Johnson & Johnson $JNJ is Pinnacle Associates Ltd.’s Largest Position

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

Other institutional investors have also recently modified their holdings of the company. GFG Capital LLC purchased a new stake in shares of Johnson & Johnson in the second quarter valued at approximately $35,000. Stone House Investment Management LLC purchased a new stake in shares of Johnson & Johnson in the first quarter valued at approximately $47,000. 1248 Management LLC purchased a new stake in shares of Johnson & Johnson in the first quarter valued at approximately $48,000. von Borstel & Associates Inc. purchased a new stake in shares of Johnson & Johnson in the first quarter valued at approximately $49,000. Finally, Harvest Fund Management Co. Ltd purchased a new stake in shares of Johnson & Johnson in the first quarter valued at approximately $52,000. 69.55% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on JNJ. Daiwa America upgraded Johnson & Johnson from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 20th. Bank of America boosted their price objective on Johnson & Johnson from $198.00 to $204.00 and gave the company a “neutral” rating in a research report on Wednesday, October 15th. JPMorgan Chase & Co. lifted their price target on Johnson & Johnson from $185.00 to $200.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 16th. The Goldman Sachs Group lifted their price target on Johnson & Johnson from $186.00 to $212.00 and gave the stock a “buy” rating in a research note on Thursday, October 9th. Finally, Wells Fargo & Company set a $212.00 price target on Johnson & Johnson and gave the stock an “overweight” rating in a research note on Friday, October 3rd. Three analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Johnson & Johnson has an average rating of “Moderate Buy” and a consensus price target of $199.05.

Johnson & Johnson Trading Up 1.3%

JNJ opened at $189.05 on Friday. The company’s 50 day simple moving average is $183.08 and its two-hundred day simple moving average is $167.32. The firm has a market capitalization of $455.47 billion, a price-to-earnings ratio of 18.25, a price-to-earnings-growth ratio of 2.19 and a beta of 0.40. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.07 and a quick ratio of 0.80. Johnson & Johnson has a 1-year low of $140.68 and a 1-year high of $194.48.

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

Johnson & Johnson Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 9th. Shareholders of record on Tuesday, November 25th will be paid a dividend of $1.30 per share. The ex-dividend date of this dividend is Tuesday, November 25th. This represents a $5.20 dividend on an annualized basis and a yield of 2.8%. Johnson & Johnson’s payout ratio is 50.19%.

Insiders Place Their Bets

In other Johnson & Johnson news, EVP Jennifer L. Taubert sold 56,471 shares of the business’s stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $177.81, for a total transaction of $10,041,108.51. Following the transaction, the executive vice president owned 178,013 shares of the company’s stock, valued at approximately $31,652,491.53. The trade was a 24.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.16% of the company’s stock.

Johnson & Johnson Company Profile

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.