Granite Investment Partners LLC Sells 2,400 Shares of Johnson & Johnson (NYSE:JNJ)

Granite Investment Partners LLC cut its position in shares of Johnson & Johnson (NYSE:JNJ) by 4.8% during the second quarter, HoldingsChannel.com reports. The firm owned 47,372 shares of the company’s stock after selling 2,400 shares during the period. Granite Investment Partners LLC’s holdings in Johnson & Johnson were worth $6,924,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of JNJ. Innealta Capital LLC acquired a new position in shares of Johnson & Johnson in the 2nd quarter valued at $27,000. Christopher J. Hasenberg Inc acquired a new position in Johnson & Johnson in the first quarter worth about $31,000. MFA Wealth Advisors LLC bought a new position in Johnson & Johnson during the second quarter worth about $43,000. Vermillion & White Wealth Management Group LLC acquired a new stake in Johnson & Johnson during the fourth quarter valued at approximately $44,000. Finally, Fairfield Financial Advisors LTD bought a new stake in shares of Johnson & Johnson in the 2nd quarter valued at approximately $46,000. 69.55% of the stock is currently owned by institutional investors and hedge funds.

Johnson & Johnson Stock Performance

Johnson & Johnson stock opened at $164.82 on Friday. Johnson & Johnson has a 1 year low of $143.13 and a 1 year high of $168.85. The company’s 50-day moving average is $161.02 and its two-hundred day moving average is $154.17. The company has a current ratio of 1.07, a quick ratio of 0.85 and a debt-to-equity ratio of 0.44. The company has a market cap of $396.67 billion, a PE ratio of 10.28, a PEG ratio of 2.71 and a beta of 0.53.

Johnson & Johnson (NYSE:JNJ) last released its earnings results on Wednesday, July 17th. The company reported $2.82 EPS for the quarter, topping analysts’ consensus estimates of $2.71 by $0.11. The firm had revenue of $22.45 billion during the quarter, compared to analyst estimates of $22.33 billion. Johnson & Johnson had a net margin of 46.34% and a return on equity of 36.60%. The business’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.80 EPS. Equities analysts anticipate that Johnson & Johnson will post 10.02 earnings per share for the current year.

Johnson & Johnson Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Tuesday, August 27th were paid a $1.24 dividend. This represents a $4.96 annualized dividend and a yield of 3.01%. The ex-dividend date was Tuesday, August 27th. Johnson & Johnson’s payout ratio is 30.92%.

Wall Street Analyst Weigh In

Several analysts recently commented on JNJ shares. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $175.00 price target on shares of Johnson & Johnson in a research note on Tuesday, July 30th. Daiwa America lowered shares of Johnson & Johnson from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 23rd. The Goldman Sachs Group cut their price target on shares of Johnson & Johnson from $160.00 to $155.00 and set a “neutral” rating for the company in a report on Friday, July 19th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $215.00 price objective on shares of Johnson & Johnson in a research note on Monday. Finally, Daiwa Capital Markets lowered Johnson & Johnson from an “outperform” rating to a “neutral” rating and reduced their price objective for the stock from $160.00 to $150.00 in a research note on Tuesday, July 23rd. Seven equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $173.21.

Insiders Place Their Bets

In related news, VP Robert J. Decker sold 5,635 shares of the stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $165.06, for a total value of $930,113.10. Following the sale, the vice president now directly owns 18,973 shares in the company, valued at approximately $3,131,683.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.16% of the company’s stock.

About Johnson & Johnson

Johnson & Johnson, together with its subsidiaries, researches, develops, manufactures, and sells various products in the healthcare field worldwide. The company's Innovative Medicine segment offers products for various therapeutic areas, such as immunology, including rheumatoid arthritis, psoriatic arthritis, inflammatory bowel disease, and psoriasis; infectious diseases comprising HIV/AIDS; neuroscience, consisting of mood disorders, neurodegenerative disorders, and schizophrenia; oncology, such as prostate cancer, hematologic malignancies, lung cancer, and bladder cancer; cardiovascular and metabolism, including thrombosis, diabetes, and macular degeneration; and pulmonary hypertension comprising pulmonary arterial hypertension through retailers, wholesalers, distributors, hospitals, and healthcare professionals for prescription use.