Covington Investment Advisors Inc. Lowers Position in Johnson & Johnson (NYSE:JNJ)

Covington Investment Advisors Inc. reduced its position in Johnson & Johnson (NYSE:JNJ) by 2.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 53,775 shares of the company’s stock after selling 1,107 shares during the period. Johnson & Johnson comprises about 1.3% of Covington Investment Advisors Inc.’s portfolio, making the stock its 29th biggest holding. Covington Investment Advisors Inc.’s holdings in Johnson & Johnson were worth $7,860,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Innealta Capital LLC purchased a new stake in shares of Johnson & Johnson during the 2nd quarter worth about $27,000. MFA Wealth Advisors LLC purchased a new position in Johnson & Johnson during the second quarter worth approximately $43,000. Vermillion & White Wealth Management Group LLC acquired a new stake in Johnson & Johnson in the fourth quarter valued at approximately $44,000. Fairfield Financial Advisors LTD acquired a new position in shares of Johnson & Johnson during the 2nd quarter worth approximately $46,000. Finally, Grayhawk Investment Strategies Inc. lifted its position in shares of Johnson & Johnson by 528.6% during the 4th quarter. Grayhawk Investment Strategies Inc. now owns 308 shares of the company’s stock valued at $48,000 after buying an additional 259 shares in the last quarter. 69.55% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Johnson & Johnson

In other Johnson & Johnson news, VP Robert J. Decker sold 5,635 shares of Johnson & Johnson stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $165.06, for a total transaction of $930,113.10. Following the completion of the sale, the vice president now directly owns 18,973 shares in the company, valued at $3,131,683.38. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.16% of the stock is owned by insiders.

Johnson & Johnson Price Performance

Johnson & Johnson stock opened at $161.40 on Monday. 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 50-day moving average price of $162.15 and a 200 day moving average price of $154.16. Johnson & Johnson has a 12-month low of $143.13 and a 12-month high of $168.85. The stock has a market cap of $388.44 billion, a P/E ratio of 10.06, a PEG ratio of 2.69 and a beta of 0.53.

Johnson & Johnson (NYSE:JNJ) last released its quarterly earnings results on Wednesday, July 17th. The company reported $2.82 EPS for the quarter, beating the consensus estimate of $2.71 by $0.11. The firm had revenue of $22.45 billion for 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 revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.80 EPS. Sell-side analysts anticipate that Johnson & Johnson will post 10.02 earnings per share for the current year.

Johnson & Johnson Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Tuesday, August 27th were issued a dividend of $1.24 per share. This represents a $4.96 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date was Tuesday, August 27th. Johnson & Johnson’s dividend payout ratio is presently 30.92%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. TD Securities reduced their price objective on shares of Johnson & Johnson from $195.00 to $185.00 in a research report on Thursday, July 18th. Sanford C. Bernstein raised their price target on shares of Johnson & Johnson from $161.00 to $171.00 in a research note on Thursday, July 18th. StockNews.com upgraded Johnson & Johnson from a “buy” rating to a “strong-buy” rating in a research note on Saturday, September 14th. Royal Bank of Canada restated an “outperform” rating and issued a $175.00 target price on shares of Johnson & Johnson in a research report on Friday, September 20th. Finally, Morgan Stanley boosted their price target on Johnson & Johnson from $167.00 to $169.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 18th. Seven equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Johnson & Johnson presently has an average rating of “Moderate Buy” and a consensus price target of $173.21.

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.