Pinnacle Associates Ltd. Reduces Stock Position in Johnson & Johnson $JNJ

Pinnacle Associates Ltd. decreased its position in shares of Johnson & Johnson (NYSE:JNJ) by 52.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,005,126 shares of the company’s stock after selling 2,182,271 shares during the quarter. Johnson & Johnson makes up 4.4% of Pinnacle Associates Ltd.’s holdings, making the stock its largest holding. Pinnacle Associates Ltd. owned about 0.08% of Johnson & Johnson worth $306,283,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in JNJ. Brighton Jones LLC boosted its position in Johnson & Johnson by 13.9% during the fourth quarter. Brighton Jones LLC now owns 51,876 shares of the company’s stock valued at $7,502,000 after purchasing an additional 6,332 shares in the last quarter. Wealth Group Ltd. bought a new stake in Johnson & Johnson during the first quarter valued at about $218,000. Franklin Parlapiano Turner & Welch LLC boosted its position in Johnson & Johnson by 1.4% during the first quarter. Franklin Parlapiano Turner & Welch LLC now owns 49,890 shares of the company’s stock valued at $8,274,000 after purchasing an additional 686 shares in the last quarter. RedJay Asset Management Inc. bought a new stake in Johnson & Johnson during the first quarter valued at about $1,658,000. Finally, Koshinski Asset Management Inc. boosted its position in Johnson & Johnson by 2.1% during the first quarter. Koshinski Asset Management Inc. now owns 46,000 shares of the company’s stock valued at $7,629,000 after purchasing an additional 943 shares in the last quarter. Institutional investors own 69.55% of the company’s stock.

Insider Activity

In other news, EVP Jennifer L. Taubert sold 56,471 shares of the firm’s stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $177.81, for a total value of $10,041,108.51. Following the completion of the transaction, the executive vice president directly owned 178,013 shares in the company, valued at $31,652,491.53. This trade represents a 24.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.16% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Daiwa Capital Markets raised Johnson & Johnson from a “neutral” rating to an “outperform” rating and set a $203.00 price objective on the stock in a research report on Monday, October 20th. Guggenheim raised Johnson & Johnson from a “neutral” rating to a “buy” rating and raised their price objective for the company from $167.00 to $206.00 in a research report on Tuesday, September 23rd. Stifel Nicolaus increased their price target on Johnson & Johnson from $165.00 to $190.00 and gave the company a “hold” rating in a research note on Wednesday, October 15th. Piper Sandler reissued an “overweight” rating on shares of Johnson & Johnson in a report on Thursday, July 17th. Finally, UBS Group raised their price target on Johnson & Johnson from $190.00 to $214.00 and gave the stock a “buy” rating in a report on Tuesday, October 14th. Three investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, Johnson & Johnson has a consensus rating of “Moderate Buy” and a consensus price target of $199.05.

Johnson & Johnson Trading Up 1.3%

Shares of NYSE:JNJ opened at $189.05 on Friday. Johnson & Johnson has a 52-week low of $140.68 and a 52-week high of $194.48. The stock has a market cap of $455.47 billion, a price-to-earnings ratio of 18.25, a PEG ratio of 2.19 and a beta of 0.40. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.50. The business has a 50-day moving average price of $183.08 and a 200-day moving average price of $167.32.

Johnson & Johnson (NYSE:JNJ) last announced its quarterly earnings data on Wednesday, August 30th. The company reported $2.26 earnings per share (EPS) for the quarter. Johnson & Johnson had a return on equity of 32.73% and a net margin of 27.26%.The firm had revenue of $24.02 billion during the quarter. Equities analysts predict that Johnson & Johnson will post 10.58 EPS for the current year.

Johnson & Johnson Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 9th. Stockholders of record on Tuesday, November 25th will be paid a $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Tuesday, November 25th. Johnson & Johnson’s dividend payout ratio (DPR) is presently 50.19%.

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.