Johnson & Johnson (JNJ) Stake Increased by Cornerstone Investment Partners LLC

Cornerstone Investment Partners LLC grew its stake in shares of Johnson & Johnson (NYSE:JNJ) by 0.7% during the third quarter, Holdings Channel reports. The fund owned 790,239 shares of the company’s stock after buying an additional 5,234 shares during the quarter. Johnson & Johnson accounts for about 4.5% of Cornerstone Investment Partners LLC’s portfolio, making the stock its biggest position. Cornerstone Investment Partners LLC’s holdings in Johnson & Johnson were worth $102,739,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Municipal Employees Retirement System of Michigan boosted its holdings in shares of Johnson & Johnson by 0.9% in the second quarter. Municipal Employees Retirement System of Michigan now owns 109,950 shares of the company’s stock worth $14,545,000 after buying an additional 1,020 shares during the last quarter. North Point Portfolio Managers Corp OH raised its stake in Johnson & Johnson by 0.7% during the 2nd quarter. North Point Portfolio Managers Corp OH now owns 2,923 shares of the company’s stock worth $387,000 after acquiring an additional 20 shares during the period. Eastern Bank raised its stake in Johnson & Johnson by 0.5% during the 2nd quarter. Eastern Bank now owns 180,263 shares of the company’s stock worth $23,847,000 after acquiring an additional 898 shares during the period. Sumitomo Life Insurance Co. raised its stake in Johnson & Johnson by 9.9% during the 2nd quarter. Sumitomo Life Insurance Co. now owns 104,840 shares of the company’s stock worth $13,869,000 after acquiring an additional 9,470 shares during the period. Finally, IBM Retirement Fund raised its stake in Johnson & Johnson by 69.6% during the 2nd quarter. IBM Retirement Fund now owns 66,029 shares of the company’s stock worth $9,761,000 after acquiring an additional 27,108 shares during the period. 65.58% of the stock is currently owned by hedge funds and other institutional investors.

In related news, VP Paulus Stoffels sold 155,342 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $129.86, for a total value of $20,172,712.12. Following the sale, the vice president now owns 357,906 shares in the company, valued at $46,477,673.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.19% of the company’s stock.

JNJ has been the topic of a number of recent analyst reports. Vetr upgraded shares of Johnson & Johnson from a “hold” rating to a “buy” rating and set a $150.89 target price on the stock in a research note on Thursday, January 11th. Royal Bank of Canada restated a “buy” rating on shares of Johnson & Johnson in a research note on Tuesday, January 9th. Credit Suisse Group set a $154.00 target price on shares of Johnson & Johnson and gave the stock a “hold” rating in a research note on Monday, January 22nd. Zacks Investment Research cut shares of Johnson & Johnson from a “buy” rating to a “hold” rating in a research note on Tuesday, December 12th. Finally, Stifel Nicolaus raised their target price on shares of Johnson & Johnson from $142.00 to $145.00 and gave the stock a “hold” rating in a research note on Wednesday, January 24th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $146.16.

Shares of Johnson & Johnson (NYSE:JNJ) opened at $129.91 on Friday. The stock has a market cap of $349,010.00, a P/E ratio of 23.84, a PEG ratio of 2.19 and a beta of 0.74. The company has a current ratio of 1.32, a quick ratio of 1.02 and a debt-to-equity ratio of 0.36. Johnson & Johnson has a 1 year low of $119.48 and a 1 year high of $148.32.

Johnson & Johnson (NYSE:JNJ) last released its quarterly earnings data on Tuesday, January 23rd. The company reported $1.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.72 by $0.02. The company had revenue of $20.20 billion for the quarter, compared to the consensus estimate of $20.08 billion. The company’s quarterly revenue was up 11.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.58 EPS. sell-side analysts expect that Johnson & Johnson will post 8.11 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 13th. Stockholders of record on Tuesday, February 27th will be given a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 2.59%. The ex-dividend date is Monday, February 26th. Johnson & Johnson’s payout ratio is currently 61.65%.

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About Johnson & Johnson

Johnson & Johnson is a holding company, which is engaged in the research and development, manufacture and sale of a range of products in the healthcare field. It operates through three segments: Consumer, Pharmaceutical and Medical Devices. Its primary focus is products related to human health and well-being.

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Institutional Ownership by Quarter for Johnson & Johnson (NYSE:JNJ)

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