Neo Ivy Capital Management Cuts Stock Holdings in Johnson & Johnson (NYSE:JNJ)

Key Points

• Neo Ivy Capital Management significantly reduced its stake in Johnson & Johnson by 85.2%, selling 48,600 shares and leaving it with only 8,442 shares valued at $1.4 million.
• Johnson & Johnson reported a quarterly earnings per share (EPS) of $2.77, surpassing the consensus estimate of $2.68 and reflecting a revenue increase of 5.8% year-over-year.
• The company announced a quarterly dividend of $1.30 per share, with an ex-dividend date of August 26th, representing an annual yield of 3.07%.

Neo Ivy Capital Management cut its stake in shares of Johnson & Johnson (NYSE:JNJ - Free Report) by 85.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,442 shares of the company's stock after selling 48,600 shares during the period. Neo Ivy Capital Management's holdings in Johnson & Johnson were worth $1,400,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in JNJ. Norges Bank bought a new position in shares of Johnson & Johnson during the fourth quarter valued at approximately $4,390,037,000. GAMMA Investing LLC grew its position in shares of Johnson & Johnson by 24,450.4% in the 1st quarter. GAMMA Investing LLC now owns 7,215,367 shares of the company's stock worth $1,196,596,000 after buying an additional 7,185,977 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Johnson & Johnson by 26.4% during the 1st quarter. Bank of New York Mellon Corp now owns 23,182,464 shares of the company's stock valued at $3,844,580,000 after purchasing an additional 4,842,582 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in shares of Johnson & Johnson by 134.5% during the 4th quarter. Janus Henderson Group PLC now owns 7,948,508 shares of the company's stock valued at $1,149,536,000 after purchasing an additional 4,559,147 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of Johnson & Johnson by 12.3% during the 4th quarter. Northern Trust Corp now owns 30,813,175 shares of the company's stock valued at $4,456,201,000 after purchasing an additional 3,363,235 shares during the last quarter. 69.55% of the stock is currently owned by hedge funds and other institutional investors.

Johnson & Johnson Price Performance

JNJ traded up $2.50 during trading on Tuesday, reaching $168.72. The company's stock had a trading volume of 2,913,376 shares, compared to its average volume of 9,049,618. The company has a quick ratio of 0.76, a current ratio of 1.01 and a debt-to-equity ratio of 0.50. The firm has a fifty day simple moving average of $156.36 and a two-hundred day simple moving average of $156.14. Johnson & Johnson has a 1 year low of $140.68 and a 1 year high of $169.99. The company has a market cap of $405.94 billion, a price-to-earnings ratio of 18.03, a PEG ratio of 2.14 and a beta of 0.41.

Johnson & Johnson (NYSE:JNJ - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The company reported $2.77 EPS for the quarter, beating 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 net margin of 25.00% and a return on equity of 32.49%. The business's revenue for the quarter was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.82 EPS. As a group, analysts anticipate that Johnson & Johnson will post 10.58 EPS for the current year.

Johnson & Johnson Announces Dividend

The company 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 $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date is Tuesday, August 26th. Johnson & Johnson's payout ratio is 55.61%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on JNJ shares. Raymond James Financial reduced their target price on Johnson & Johnson from $165.00 to $162.00 and set an "outperform" rating for the company in a research note on Monday, April 14th. Benchmark upgraded Johnson & Johnson to a "strong-buy" rating in a research note on Thursday, April 24th. The Goldman Sachs Group upgraded Johnson & Johnson from a "neutral" rating to a "buy" rating and raised their target price for the company from $157.00 to $172.00 in a research report on Wednesday, April 9th. Sanford C. Bernstein restated a "market perform" rating on shares of Johnson & Johnson in a research report on Wednesday, April 16th. Finally, Piper Sandler restated an "overweight" rating on shares of Johnson & Johnson in a research report on Thursday, July 17th. Nine investment 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 company's stock. According to data from MarketBeat.com, Johnson & Johnson has an average rating of "Moderate Buy" and an average 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.