Johnson & Johnson (NYSE:JNJ) Shares Sold by Patten & Patten Inc. TN

Key Points

• Patten & Patten Inc. sold 2,184 shares of Johnson & Johnson, reducing its holdings in the company by 2.3% to a total of 93,232 shares, valued at approximately $15.46 million.
• Johnson & Johnson has received mixed analyst ratings with a consensus of "Moderate Buy" and an average price target of $174.50, following various adjustments from firms like Raymond James and UBS Group.
• The company announced a quarterly dividend of $1.30 per share, yielding approximately 3.09%, with the payment date set for September 9th.

Patten & Patten Inc. TN trimmed its position in shares of Johnson & Johnson (NYSE:JNJ - Free Report) by 2.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 93,232 shares of the company's stock after selling 2,184 shares during the quarter. Johnson & Johnson makes up 1.0% of Patten & Patten Inc. TN's holdings, making the stock its 26th biggest holding. Patten & Patten Inc. TN's holdings in Johnson & Johnson were worth $15,462,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in JNJ. Conquis Financial LLC bought a new position in Johnson & Johnson in the 4th quarter valued at $33,000. Bernard Wealth Management Corp. purchased a new position in shares of Johnson & Johnson during the 4th quarter valued at about $36,000. Highline Wealth Partners LLC increased 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 purchasing an additional 86 shares during the period. von Borstel & Associates Inc. bought a new stake in shares of Johnson & Johnson in the 1st quarter worth approximately $49,000. Finally, Capital A Wealth Management LLC purchased a new position in shares of Johnson & Johnson during the fourth quarter valued at approximately $50,000. 69.55% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Benchmark upgraded Johnson & Johnson to a "strong-buy" rating in a research report on Thursday, April 24th. Raymond James Financial reduced their price objective on Johnson & Johnson from $165.00 to $162.00 and set an "outperform" rating for the company in a research report on Monday, April 14th. Leerink Partnrs cut Johnson & Johnson from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 13th. Erste Group Bank upgraded Johnson & Johnson from a "hold" rating to a "buy" rating in a research note on Wednesday, July 23rd. Finally, The Goldman Sachs Group raised Johnson & Johnson from a "neutral" rating to a "buy" rating and increased their price target for the company from $157.00 to $172.00 in a research note on Wednesday, April 9th. Nine analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $174.50.

Johnson & Johnson Stock Up 1.5%

Johnson & Johnson stock traded up $2.39 during trading on Friday, reaching $167.13. 3,980,706 shares of the company's stock were exchanged, compared to its average volume of 9,040,578. The company's 50-day moving average is $157.18 and its two-hundred day moving average is $156.44. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.76 and a current ratio of 1.01. Johnson & Johnson has a 52-week low of $140.68 and a 52-week high of $169.99. The firm has a market cap of $402.52 billion, a price-to-earnings ratio of 17.90, a PEG ratio of 2.13 and a beta of 0.41.

Johnson & Johnson (NYSE:JNJ - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The company reported $2.77 earnings per share for the quarter, beating analysts' consensus estimates of $2.68 by $0.09. The company had revenue of $23.74 billion during the quarter, compared to analysts' expectations of $22.85 billion. Johnson & Johnson had a net margin of 25.00% and a return on equity of 32.49%. The firm's revenue for the quarter was up 5.8% on a year-over-year basis. During the same period in the prior year, the company posted $2.82 EPS. On average, analysts predict that Johnson & Johnson will post 10.58 earnings per share for the current year.

Johnson & Johnson Dividend Announcement

The firm also recently disclosed 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. The ex-dividend date is Tuesday, August 26th. This represents a $5.20 annualized dividend and a yield of 3.1%. Johnson & Johnson's dividend payout ratio 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.