Auto Owners Insurance Co has decreased its stock position in Johnson & Johnson (NYSE: JNJ) by 21.1% during the second quarter of 2023. The institutional investor now holds 312,760 shares after selling 83,738 shares, according to a report from HoldingsChannel.com. This reduction means that Johnson & Johnson represents approximately 1.1% of Auto Owners Insurance Co’s overall holdings, making it the company’s 23rd largest investment. As of the latest reporting period, these shares were valued at approximately $47.77 million.
In addition to Auto Owners Insurance Co, other hedge funds have also adjusted their positions in Johnson & Johnson. For instance, Brighton Jones LLC increased its stake by 13.9% in the fourth quarter, now owning 51,876 shares valued at $7.50 million after acquiring an additional 6,332 shares. Similarly, Wealth Group Ltd. bought new shares worth $218,000 in the first quarter, while Cornerstone Advisors Asset Management LLC increased its holdings by 11.8% to own 3,327 shares valued at $552,000. Furthermore, Sumitomo Mitsui Trust Group Inc. expanded its position by 0.9%, now holding 6,044,313 shares worth over $1 billion. Notably, Little House Capital LLC grew its stake significantly by 53.5%, owning 28,711 shares valued at $4.76 million.
Currently, institutional investors, including hedge funds, own approximately 69.55% of Johnson & Johnson’s stock.
Recent Insider Transactions and Stock Performance
In related news, Jennifer L. Taubert, Executive Vice President of Johnson & Johnson, sold 56,471 shares of the company on September 4, 2023. The shares were sold at an average price of $177.81, totaling approximately $10.04 million. Following this sale, Taubert retains 178,013 shares valued at around $31.65 million, marking a 24.08% reduction in her ownership. This transaction has been disclosed in a filing with the Securities and Exchange Commission (SEC).
As of the latest trading data, shares of Johnson & Johnson have decreased by 1.8%. On August 30, 2023, the company reported quarterly earnings of $2.26 per share, with a 32.73% return on equity and a net margin of 27.26%. Revenue for the quarter reached $24.02 billion, and analysts project that Johnson & Johnson will achieve an earnings per share (EPS) of $10.58 for the current fiscal year.
Dividends and Analyst Ratings
Johnson & Johnson has announced a quarterly dividend of $1.30 per share, scheduled for distribution on December 9, 2023. Shareholders of record on November 25, 2023 will receive this dividend, which translates to an annualized amount of $5.20 and a yield of 2.8%. The company’s current payout ratio stands at 50.19%.
Analysts have recently updated their price targets for Johnson & Johnson. Barclays raised its target from $165.00 to $176.00, maintaining an “equal weight” rating. Additionally, Daiwa America upgraded its rating from “hold” to “strong-buy.” Other firms, including Argus and Loop Capital, set price targets of $210.00 and $190.00, respectively. Overall, the stock has received three “Strong Buy” ratings, fourteen “Buy” ratings, and nine “Hold” ratings from analysts, leading to an average rating of “Moderate Buy” with a target price of $199.05, according to MarketBeat.com.
Johnson & Johnson, a leading holding company, focuses on research, development, manufacturing, and sales of healthcare products. Its operations are categorized into two segments: Innovative Medicine and MedTech, which encompass a wide range of health-related fields, including immunology and oncology.
