Cohen Klingenstein LLC Trims Stock Holdings in Johnson & Johnson (NYSE:JNJ)

Cohen Klingenstein LLC reduced its stake in Johnson & Johnson (NYSE:JNJ) by 2.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 145,344 shares of the company’s stock after selling 3,589 shares during the period. Johnson & Johnson makes up approximately 0.9% of Cohen Klingenstein LLC’s portfolio, making the stock its 21st biggest position. Cohen Klingenstein LLC’s holdings in Johnson & Johnson were worth $22,992,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. CGN Advisors LLC increased its stake in Johnson & Johnson by 3.1% during the first quarter. CGN Advisors LLC now owns 22,083 shares of the company’s stock worth $3,493,000 after purchasing an additional 664 shares during the period. Miller Howard Investments Inc. NY increased its stake in Johnson & Johnson by 6.0% during the first quarter. Miller Howard Investments Inc. NY now owns 444,054 shares of the company’s stock worth $70,245,000 after purchasing an additional 24,970 shares during the period. Pacifica Partners Inc. increased its stake in Johnson & Johnson by 3.9% during the first quarter. Pacifica Partners Inc. now owns 27,852 shares of the company’s stock worth $4,320,000 after purchasing an additional 1,045 shares during the period. Harbor Investment Advisory LLC increased its stake in Johnson & Johnson by 5.6% during the first quarter. Harbor Investment Advisory LLC now owns 50,625 shares of the company’s stock worth $8,008,000 after purchasing an additional 2,678 shares during the period. Finally, Financial Synergies Wealth Advisors Inc. increased its stake in Johnson & Johnson by 249.6% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 437 shares of the company’s stock worth $69,000 after purchasing an additional 312 shares during the period. 69.55% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on JNJ. StockNews.com lowered shares of Johnson & Johnson from a “strong-buy” rating to a “buy” rating in a research note on Saturday. The Goldman Sachs Group initiated coverage on shares of Johnson & Johnson in a research note on Thursday, May 30th. They set a “neutral” rating and a $160.00 target price on the stock. Bank of America cut their target price on shares of Johnson & Johnson from $180.00 to $170.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 17th. Royal Bank of Canada restated an “outperform” rating and set a $175.00 target price on shares of Johnson & Johnson in a research note on Monday, June 17th. Finally, HSBC upgraded shares of Johnson & Johnson from a “hold” rating to a “buy” rating and upped their target price for the stock from $169.00 to $170.00 in a research note on Thursday, April 18th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $174.07.

Johnson & Johnson Stock Performance

Shares of JNJ opened at $149.10 on Tuesday. The company has a market capitalization of $358.84 billion, a price-to-earnings ratio of 9.30, a price-to-earnings-growth ratio of 2.47 and a beta of 0.53. Johnson & Johnson has a 52-week low of $143.13 and a 52-week high of $175.97. The stock has a 50 day moving average price of $148.08 and a 200 day moving average price of $154.29. The company has a quick ratio of 0.94, a current ratio of 1.17 and a debt-to-equity ratio of 0.36.

Johnson & Johnson (NYSE:JNJ) last posted its quarterly earnings data on Tuesday, April 16th. The company reported $2.71 earnings per share for the quarter, beating the consensus estimate of $2.64 by $0.07. The business had revenue of $21.38 billion during the quarter, compared to the consensus estimate of $21.39 billion. Johnson & Johnson had a return on equity of 36.70% and a net margin of 45.26%. The company’s revenue was up 2.3% compared to the same quarter last year. During the same period in the prior year, the company earned $2.68 earnings per share. Research analysts predict that Johnson & Johnson will post 10.63 EPS for the current fiscal year.

Johnson & Johnson Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 4th. Stockholders of record on Tuesday, May 21st were issued a $1.24 dividend. This is an increase from Johnson & Johnson’s previous quarterly dividend of $1.19. This represents a $4.96 annualized dividend and a dividend yield of 3.33%. The ex-dividend date of this dividend was Monday, May 20th. Johnson & Johnson’s dividend payout ratio is presently 30.92%.

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.