Investment firm FourThought Financial Partners LLC has reduced its holdings in Johnson & Johnson (NYSE: JNJ) by 6.5% during the second quarter of 2023. According to its latest 13F filing with the Securities and Exchange Commission, the firm now owns 15,533 shares of Johnson & Johnson’s stock, following the sale of 1,085 shares during the period. At the end of this reporting period, FourThought’s holdings were valued at approximately $2,373,000.
Several other institutional investors have also adjusted their positions in Johnson & Johnson. Southeast Asset Advisors LLC increased its holdings by 7.4%, owning 41,987 shares valued at $6,414,000. Columbia Bank raised its stake by 4.5%, now holding 22,727 shares worth $3,541,000. Notably, Laurel Wealth Advisors LLC significantly boosted its holdings by 15,040.6%, now owning 7,420,699 shares valued at approximately $1.1 billion.
Additionally, RiverFront Investment Group LLC grew its position by 41.2% to hold 14,921 shares valued at $2,279,000, while One Charles Private Wealth Services LLC increased its stake by 8.4%, now owning 3,410 shares worth $521,000. Overall, institutional investors and hedge funds control approximately 69.55% of Johnson & Johnson’s stock.
Stock Performance and Dividend Announcement
On October 10, 2023, Johnson & Johnson’s stock opened at $206.07. The company has experienced a 12-month low of $140.68 and a high of $206.94. Its market capitalization stands at $496.48 billion, with key financial metrics including a price-to-earnings ratio of 19.89 and a dividend payout ratio of 50.19%.
In a recent announcement, Johnson & Johnson declared a quarterly dividend of $1.30 per share, scheduled for payment on December 9, 2023. Shareholders of record by November 25, 2023 will be eligible for this dividend, which translates to an annualized payout of $5.20 and a dividend yield of 2.5%.
Analysts’ Ratings and Insider Activity
Equity research analysts have provided a range of ratings for Johnson & Johnson. On October 10, Royal Bank of Canada reiterated an “outperform” rating with a target price of $209.00. Citigroup raised its price target from $213.00 to $215.00, maintaining a “buy” rating. Daiwa America upgraded the stock from “hold” to “strong-buy,” while Argus set a target of $210.00.
Overall, four analysts have rated Johnson & Johnson as a Strong Buy, thirteen have assigned a Buy rating, and nine have issued Hold ratings. According to MarketBeat.com, the consensus rating for the stock is “Moderate Buy,” with an average target price of $201.05.
In related insider activity, Jennifer L. Taubert, Executive Vice President, sold 56,471 shares on September 4, 2023, at an average price of $177.81, resulting in a total transaction value of approximately $10 million. Following this sale, Taubert holds 178,013 shares valued at around $31.65 million, reflecting a 24.08% decrease in her position.
Insider ownership of Johnson & Johnson stands at 0.16%, highlighting the broader control exercised by institutional investors.
Johnson & Johnson continues to be a significant player in the healthcare sector, focusing on innovative medical solutions across various fields, including immunology, oncology, and cardiovascular health.
