SouthState Corp Sells 10,499 Shares of Johnson & Johnson (NYSE:JNJ)

Key Points

• SouthState Corp reduced its stake in Johnson & Johnson by 18.7% in the 1st quarter, selling 10,499 shares and holding 45,658 shares worth approximately $7.57 million at the end of the quarter.
• Johnson & Johnson reported earnings of $2.77 per share for the last quarter, exceeding analyst expectations and achieving a revenue of $23.74 billion, which is a 5.8% year-over-year increase.
• The company announced a quarterly dividend of $1.30 per share, representing a 3.0% dividend yield and a recent consensus price target of $174.50 from analysts.

SouthState Corp lowered its stake in shares of Johnson & Johnson (NYSE:JNJ - Free Report) by 18.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 45,658 shares of the company's stock after selling 10,499 shares during the period. SouthState Corp's holdings in Johnson & Johnson were worth $7,572,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Lantz Financial LLC raised its holdings in Johnson & Johnson by 3.3% in the 1st quarter. Lantz Financial LLC now owns 11,974 shares of the company's stock valued at $1,986,000 after acquiring an additional 377 shares during the period. Sulzberger Capital Advisors Inc. bought a new position in Johnson & Johnson during the 4th quarter worth $453,000. Joel Isaacson & Co. LLC increased its position in Johnson & Johnson by 3.5% during the 1st quarter. Joel Isaacson & Co. LLC now owns 74,132 shares of the company's stock worth $12,294,000 after buying an additional 2,526 shares during the period. State of Wyoming boosted its position in shares of Johnson & Johnson by 205,580.0% in the fourth quarter. State of Wyoming now owns 10,284 shares of the company's stock valued at $1,487,000 after acquiring an additional 10,279 shares during the period. Finally, Range Financial Group LLC grew its stake in shares of Johnson & Johnson by 18.9% in the first quarter. Range Financial Group LLC now owns 15,886 shares of the company's stock valued at $2,635,000 after acquiring an additional 2,529 shares in the last quarter. Institutional investors and hedge funds own 69.55% of the company's stock.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Bank of America boosted their price objective 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. Royal Bank Of Canada increased their price target on Johnson & Johnson from $181.00 to $185.00 and gave the stock an "outperform" rating in a research report on Thursday, July 17th. Sanford C. Bernstein reiterated a "market perform" rating on shares of Johnson & Johnson in a research report on Wednesday, April 16th. Barclays raised their price target on Johnson & Johnson from $165.00 to $176.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 17th. Finally, Benchmark raised shares of Johnson & Johnson to a "strong-buy" rating in a report on Thursday, April 24th. Nine research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $174.50.

Johnson & Johnson Trading Up 0.4%

Shares of Johnson & Johnson stock traded up $0.65 on Monday, hitting $173.98. The stock had a trading volume of 7,208,197 shares, compared to its average volume of 9,486,962. The stock has a 50 day moving average of $159.63 and a 200 day moving average of $157.79. The firm has a market capitalization of $418.99 billion, a P/E ratio of 18.61, a PEG ratio of 2.21 and a beta of 0.41. Johnson & Johnson has a twelve month low of $140.68 and a twelve month high of $174.60. 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 (NYSE:JNJ - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The company reported $2.77 EPS for the quarter, topping analysts' consensus estimates of $2.68 by $0.09. The company 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%. Johnson & Johnson's revenue was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.82 earnings per share. Sell-side analysts expect that Johnson & Johnson will post 10.58 earnings per share for the current fiscal year.

Johnson & Johnson Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 9th. Stockholders of record on Tuesday, August 26th will be given a dividend of $1.30 per share. The ex-dividend date is Tuesday, August 26th. This represents a $5.20 annualized dividend and a dividend yield of 3.0%. 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.