Bank of New York Mellon cuts stakes in Johnson & Johnson

Bank of New York Mellon Corp decreased its position in shares of Johnson & Johnson (NYSE:JNJ) by 5.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC).

The institutional investor owned 30,077,959 shares of the company’s stock after selling 1,719,123 shares during the period.

Johnson & Johnson accounts for about 1.1% of Bank of New York Mellon Corp’s investment portfolio, making the stock its 7th largest holding. Bank of New York Mellon Corp owned 1.14% of Johnson & Johnson worth $4,229,862,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cypress Wealth Services LLC grew its holdings in Johnson & Johnson by 0.6% during the first quarter. Cypress Wealth Services LLC now owns 52,055 shares of the company’s stock worth $6,826,000 after acquiring an additional 299 shares during the period.

Lincoln National Corp grew its stake in shares of Johnson & Johnson by 3.0% in the 1st quarter. Lincoln National Corp now owns 60,531 shares of the company’s stock worth $7,937,000 after purchasing an additional 1,766 shares during the last quarter. Minot Wealth Management LLC grew its stake in shares of Johnson & Johnson by 4.5% in the 1st quarter. Minot Wealth Management LLC now owns 17,582 shares of the company’s stock worth $2,306,000 after purchasing an additional 752 shares during the last quarter.

Parallel Advisors LLC raised its holdings in shares of Johnson & Johnson by 16.0% in the 1st quarter. Parallel Advisors LLC now owns 36,762 shares of the company’s stock worth $4,820,000 after purchasing an additional 5,066 shares in the last quarter.

Finally, Crescent Grove Advisors LLC lifted its stake in Johnson & Johnson by 1.9% during the first quarter. Crescent Grove Advisors LLC now owns 4,988 shares of the company’s stock valued at $654,000 after purchasing an additional 94 shares during the last quarter. Hedge funds and other institutional investors own 67.44% of the company’s stock.

JNJ has been the topic of several research reports. Zacks Investment Research cut Johnson & Johnson from a “hold” rating to a “sell” rating and set a $150.00 price target on the stock. in a report on Tuesday, July 7th. Citigroup increased their price target on Johnson & Johnson from $165.00 to $170.00 and gave the company a “buy” rating in a research report on Friday, July 17th. Cantor Fitzgerald restated a “buy” rating and set a $168.00 price objective on shares of Johnson & Johnson in a report on Monday, August 3rd.

Stifel Nicolaus cut shares of Johnson & Johnson from a “buy” rating to a “hold” rating in a report on Wednesday, August 19th. Finally, Bank of America restated a “buy” rating on shares of Johnson & Johnson in a report on Monday, July 20th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have assigned a buy rating to the company. Johnson & Johnson presently has an average rating of “Buy” and a consensus price target of $163.00.

NYSE:JNJ opened at $153.64 on Monday. The stock’s 50 day moving average price is $148.33 and its 200 day moving average price is $144.17. Johnson & Johnson has a 52 week low of $109.16 and a 52 week high of $157.00. The company has a market capitalization of $404.51 billion, a P/E ratio of 22.46, a P/E/G ratio of 3.40 and a beta of 0.69. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.99 and a current ratio of 1.25.
Johnson & Johnson (NYSE:JNJ) last released its quarterly earnings data on Thursday, July 16th.

The company reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.17. The business had revenue of $18.34 billion during the quarter, compared to analyst estimates of $17.73 billion. Johnson & Johnson had a net margin of 22.69% and a return on equity of 35.21%. Johnson & Johnson’s quarterly revenue was down 10.8% compared to the same quarter last year.

During the same quarter in the previous year, the business earned $2.58 EPS. As a group, sell-side analysts forecast that Johnson & Johnson will post 7.85 earnings per share for the current fiscal year.

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