Patten & Patten Inc. TN Trims Stake in Johnson & Johnson $JNJ

Key Points

• Patten & Patten Inc. has reduced its stake in Johnson & Johnson by 2.1%, bringing its total ownership to 91,307 shares valued at approximately $13.9 million.
• Johnson & Johnson recently announced a quarterly dividend of $1.30 per share, with a current yield of 2.7%, to be paid on December 9th.
• Several brokerages have updated their ratings for Johnson & Johnson, with Wells Fargo setting a price target of $212 and moves towards a consensus rating of "Moderate Buy."

Patten & Patten Inc. TN decreased its stake in shares of Johnson & Johnson (NYSE:JNJ - Free Report) by 2.1% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 91,307 shares of the company's stock after selling 1,925 shares during the period. Patten & Patten Inc. TN's holdings in Johnson & Johnson were worth $13,947,000 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. Uptick Partners LLC lifted its position in shares of Johnson & Johnson by 34.4% in the second quarter. Uptick Partners LLC now owns 4,065 shares of the company's stock valued at $621,000 after acquiring an additional 1,040 shares in the last quarter. Rosenberg Matthew Hamilton raised its stake in Johnson & Johnson by 15.0% in the 2nd quarter. Rosenberg Matthew Hamilton now owns 3,438 shares of the company's stock valued at $525,000 after purchasing an additional 449 shares during the last quarter. IFG Advisors LLC lifted its holdings in Johnson & Johnson by 5.4% in the 2nd quarter. IFG Advisors LLC now owns 4,649 shares of the company's stock valued at $710,000 after purchasing an additional 239 shares in the last quarter. Triton Wealth Management PLLC acquired a new stake in shares of Johnson & Johnson during the 2nd quarter worth about $438,000. Finally, Mitchell Mcleod Pugh & Williams Inc. grew its holdings in shares of Johnson & Johnson by 1.6% during the second quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 27,465 shares of the company's stock worth $4,195,000 after buying an additional 443 shares in the last quarter. 69.55% of the stock is currently owned by hedge funds and other institutional investors.

Johnson & Johnson Price Performance

Shares of Johnson & Johnson stock opened at $193.27 on Friday. The business's fifty day moving average price is $180.49 and its 200 day moving average price is $164.80. Johnson & Johnson has a twelve month low of $140.68 and a twelve month high of $194.40. The company has a current ratio of 1.01, a quick ratio of 0.76 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $465.45 billion, a P/E ratio of 18.65, a PEG ratio of 2.26 and a beta of 0.40.

Johnson & Johnson (NYSE:JNJ - Get Free Report) last released its quarterly earnings data on Wednesday, August 30th. The company reported $2.26 EPS for the quarter. Johnson & Johnson had a return on equity of 33.08% and a net margin of 27.26%.The company had revenue of $24.02 billion for the quarter. As a group, research analysts anticipate that Johnson & Johnson will post 10.58 earnings per share for the current year.

Johnson & Johnson Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 9th. Shareholders of record on Tuesday, November 25th will be paid a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 2.7%. The ex-dividend date is Tuesday, November 25th. Johnson & Johnson's payout ratio is currently 55.61%.

Insider Activity at Johnson & Johnson

In other news, EVP Jennifer L. Taubert sold 56,471 shares of the firm's stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $177.81, for a total value of $10,041,108.51. Following the transaction, the executive vice president owned 178,013 shares of the company's stock, valued at approximately $31,652,491.53. This trade represents a 24.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.16% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on JNJ. Wells Fargo & Company set a $212.00 price objective on shares of Johnson & Johnson and gave the company an "overweight" rating in a research note on Friday, October 3rd. Wall Street Zen upgraded Johnson & Johnson from a "hold" rating to a "buy" rating in a report on Saturday, September 13th. Raymond James Financial lifted their price objective on Johnson & Johnson from $174.00 to $209.00 and gave the company an "outperform" rating in a research report on Wednesday. Weiss Ratings upgraded Johnson & Johnson from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, October 8th. Finally, Sanford C. Bernstein lifted their price target on Johnson & Johnson from $172.00 to $193.00 and gave the company a "market perform" rating in a report on Monday, October 6th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and eight have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $199.59.

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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