29th biggest position. Covington Investment Advisors Inc.'s holdings in Johnson & Johnson were worth $9,226,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the stock. Highline Wealth Partners LLC grew its stake in 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 buying an additional 86 shares in the last quarter. von Borstel & Associates Inc. bought a new stake in Johnson & Johnson during the 1st quarter valued at $49,000. Capital A Wealth Management LLC bought a new position in Johnson & Johnson in the 4th quarter worth $50,000. Harvest Fund Management Co. Ltd bought a new position in Johnson & Johnson in the 1st quarter worth $52,000. Finally, Accredited Wealth Management LLC bought a new position in shares of Johnson & Johnson in the 4th quarter worth about $58,000. Institutional investors own 69.55% of the company's stock.

Johnson & Johnson Stock Up 0.4%

Johnson & Johnson stock traded up $0.65 during midday trading on Monday, hitting $173.98. 7,208,197 shares of the company were exchanged, compared to its average volume of 9,486,962. The company's fifty day moving average price is $159.26 and its 200-day moving average price is $157.60. Johnson & Johnson has a fifty-two week low of $140.68 and a fifty-two week high of $174.60. The company has a market cap of $418.99 billion, a PE ratio of 18.61, a price-to-earnings-growth 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 announced its earnings results on Wednesday, July 16th. The company reported $2.77 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.68 by $0.09. Johnson & Johnson had a return on equity of 32.49% and a net margin of 25.00%. The company had revenue of $23.74 billion for the quarter, compared to analyst estimates of $22.85 billion. During the same period in the prior year, the company posted $2.82 EPS. Johnson & Johnson's quarterly revenue was up 5.8% on a year-over-year basis. On average, research analysts predict that Johnson & Johnson will post 10.58 EPS for the current fiscal year.

Johnson & Johnson Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 9th. Investors of record on Tuesday, August 26th will be given a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Tuesday, August 26th. Johnson & Johnson's dividend payout ratio is currently 55.61%.

Analysts Set New Price Targets

Several analysts recently commented on JNJ shares. Leerink Partners downgraded shares of Johnson & Johnson from an "outperform" rating to a "market perform" rating and cut their price objective for the company from $169.00 to $153.00 in a research report on Tuesday, May 13th. Bank of America raised their target price on shares of Johnson & Johnson from $161.00 to $175.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Sanford C. Bernstein reissued a "market perform" rating on shares of Johnson & Johnson in a report on Wednesday, April 16th. Royal Bank Of Canada boosted their price target on shares of Johnson & Johnson from $181.00 to $185.00 and gave the stock an "outperform" rating in a research report on Thursday, July 17th. Finally, Guggenheim reaffirmed a "neutral" rating and set a $167.00 price objective (up from $164.00) on shares of Johnson & Johnson in a research note on Thursday, July 17th. Nine analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target 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.