Mengis Capital Management Inc. Sells 2,291 Shares of Johnson & Johnson (NYSE:JNJ)

Key Points

• Mengis Capital Management Inc. reduced its stake in Johnson & Johnson by 4.7%, now holding 46,524 shares valued at approximately $7.7 million, making it the firm's 15th largest holding.
• Johnson & Johnson recently reported EPS of $2.77 for the quarter, surpassing analyst expectations, with revenue reaching $23.74 billion, reflecting a year-over-year increase of 5.8%.
• The company declared a quarterly dividend of $1.30 per share, with an annual yield of 3.2%, scheduled for payment on September 9th.

Mengis Capital Management Inc. cut its holdings in Johnson & Johnson (NYSE:JNJ - Free Report) by 4.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 46,524 shares of the company's stock after selling 2,291 shares during the period. Johnson & Johnson comprises 1.6% of Mengis Capital Management Inc.'s holdings, making the stock its 15th largest holding. Mengis Capital Management Inc.'s holdings in Johnson & Johnson were worth $7,715,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Lantz Financial LLC raised its position in Johnson & Johnson by 3.3% during the first quarter. Lantz Financial LLC now owns 11,974 shares of the company's stock valued at $1,986,000 after purchasing an additional 377 shares during the period. Sulzberger Capital Advisors Inc. purchased a new position in shares of Johnson & Johnson in the 4th quarter worth approximately $453,000. Joel Isaacson & Co. LLC increased its position in shares of Johnson & Johnson by 3.5% during the 1st quarter. Joel Isaacson & Co. LLC now owns 74,132 shares of the company's stock valued at $12,294,000 after purchasing an additional 2,526 shares during the last quarter. State of Wyoming raised its holdings in Johnson & Johnson by 205,580.0% during the 4th quarter. State of Wyoming now owns 10,284 shares of the company's stock valued at $1,487,000 after buying an additional 10,279 shares during the period. Finally, Range Financial Group LLC lifted its position in Johnson & Johnson by 18.9% in the first quarter. Range Financial Group LLC now owns 15,886 shares of the company's stock worth $2,635,000 after buying an additional 2,529 shares during the last quarter. 69.55% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

JNJ has been the topic of a number of analyst reports. UBS Group boosted their price objective on shares of Johnson & Johnson from $180.00 to $190.00 and gave the company a "buy" rating in a research report on Thursday, July 17th. Morgan Stanley lifted their price target on shares of Johnson & Johnson from $171.00 to $176.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 17th. Wall Street Zen lowered shares of Johnson & Johnson from a "strong-buy" rating to a "buy" rating in a research report on Friday, July 18th. Guggenheim reissued a "neutral" rating and issued a $167.00 price objective (up previously from $164.00) on shares of Johnson & Johnson in a research note on Thursday, July 17th. Finally, The Goldman Sachs Group raised Johnson & Johnson from a "neutral" rating to a "buy" rating and upped their target price for the company from $157.00 to $172.00 in a research note on Wednesday, April 9th. Nine research 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. According to data from MarketBeat.com, Johnson & Johnson has an average rating of "Moderate Buy" and an average target price of $174.50.

Johnson & Johnson Stock Performance

JNJ stock opened at $164.76 on Friday. Johnson & Johnson has a 1-year low of $140.68 and a 1-year high of $169.99. The business has a 50-day moving average price of $157.18 and a 200 day moving average price of $156.44. The company has a market capitalization of $396.81 billion, a P/E ratio of 17.62, a PEG ratio of 2.13 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 posted its earnings results on Wednesday, July 16th. The company reported $2.77 EPS for the quarter, beating 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 business had revenue of $23.74 billion for the quarter, compared to the consensus estimate of $22.85 billion. During the same quarter last year, the firm posted $2.82 EPS. The company's revenue for the quarter was up 5.8% on a year-over-year basis. As a group, equities research analysts forecast that Johnson & Johnson will post 10.58 EPS for the current fiscal year.

Johnson & Johnson Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 9th. Shareholders 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 yield of 3.2%. The ex-dividend date of this dividend is Tuesday, August 26th. Johnson & Johnson's dividend payout ratio (DPR) is 55.61%.

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.

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