Pettee Investors Inc. Sells 7,319 Shares of Johnson & Johnson (NYSE:JNJ)

Pettee Investors Inc. lessened its stake in Johnson & Johnson (NYSE:JNJ) by 12.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 50,407 shares of the company’s stock after selling 7,319 shares during the period. Johnson & Johnson accounts for 5.0% of Pettee Investors Inc.’s portfolio, making the stock its 2nd largest holding. Pettee Investors Inc.’s holdings in Johnson & Johnson were worth $8,359,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank acquired a new stake in Johnson & Johnson in the fourth quarter valued at approximately $4,390,037,000. GAMMA Investing LLC lifted its stake in shares of Johnson & Johnson by 24,450.4% during the 1st quarter. GAMMA Investing LLC now owns 7,215,367 shares of the company’s stock valued at $1,196,596,000 after buying an additional 7,185,977 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Johnson & Johnson by 26.4% during the 1st quarter. Bank of New York Mellon Corp now owns 23,182,464 shares of the company’s stock worth $3,844,580,000 after acquiring an additional 4,842,582 shares during the period. Janus Henderson Group PLC grew its holdings in shares of Johnson & Johnson by 134.5% during the 4th quarter. Janus Henderson Group PLC now owns 7,948,508 shares of the company’s stock valued at $1,149,536,000 after purchasing an additional 4,559,147 shares during the last quarter. Finally, Northern Trust Corp boosted its position in Johnson & Johnson by 12.3% during the 4th quarter. Northern Trust Corp now owns 30,813,175 shares of the company’s stock valued at $4,456,201,000 after buying an additional 3,363,235 shares during the period. Institutional investors and hedge funds own 69.55% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. UBS Group reaffirmed a “buy” rating and set a $190.00 price target (up previously from $180.00) on shares of Johnson & Johnson in a report on Thursday. Benchmark raised shares of Johnson & Johnson to a “strong-buy” rating in a report on Thursday, April 24th. Barclays upped their target price on shares of Johnson & Johnson from $165.00 to $176.00 and gave the company an “equal weight” rating in a research report on Thursday. Sanford C. Bernstein reiterated a “market perform” rating on shares of Johnson & Johnson in a research note on Wednesday, April 16th. Finally, Morgan Stanley raised their price target on Johnson & Johnson from $171.00 to $176.00 and gave the company an “equal weight” rating in a research report on Thursday. Eleven analysts have rated the stock with a hold rating, nine have issued a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $174.11.

Johnson & Johnson Stock Performance

NYSE:JNJ opened at $163.04 on Friday. The company’s 50-day moving average is $154.10 and its two-hundred day moving average is $154.84. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.26 and a quick ratio of 1.03. Johnson & Johnson has a 1-year low of $140.68 and a 1-year high of $169.99. The firm has a market capitalization of $392.28 billion, a price-to-earnings ratio of 17.44, a PEG ratio of 2.21 and a beta of 0.41.

Johnson & Johnson (NYSE:JNJ) last announced its quarterly earnings data on Wednesday, July 16th. The company reported $2.77 EPS for the quarter, beating the consensus estimate of $2.68 by $0.09. The firm had revenue of $23.74 billion during the quarter, compared to analysts’ expectations of $22.85 billion. Johnson & Johnson had a net margin of 25.00% and a return on equity of 33.07%. The business’s revenue for the quarter was up 5.8% compared to the same quarter last year. During the same quarter last year, the business earned $2.82 earnings per share. Analysts forecast that Johnson & Johnson will post 10.58 EPS for the current year.

Johnson & Johnson Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 9th. Stockholders of record on Tuesday, August 26th will be issued a $1.30 dividend. The ex-dividend date of this dividend is Tuesday, August 26th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 3.19%. Johnson & Johnson’s dividend payout ratio is 55.61%.

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.