Pettyjohn Wood & White Inc. Trims Stock Position in Johnson & Johnson (NYSE:JNJ)

Key Points

• Pettyjohn Wood & White Inc. reduced its holdings in Johnson & Johnson by 9.8% in Q1, holding 58,586 shares worth approximately $9.72 million.
• Other investors, including GAMMA Investing LLC and Bank of New York Mellon Corp, significantly increased their stakes in Johnson & Johnson, demonstrating mixed institutional investment activity.
• Johnson & Johnson reported $2.77 EPS for the last quarter, exceeding expectations, and announced a quarterly dividend of $1.30, representing a yield of 3.2%.

Pettyjohn Wood & White Inc. decreased its holdings in Johnson & Johnson (NYSE:JNJ - Free Report) by 9.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 58,586 shares of the company's stock after selling 6,338 shares during the quarter. Johnson & Johnson accounts for about 1.9% of Pettyjohn Wood & White Inc.'s investment portfolio, making the stock its 14th largest position. Pettyjohn Wood & White Inc.'s holdings in Johnson & Johnson were worth $9,716,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its holdings in Johnson & Johnson by 24,450.4% during the first quarter. GAMMA Investing LLC now owns 7,215,367 shares of the company's stock valued at $1,196,596,000 after purchasing an additional 7,185,977 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Johnson & Johnson by 26.4% in the first quarter. Bank of New York Mellon Corp now owns 23,182,464 shares of the company's stock worth $3,844,580,000 after purchasing an additional 4,842,582 shares in the last quarter. Janus Henderson Group PLC raised its position 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 period. Northern Trust Corp lifted its stake 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 buying an additional 3,363,235 shares in the last quarter. Finally, Pacer Advisors Inc. boosted its holdings in Johnson & Johnson by 1,382.0% in the 1st quarter. Pacer Advisors Inc. now owns 3,030,084 shares of the company's stock worth $502,509,000 after buying an additional 2,825,626 shares during the period. 69.55% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on JNJ shares. Raymond James Financial decreased their price target on Johnson & Johnson from $165.00 to $162.00 and set an "outperform" rating on the stock in a report on Monday, April 14th. Erste Group Bank upgraded Johnson & Johnson from a "hold" rating to a "buy" rating in a research report on Wednesday, July 23rd. UBS Group boosted their price target on Johnson & Johnson from $180.00 to $190.00 and gave the stock a "buy" rating in a report on Thursday, July 17th. Piper Sandler restated an "overweight" rating on shares of Johnson & Johnson in a research note on Thursday, July 17th. Finally, The Goldman Sachs Group upgraded shares of Johnson & Johnson from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $157.00 to $172.00 in a research report on Wednesday, April 9th. Nine analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Johnson & Johnson currently has an average rating of "Moderate Buy" and an average price target of $174.50.

Johnson & Johnson Price Performance

JNJ stock opened at $164.76 on Friday. Johnson & Johnson has a 52 week low of $140.68 and a 52 week high of $169.99. The firm has a market capitalization of $396.81 billion, a P/E ratio of 17.62, a price-to-earnings-growth ratio of 2.13 and a beta of 0.41. The company has a fifty day simple moving average of $157.18 and a two-hundred day simple moving average of $156.44. The company has a quick ratio of 0.76, a current ratio of 1.01 and a debt-to-equity ratio of 0.50.

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 the consensus estimate of $2.68 by $0.09. The firm had revenue of $23.74 billion for 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 business's revenue was up 5.8% compared to the same quarter last year. During the same period in the prior year, the company earned $2.82 EPS. Analysts anticipate that Johnson & Johnson will post 10.58 earnings per share for the current fiscal year.

Johnson & Johnson Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 9th. Stockholders of record on Tuesday, August 26th will be issued a $1.30 dividend. The ex-dividend date is Tuesday, August 26th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 3.2%. Johnson & Johnson's payout ratio 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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