PNC Financial Services Group Inc. Trims Stock Position in Johnson & Johnson (NYSE:JNJ)

Key Points

• PNC Financial Services Group Inc. reduced its stake in Johnson & Johnson by 0.5%, now holding approximately 6 million shares valued at over $1 billion.
• Johnson & Johnson reported strong quarterly earnings with an EPS of $2.77, surpassing analyst expectations and reflecting a 5.8% revenue growth year-over-year.
• The company recently announced a quarterly dividend of $1.30 per share, resulting in an annual yield of 3.1%, with a payout ratio of 55.61%.

PNC Financial Services Group Inc. reduced its stake in shares of Johnson & Johnson (NYSE:JNJ - Free Report) by 0.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,051,985 shares of the company's stock after selling 32,924 shares during the quarter. Johnson & Johnson makes up about 0.5% of PNC Financial Services Group Inc.'s holdings, making the stock its 23rd biggest holding. PNC Financial Services Group Inc. owned about 0.25% of Johnson & Johnson worth $1,003,661,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in JNJ. Endeavor Private Wealth Inc. lifted its stake in shares of Johnson & Johnson by 505.8% in the 1st quarter. Endeavor Private Wealth Inc. now owns 2,072 shares of the company's stock valued at $344,000 after purchasing an additional 1,730 shares during the period. Fiduciary Wealth Partners LLC bought a new stake in shares of Johnson & Johnson during the 1st quarter valued at $303,000. IFG Advisory LLC boosted its holdings in shares of Johnson & Johnson by 48.2% during the 1st quarter. IFG Advisory LLC now owns 25,398 shares of the company's stock valued at $4,212,000 after buying an additional 8,264 shares in the last quarter. TIAA Trust National Association boosted its holdings in shares of Johnson & Johnson by 19.3% during the 1st quarter. TIAA Trust National Association now owns 418,599 shares of the company's stock valued at $69,420,000 after buying an additional 67,624 shares in the last quarter. Finally, Strategic Family Wealth Counselors L.L.C. boosted its holdings in shares of Johnson & Johnson by 3.2% during the 1st quarter. Strategic Family Wealth Counselors L.L.C. now owns 3,608 shares of the company's stock valued at $598,000 after buying an additional 111 shares in the last quarter. 69.55% of the stock is owned by hedge funds and other institutional investors.

Johnson & Johnson Price Performance

JNJ opened at $167.33 on Friday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.76 and a current ratio of 1.01. The stock has a market capitalization of $402.99 billion, a P/E ratio of 17.90, a P/E/G ratio of 2.10 and a beta of 0.41. The company's 50-day simple moving average is $157.46 and its two-hundred day simple moving average is $156.60. Johnson & Johnson has a 52-week low of $140.68 and a 52-week high of $169.99.

Johnson & Johnson (NYSE:JNJ - Get Free Report) last posted 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 business 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 for the quarter was up 5.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.82 EPS. As a group, analysts predict that Johnson & Johnson will post 10.58 EPS for the current 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 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 currently 55.61%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on JNJ shares. Leerink Partnrs cut shares of Johnson & Johnson from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 13th. Bank of America boosted their target price on shares of Johnson & Johnson from $161.00 to $175.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. UBS Group boosted their target price on shares of Johnson & Johnson from $180.00 to $190.00 and gave the company a "buy" rating in a report on Thursday, July 17th. Morgan Stanley boosted their target price on shares of Johnson & Johnson from $171.00 to $176.00 and gave the company an "equal weight" rating in a report on Thursday, July 17th. Finally, Leerink Partners cut shares of Johnson & Johnson from an "outperform" rating to a "market perform" rating and dropped their target price for the company from $169.00 to $153.00 in a report on Tuesday, May 13th. Nine investment analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $174.50.

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.

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