Summit Asset Management LLC Trims Stock Holdings in Johnson & Johnson $JNJ

Summit Asset Management LLC lowered its stake in Johnson & Johnson (NYSE:JNJ) by 7.7% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,375 shares of the company’s stock after selling 1,207 shares during the quarter. Summit Asset Management LLC’s holdings in Johnson & Johnson were worth $2,196,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in JNJ. GFG Capital LLC purchased a new stake in shares of Johnson & Johnson in the second quarter worth $35,000. Stone House Investment Management LLC bought a new position in Johnson & Johnson in the 1st quarter worth $47,000. 1248 Management LLC purchased a new stake in Johnson & Johnson in the 1st quarter worth $48,000. Harvest Fund Management Co. Ltd bought a new stake in Johnson & Johnson during the first quarter valued at about $52,000. Finally, Pandora Wealth Inc. purchased a new position in shares of Johnson & Johnson in the first quarter valued at about $65,000. 69.55% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

JNJ has been the subject of several research analyst reports. Wells Fargo & Company set a $212.00 target price on Johnson & Johnson and gave the stock an “overweight” rating in a research report on Friday, October 3rd. Raymond James Financial increased their price objective on shares of Johnson & Johnson from $174.00 to $209.00 and gave the company an “outperform” rating in a report on Wednesday, October 15th. Morgan Stanley set a $190.00 target price on shares of Johnson & Johnson in a report on Wednesday, October 15th. Daiwa Capital Markets upgraded shares of Johnson & Johnson from a “neutral” rating to an “outperform” rating and set a $203.00 target price for the company in a research report on Monday, October 20th. Finally, Wall Street Zen upgraded shares of Johnson & Johnson from a “hold” rating to a “buy” rating in a report on Saturday, September 13th. Three research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $199.05.

Insider Activity

In other news, EVP Jennifer L. Taubert sold 56,471 shares of Johnson & Johnson stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $177.81, for a total value of $10,041,108.51. Following the completion of the transaction, the executive vice president owned 178,013 shares in the company, valued at approximately $31,652,491.53. The trade was a 24.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.16% of the stock is owned by insiders.

Johnson & Johnson Trading Down 0.3%

Shares of JNJ opened at $186.50 on Friday. The stock has a market capitalization of $449.34 billion, a PE ratio of 18.00, a P/E/G ratio of 2.19 and a beta of 0.38. The company’s fifty day moving average is $184.25 and its 200 day moving average is $168.70. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.80 and a current ratio of 1.07. Johnson & Johnson has a fifty-two week low of $140.68 and a fifty-two week high of $194.48.

Johnson & Johnson (NYSE:JNJ) last issued its quarterly earnings data on Wednesday, August 30th. The company reported $2.26 EPS for the quarter. Johnson & Johnson had a net margin of 27.26% and a return on equity of 32.73%. The business had revenue of $24.02 billion during the quarter. Sell-side analysts expect that Johnson & Johnson will post 10.58 earnings per share 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 given a dividend of $1.30 per share. The ex-dividend date is Tuesday, November 25th. This represents a $5.20 dividend on an annualized basis and a yield of 2.8%. Johnson & Johnson’s dividend payout ratio is 50.19%.

Johnson & Johnson 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.