Independence Bank of Kentucky Cuts Position in Johnson & Johnson (NYSE:JNJ)

Independence Bank of Kentucky trimmed its holdings in shares of Johnson & Johnson (NYSE:JNJ) by 2.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 44,404 shares of the company’s stock after selling 1,063 shares during the period. Johnson & Johnson comprises approximately 1.2% of Independence Bank of Kentucky’s investment portfolio, making the stock its 14th largest holding. Independence Bank of Kentucky’s holdings in Johnson & Johnson were worth $7,364,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in JNJ. Tallon Kerry Patrick purchased a new position in shares of Johnson & Johnson in the fourth quarter worth about $290,000. Capital & Planning LLC lifted its holdings in Johnson & Johnson by 13.6% during the 4th quarter. Capital & Planning LLC now owns 1,528 shares of the company’s stock worth $221,000 after purchasing an additional 183 shares in the last quarter. Brighton Jones LLC boosted its stake in Johnson & Johnson by 13.9% in the 4th quarter. Brighton Jones LLC now owns 51,876 shares of the company’s stock worth $7,502,000 after purchasing an additional 6,332 shares during the period. Union Bancaire Privee UBP SA purchased a new position in Johnson & Johnson during the 4th quarter valued at about $85,886,000. Finally, Lazari Capital Management Inc. increased its position in shares of Johnson & Johnson by 4.3% in the fourth quarter. Lazari Capital Management Inc. now owns 6,277 shares of the company’s stock worth $908,000 after purchasing an additional 260 shares during the last quarter. Institutional investors own 69.55% of the company’s stock.

Johnson & Johnson Stock Performance

Shares of Johnson & Johnson stock opened at $155.02 on Friday. Johnson & Johnson has a 1 year low of $140.68 and a 1 year high of $169.99. The firm’s 50-day moving average is $153.59 and its 200 day moving average is $153.68. The stock has a market cap of $372.99 billion, a price-to-earnings ratio of 23.31, a PEG ratio of 2.56 and a beta of 0.42. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.11 and a quick ratio of 0.86.

Johnson & Johnson (NYSE:JNJ) last issued its earnings results on Tuesday, April 15th. The company reported $2.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.59 by $0.18. The firm had revenue of $21.89 billion for the quarter, compared to the consensus estimate of $21.65 billion. Johnson & Johnson had a net margin of 18.20% and a return on equity of 34.24%. Sell-side analysts anticipate that Johnson & Johnson will post 10.58 EPS for the current fiscal year.

Johnson & Johnson Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Tuesday, May 27th will be paid a $1.30 dividend. The ex-dividend date is Tuesday, May 27th. This represents a $5.20 annualized dividend and a dividend yield of 3.35%. This is a boost from Johnson & Johnson’s previous quarterly dividend of $1.24. Johnson & Johnson’s payout ratio is currently 57.84%.

Analyst Ratings Changes

A number of research firms have commented on JNJ. Wall Street Zen cut shares of Johnson & Johnson from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 22nd. Barclays cut their target price on Johnson & Johnson from $166.00 to $165.00 and set an “equal weight” rating for the company in a research note on Thursday, April 17th. Bank of America decreased their price target on shares of Johnson & Johnson from $171.00 to $159.00 and set a “neutral” rating on the stock in a research note on Thursday, April 10th. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of Johnson & Johnson in a research note on Wednesday, April 16th. Finally, Benchmark upgraded shares of Johnson & Johnson to a “strong-buy” rating in a report on Thursday, April 24th. Eleven research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $170.88.

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.