Summit X LLC Raises Stock Position in Johnson & Johnson (NYSE:JNJ)

Posted by Max Byerly on Jan 25th, 2023

Summit X LLC increased its stake in Johnson & Johnson (NYSE:JNJ – Get Rating) by 7.8% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,486 shares of the company’s stock after acquiring an additional 252 shares during the quarter. Summit X LLC’s holdings in Johnson & Johnson were worth $567,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Morton Brown Family Wealth LLC grew its holdings in shares of Johnson & Johnson by 78.0% during the second quarter. Morton Brown Family Wealth LLC now owns 178 shares of the company’s stock worth $32,000 after buying an additional 78 shares in the last quarter. Goodman Advisory Group LLC purchased a new stake in shares of Johnson & Johnson during the second quarter worth $39,000. First Bank & Trust grew its holdings in shares of Johnson & Johnson by 69.6% during the second quarter. First Bank & Trust now owns 380 shares of the company’s stock worth $67,000 after buying an additional 156 shares in the last quarter. Heritage Wealth Management LLC purchased a new stake in shares of Johnson & Johnson during the second quarter worth $84,000. Finally, Timber Creek Capital Management LLC grew its holdings in shares of Johnson & Johnson by 225.0% during the third quarter. Timber Creek Capital Management LLC now owns 650 shares of the company’s stock worth $106,000 after buying an additional 450 shares in the last quarter. Hedge funds and other institutional investors own 67.94% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on JNJ shares. Morgan Stanley lowered their price target on shares of Johnson & Johnson from $178.00 to $176.00 and set an “equal weight” rating on the stock in a research report on Tuesday, December 6th. Bank of America lowered their price target on shares of Johnson & Johnson from $185.00 to $178.00 and set a “neutral” rating on the stock in a research report on Friday, October 14th. SVB Leerink lowered their price target on shares of Johnson & Johnson from $194.00 to $186.00 and set an “outperform” rating on the stock in a research report on Friday, January 20th. Atlantic Securities lowered their price target on shares of Johnson & Johnson from $165.00 to $160.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 19th. Finally, Raymond James decreased their target price on shares of Johnson & Johnson from $192.00 to $185.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 19th. Seven analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $181.75.

Insider Buying and Selling

In related news, CFO Joseph J. Wolk sold 14,781 shares of the company’s stock in a transaction that occurred on Tuesday, December 13th. The shares were sold at an average price of $179.60, for a total transaction of $2,654,667.60. Following the sale, the chief financial officer now directly owns 35,812 shares in the company, valued at $6,431,835.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Johnson & Johnson news, EVP Jennifer L. Taubert sold 76,923 shares of the stock in a transaction that occurred on Tuesday, November 22nd. The shares were sold at an average price of $176.78, for a total value of $13,598,447.94. Following the transaction, the executive vice president now directly owns 126,456 shares in the company, valued at $22,354,891.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Joseph J. Wolk sold 14,781 shares of the stock in a transaction that occurred on Tuesday, December 13th. The shares were sold at an average price of $179.60, for a total transaction of $2,654,667.60. Following the completion of the transaction, the chief financial officer now owns 35,812 shares in the company, valued at $6,431,835.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 233,611 shares of company stock worth $40,960,735. Company insiders own 0.35% of the company’s stock.

Johnson & Johnson Price Performance

Shares of NYSE:JNJ opened at $168.31 on Wednesday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.43 and a quick ratio of 1.18. The firm has a market capitalization of $440.04 billion, a PE ratio of 23.44, a price-to-earnings-growth ratio of 3.21 and a beta of 0.56. The firm’s 50-day moving average is $175.98 and its two-hundred day moving average is $171.06. Johnson & Johnson has a 1 year low of $155.72 and a 1 year high of $186.69.

Johnson & Johnson (NYSE:JNJ – Get Rating) last released its earnings results on Tuesday, January 24th. The company reported $2.35 earnings per share for the quarter, topping analysts’ consensus estimates of $2.23 by $0.12. Johnson & Johnson had a net margin of 19.95% and a return on equity of 35.37%. The firm had revenue of $23.71 billion for the quarter, compared to analyst estimates of $23.90 billion. During the same period in the prior year, the firm earned $2.13 earnings per share. The business’s quarterly revenue was down 4.4% compared to the same quarter last year. Analysts predict that Johnson & Johnson will post 10.04 EPS for the current year.

Johnson & Johnson Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 7th. Investors of record on Tuesday, February 21st will be paid a dividend of $1.13 per share. The ex-dividend date is Friday, February 17th. This represents a $4.52 dividend on an annualized basis and a dividend yield of 2.69%. Johnson & Johnson’s payout ratio is 62.95%.

Johnson & Johnson Company Profile

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Johnson & Johnson is a holding company, which engages in the research and development, manufacture and sale of products in the health care field. It operates through the following segments: Consumer Health, Pharmaceutical, and Medical Devices. The Consumer Health segment includes products used in the baby care, oral care, beauty, over-the-counter pharmaceutical, women’s health, and wound care markets.