Fortis Group Advisors LLC Reduces Stake in Johnson & Johnson (NYSE:JNJ)

VaselineSeptember 1, 2024

0 3 minutes read

Fortis Group Advisors LLC trimmed its stake in Johnson & Johnson (NYSE:JNJ – Free Report ) by 17.6% during the second quarter, according to its most recent filing with the SEC. The fund owned 2,473 shares of the company’s stock after selling 528 shares during the quarter. Fortis Group Advisors LLC’s holdings in Johnson & Johnson were worth $361,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have recently made changes to their positions in the company. Inçalta Capital LLC purchased a new stake in Johnson & Johnson in the second quarter valued at approximately $27,000. Christopher J. Hasenberg Inc purchased a new stake in Johnson & Johnson in the 1st quarter valued at approximately $31,000. MFA Wealth Advisors LLC acquired a new stake in Johnson & Johnson in the second quarter valued at approximately $43,000. Vermillion & White Wealth Management Group LLC purchased a new stake in Johnson & Johnson during the fourth quarter valued at approximately $44,000. Finally, Grayhawk Investment Strategies Inc. boosted its holdings in Johnson & Johnson by 528.6% during the fourth quarter. Grayhawk Investment Strategies Inc. now owns 308 shares of the company’s stock valued at $48,000 after buying an additional 259 shares in the last quarter. 69.55% of the shares are held by hedge funds and other institutional investors.

Analysts set new price targets

A number of equities research analysts recently issued reports on the stock. TD Cowen cut their price target on shares of Johnson & Johnson from $195.00 to $185.00 and set a “buy” rating on the stock in a report on Thursday, July 18th. Daiwa Capital Markets downgraded shares of Johnson & Johnson from an “outperform” rating to a “neutral” rating and reduced their target price for the stock from $160.00 to $150.00 in a report on Tuesday, the 23rd July. Cantor Fitzgerald reissued an “overweight” rating and issued a $215.00 target price on shares of Johnson & Johnson in a report on Monday, August 5th. TD Securities cut their price target on shares of Johnson & Johnson from $195.00 to $185.00 in a report on Thursday, July 18th. Finally, Goldman Sachs Group decreased their target price on shares of Johnson & Johnson from $160.00 to $155.00 and set a “neutral” rating on the stock in a report on Friday, July 19th. Seven analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Moderate Buy” and a consensus price target of $173.21, according to MarketBeat.com.

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Johnson & Johnson stocks rise 1.0%

Shares of NYSE JNJ opened at $165.86 on Friday. Johnson & Johnson has a one year low of $143.13 and a one year high of $165.98. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.07, and a quick ratio of 0.85. The company’s 50-day simple moving average is $155.68, and its two-hundred-day simple moving average is $153.51. The stock has a market cap of $399.26 billion, a P/E ratio of 10.34, a PEG ratio of 2.73 and a beta of 0.52.

Johnson & Johnson (NYSE:JNJ – Get Free Report ) last posted its quarterly earnings results on Wednesday, July 17th. The company reported $2.82 EPS for the quarter, topping analysts’ consensus estimates of $2.71 by $0.11. Johnson & Johnson had a net margin of 46.34% and a return on equity of 36.60%. The company had revenue of $22.45 billion for the quarter, compared to analysts’ expectations of $22.33 billion. In the same period last year, the company earned $2.80 per share. The company’s quarterly revenue was up 4.3% year over year. As a group, analysts expect Johnson & Johnson to post 10.02 EPS for the current fiscal year.

Johnson & Johnson Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Tuesday, August 27th will be paid a $1.24 dividend. This represents an annualized dividend of $4.96 and a dividend yield of 2.99%. The ex-dividend date of this dividend is Tuesday, August 27th. Johnson & Johnson’s payout ratio is 30.92%.

Johnson & Johnson profile

(Free report)

Johnson & Johnson, together with its subsidiaries, researches, develops, manufactures and sells various health products worldwide. The company’s Innovative Medicines segment offers products for various therapeutic areas such as immunology, including rheumatoid arthritis, psoriatic arthritis, inflammatory bowel disease and psoriasis; infectious diseases including HIV/AIDS; neuroscience, consisting of mood disorders, neurodegenerative disorders and schizophrenia; oncology, such as prostate cancer, hematological malignancies, lung cancer and bladder cancer; cardiovascular and metabolic, including thrombosis, diabetes and macular degeneration; and pulmonary hypertension including pulmonary arterial hypertension through retailers, wholesalers, distributors, hospitals and healthcare professionals for prescription use.