NorthCrest Asset Management LLC Increases Holdings in Johnson & Johnson

On October 28, 2024, it was reported that NorthCrest Asset Management LLC has increased its investment in Johnson & Johnson (NYSE: JNJ) by 1.8% during the third quarter of the year. This institutional investor now owns a total of 232,819 shares after purchasing an additional 4,130 shares during the period. Johnson & Johnson now represents approximately 1.1% of NorthCrest Asset Management's overall investment portfolio, making it the investor's 15th largest position, with holdings valued at $37.73 million as of the last reporting period.

Several other hedge funds have also modified their positions in Johnson & Johnson recently. For instance, Meridian Financial Partners LLC established a new position in the second quarter valued at roughly $1.63 million. Summit Financial Wealth Advisors LLC expanded its stake by 26.3% during the first quarter, bringing their total to 5,392 shares worth $853,000 after acquiring an additional 1,122 shares. Franklin Parlapiano Turner & Welch LLC grew its holdings by 0.7% in the same quarter, now owning 47,186 shares valued at $7.46 million. Additionally, NTV Asset Management LLC boosted their stake by 1.6%, and Cooper Haims Advisors LLC increased theirs by 6.4%. In total, 69.55% of Johnson & Johnson's stock is held by institutional investors and hedge funds.

Analyst Insights

A number of analysts have recently provided updates regarding Johnson & Johnson shares. The Goldman Sachs Group adjusted their price target from $160.00 to $155.00, maintaining a “neutral” rating on the stock. Conversely, Sanford C. Bernstein increased their price objective from $161.00 to $171.00. Daiwa Capital Markets lowered their rating from “outperform” to “neutral” and reduced their target price from $160.00 to $150.00. Following these updates, TD Cowen adjusted their price target from $195.00 to $185.00 while maintaining a “buy” rating. Royal Bank of Canada also raised their price target from $178.00 to $181.00, labeling the stock as “outperform.” Presently, six research analysts rate Johnson & Johnson as holding, seven as a buy, and one as a strong buy, leading to an average rating of “Moderate Buy” with a consensus target price of $175.93.

Share Price Update

As of the latest trading session, Johnson & Johnson stocks opened at $160.88. The stock has a 50-day moving average of $163.41 and a 200-day moving average of $155.10. Over the past year, shares hit a low of $143.13 and a high of $168.85. With a market capital of $387.19 billion, Johnson & Johnson's PE ratio stands at 10.03, with a P/E/G ratio of 2.90 and a beta of 0.52. The company holds a current ratio of 1.07 and a debt-to-equity ratio of 0.44.

Earnings and Dividend Updates

On October 15, 2024, Johnson & Johnson released its quarterly earnings report, showing an earnings per share (EPS) of $2.42 for the quarter. This figure surpasses analysts' expectations of $2.21. The company reported a net margin of 19.14% and a return on equity of 35.46%, alongside revenue reaching $22.47 billion, which was above the forecast of $22.17 billion. The revenue notably increased by 5.2% year-over-year. Analysts predict an EPS of 9.94 for the current year.

The company has recently announced a quarterly dividend, set to be paid on December 10, 2024. Shareholders on record by November 26, 2024, will receive a dividend of $1.24 per share. This represents an annualized dividend of $4.96, yielding 3.08%, with a payout ratio of 30.92%.

Insider Trading Activity

Recently, VP Robert J. Decker sold 5,635 shares of the company on August 30, 2024, at an average price of $165.06, totaling approximately $930,113. Following this transaction, he retains ownership of 18,973 shares valued at about $3.13 million, representing no significant change in his ownership percentage. Only 0.16% of the stock is held by corporate insiders.

Company Overview

Johnson & Johnson is a global leader in healthcare, dedicated to researching, developing, manufacturing, and selling various health-related products. The company's Innovative Medicine segment offers therapies across multiple areas, including immunology, infectious diseases, neuroscience, oncology, and cardiovascular health, distributing products through various channels including retailers and healthcare professionals.

investment, stocks, financial