Johnson & Johnson (NYSE:JNJ) Reaches New 12-Month High - Here's What Happened

Key Points

• Johnson & Johnson's stock reached a new 52-week high at $171.19 during mid-day trading, closing at $171.08 with a total trading volume of over 12.6 million shares.
• Analysts have set an average target price of $174.50 for the stock, with ratings varying from "hold" to "strong buy" by different firms.
• The company announced a quarterly dividend of $1.30 per share, with a payout ratio of 55.61%, reflecting a dividend yield of 3.0%.

Johnson & Johnson (NYSE:JNJ - Get Free Report) shares reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $171.19 and last traded at $171.08, with a volume of 12677035 shares traded. The stock had previously closed at $167.33.

Analyst Ratings Changes

Several analysts recently commented on the company. Leerink Partners lowered Johnson & Johnson from an "outperform" rating to a "market perform" rating and dropped their target price for the stock from $169.00 to $153.00 in a report on Tuesday, May 13th. Piper Sandler reissued an "overweight" rating on shares of Johnson & Johnson in a research note 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. UBS Group lifted their target price on Johnson & Johnson from $180.00 to $190.00 and gave the company a "buy" rating in a research report on Thursday, July 17th. Finally, Bank of America boosted their target price on Johnson & Johnson from $161.00 to $175.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Nine research analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $174.50.

Johnson & Johnson Trading Down 0.0%

The business's fifty day moving average price is $158.17 and its 200 day moving average price is $157.00. The firm has a market capitalization of $411.14 billion, a PE ratio of 18.26, a P/E/G ratio of 2.17 and a beta of 0.41. 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 released its earnings results on Wednesday, July 16th. The company reported $2.77 earnings per share for the quarter, topping the consensus estimate of $2.68 by $0.09. The firm had revenue of $23.74 billion for the quarter, compared to the consensus estimate of $22.85 billion. Johnson & Johnson had a return on equity of 32.49% and a net margin of 25.00%. The firm's revenue for the quarter was up 5.8% compared to the same quarter last year. During the same period in the prior year, the business posted $2.82 earnings per share. As a group, analysts expect that Johnson & Johnson will post 10.58 EPS 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 issued a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Tuesday, August 26th. Johnson & Johnson's dividend payout ratio (DPR) is 55.61%.

Hedge Funds Weigh In On Johnson & Johnson

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Greenup Street Wealth Management LLC raised its holdings in shares of Johnson & Johnson by 3.1% during the second quarter. Greenup Street Wealth Management LLC now owns 2,021 shares of the company's stock valued at $309,000 after buying an additional 60 shares during the last quarter. Ellis Investment Partners LLC boosted its holdings in shares of Johnson & Johnson by 0.7% in the second quarter. Ellis Investment Partners LLC now owns 8,559 shares of the company's stock worth $1,307,000 after buying an additional 62 shares during the period. Cypress Wealth Services LLC boosted its position in shares of Johnson & Johnson by 0.9% in the second quarter. Cypress Wealth Services LLC now owns 6,634 shares of the company's stock worth $1,013,000 after buying an additional 62 shares during the period. Horizon Bancorp Inc. IN boosted its position in Johnson & Johnson by 11.2% during the second quarter. Horizon Bancorp Inc. IN now owns 636 shares of the company's stock valued at $97,000 after purchasing an additional 64 shares during the last quarter. Finally, Global Strategic Investment Solutions LLC raised its position in Johnson & Johnson by 3.5% during the second quarter. Global Strategic Investment Solutions LLC now owns 1,925 shares of the company's stock valued at $294,000 after acquiring an additional 65 shares in the last quarter. 69.55% of the stock is owned by institutional investors and hedge funds.

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.