Independence Bank of Kentucky reduced its stake in shares of Johnson & Johnson (NYSE:JNJ) by 3.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,762 shares of the company’s stock after selling 820 shares during the period. Johnson & Johnson accounts for about 2.3% of Independence Bank of Kentucky’s holdings, making the stock its 7th biggest position. Independence Bank of Kentucky’s holdings in Johnson & Johnson were worth $2,869,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors also recently modified their holdings of JNJ. Financial Gravity Wealth Inc. acquired a new position in Johnson & Johnson in the 1st quarter valued at $105,000. Selective Wealth Management acquired a new position in Johnson & Johnson in the 3rd quarter valued at $105,000. WP Advisors LLC acquired a new position in Johnson & Johnson in the 2nd quarter valued at $108,000. FNY Investment Advisers LLC acquired a new position in Johnson & Johnson in the 2nd quarter valued at $117,000. Finally, Fusion Family Wealth LLC raised its holdings in Johnson & Johnson by 621.4% in the 2nd quarter. Fusion Family Wealth LLC now owns 1,010 shares of the company’s stock valued at $123,000 after acquiring an additional 870 shares during the last quarter. Hedge funds and other institutional investors own 66.23% of the company’s stock.
Shares of NYSE JNJ opened at $129.75 on Friday. Johnson & Johnson has a 52-week low of $118.62 and a 52-week high of $148.99. The firm has a market cap of $345.91 billion, a PE ratio of 17.77, a P/E/G ratio of 1.90 and a beta of 0.72. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.72 and a quick ratio of 1.40.
Johnson & Johnson announced that its Board of Directors has authorized a share repurchase program on Monday, December 17th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the company to repurchase up to 1.5% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 12th. Stockholders of record on Tuesday, February 26th will be paid a dividend of $0.90 per share. The ex-dividend date is Monday, February 25th. This represents a $3.60 annualized dividend and a dividend yield of 2.77%. Johnson & Johnson’s dividend payout ratio is presently 49.32%.
In related news, CEO Alex Gorsky sold 264,465 shares of the company’s stock in a transaction on Friday, November 16th. The shares were sold at an average price of $145.96, for a total transaction of $38,601,311.40. Following the completion of the sale, the chief executive officer now directly owns 481,254 shares of the company’s stock, valued at approximately $70,243,833.84. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Charles Prince purchased 2,000 shares of the firm’s stock in a transaction that occurred on Friday, December 14th. The shares were acquired at an average cost of $134.37 per share, with a total value of $268,740.00. Following the completion of the transaction, the director now owns 28,520 shares in the company, valued at approximately $3,832,232.40. The disclosure for this purchase can be found here. Insiders have sold a total of 514,187 shares of company stock valued at $74,951,528 over the last three months. Corporate insiders own 0.22% of the company’s stock.
Several research analysts have weighed in on JNJ shares. Raymond James boosted their price target on Johnson & Johnson from $144.00 to $149.00 and gave the company an “outperform” rating in a report on Wednesday, October 17th. Credit Suisse Group boosted their price target on Johnson & Johnson from $149.00 to $152.00 and gave the company an “outperform” rating in a report on Wednesday, October 17th. Zacks Investment Research downgraded Johnson & Johnson from a “hold” rating to a “sell” rating in a report on Tuesday. Citigroup cut their price target on Johnson & Johnson from $148.00 to $139.00 and set a “neutral” rating for the company in a report on Wednesday, January 2nd. Finally, ValuEngine upgraded Johnson & Johnson from a “hold” rating to a “buy” rating in a report on Thursday, December 13th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the stock. Johnson & Johnson has an average rating of “Hold” and a consensus target price of $140.89.
Johnson & Johnson Profile
Johnson & Johnson is a holding company, which engages in the research and development, manufacture and sale of products in the health care field. It operates through the following segments: Consumer, Pharmaceutical, and Medical Devices. The Consumer segment includes products used in the baby care, oral care, beauty, over-the-counter pharmaceutical, women’s health, and wound care markets.
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