Vestor Capital LLC has significantly reduced its stake in Johnson & Johnson (NYSE: JNJ) by selling 120,772 shares during the second quarter of 2023, according to a recent filing with the Securities and Exchange Commission (SEC). Following this sale, Vestor Capital holds only 881 shares of the healthcare giant, which were valued at approximately $135,000 at the end of the quarter.
This move by Vestor Capital is part of a broader trend among institutional investors. Several hedge funds have recently adjusted their positions in Johnson & Johnson. For instance, GFG Capital LLC acquired a new stake valued at about $35,000 in the second quarter, while Stone House Investment Management LLC purchased shares worth approximately $47,000 during the first quarter. Other notable transactions include 1248 Management LLC and Harvest Fund Management Co. Ltd, which invested $48,000 and $52,000, respectively. In total, institutional investors now hold 69.55% of Johnson & Johnson’s stock.
Current Stock Performance and Dividend Announcement
As of Monday, October 16, 2023, Johnson & Johnson’s stock opened at $203.88. The company’s market capitalization stands at $491.21 billion, with a price-to-earnings ratio of 19.68 and a price-to-earnings-growth ratio of 2.19. Over the past year, the stock has fluctuated between a low of $140.68 and a high of $206.94. The company has also declared a quarterly dividend of $1.30 per share, which is set to be paid on December 9, 2023, to stockholders of record as of November 25, 2023. This translates to an annualized dividend of $5.20 and a yield of 2.6%. The company’s current payout ratio is 50.19%.
Analysts Adjust Price Targets
Research firms have recently updated their price targets for Johnson & Johnson. HSBC raised its target from $210.00 to $215.00, maintaining a “buy” rating, while Citigroup also increased its target to $215.00. Additionally, Argus set a price target of $210.00, and Raymond James Financial boosted its target from $174.00 to $209.00. Currently, the consensus rating for Johnson & Johnson stock is classified as a “Moderate Buy,” with a consensus price target of $201.05, according to MarketBeat.com.
In related news, Jennifer L. Taubert, Executive Vice President of Johnson & Johnson, sold 56,471 shares of the company’s stock on September 4, 2023, for approximately $10.04 million. Following this transaction, Taubert retains 178,013 shares, valued at around $31.65 million. This sale represents a 24.08% decrease in her ownership stake.
Johnson & Johnson, a leading holding company in the healthcare sector, is engaged in the research, development, manufacture, and sale of various products. Its operations are divided into two main segments: Innovative Medicine and MedTech, focusing on areas such as immunology, oncology, and cardiovascular health.
For further updates on Johnson & Johnson and related investments, stakeholders can refer to the latest filings and reports available through the SEC and financial news outlets.
