Meritage Portfolio Management Trims Stake in Johnson & Johnson (JNJ)

Meritage Portfolio Management cut its holdings in Johnson & Johnson (NYSE:JNJ) by 37.7% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 67,673 shares of the company’s stock after selling 41,003 shares during the period. Johnson & Johnson comprises 0.9% of Meritage Portfolio Management’s holdings, making the stock its 20th largest holding. Meritage Portfolio Management’s holdings in Johnson & Johnson were worth $9,350,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the company. Dubuque Bank & Trust Co. increased its holdings in shares of Johnson & Johnson by 0.3% in the 3rd quarter. Dubuque Bank & Trust Co. now owns 122,348 shares of the company’s stock worth $16,905,000 after buying an additional 419 shares during the last quarter. Dowling & Yahnke LLC raised its stake in shares of Johnson & Johnson by 15.2% during the 3rd quarter. Dowling & Yahnke LLC now owns 88,870 shares of the company’s stock worth $12,279,000 after acquiring an additional 11,715 shares in the last quarter. Chatham Capital Group Inc. raised its stake in shares of Johnson & Johnson by 0.8% during the 3rd quarter. Chatham Capital Group Inc. now owns 58,383 shares of the company’s stock worth $8,067,000 after acquiring an additional 469 shares in the last quarter. Ramsay Stattman Vela & Price Inc. raised its stake in shares of Johnson & Johnson by 1.0% during the 3rd quarter. Ramsay Stattman Vela & Price Inc. now owns 70,313 shares of the company’s stock worth $9,715,000 after acquiring an additional 665 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund raised its stake in shares of Johnson & Johnson by 0.7% during the 3rd quarter. Oregon Public Employees Retirement Fund now owns 640,260 shares of the company’s stock worth $88,465,000 after acquiring an additional 4,458 shares in the last quarter. Hedge funds and other institutional investors own 68.98% of the company’s stock.

JNJ has been the subject of several recent analyst reports. Zacks Investment Research lowered shares of Johnson & Johnson from a “hold” rating to a “sell” rating in a research note on Wednesday, January 16th. Morgan Stanley reduced their price objective on shares of Johnson & Johnson from $153.00 to $130.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 2nd. Credit Suisse Group boosted their price objective on shares of Johnson & Johnson from $149.00 to $152.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 17th. Citigroup boosted their price objective on shares of Johnson & Johnson from $137.00 to $148.00 and gave the stock a “neutral” rating in a research note on Monday, October 22nd. Finally, Wells Fargo & Co reiterated an “outperform” rating and set a $152.00 price objective (down previously from $162.00) on shares of Johnson & Johnson in a research note on Monday, January 14th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the company. Johnson & Johnson currently has an average rating of “Hold” and an average target price of $142.20.

NYSE:JNJ opened at $132.40 on Monday. The firm has a market capitalization of $355.22 billion, a PE ratio of 16.19, a price-to-earnings-growth ratio of 2.11 and a beta of 0.68. Johnson & Johnson has a 1-year low of $118.62 and a 1-year high of $148.99. The company has a current ratio of 1.72, a quick ratio of 1.40 and a debt-to-equity ratio of 0.46.

Johnson & Johnson (NYSE:JNJ) last released its quarterly earnings data on Tuesday, January 22nd. The company reported $1.97 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.95 by $0.02. The firm had revenue of $20.39 billion for the quarter, compared to analyst estimates of $20.27 billion. Johnson & Johnson had a net margin of 18.75% and a return on equity of 35.09%. The business’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.74 earnings per share. Research analysts predict that Johnson & Johnson will post 8.57 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 12th. Investors of record on Tuesday, February 26th will be issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date is Monday, February 25th. Johnson & Johnson’s dividend payout ratio (DPR) is presently 44.01%.

Johnson & Johnson announced that its Board of Directors has approved a share buyback plan on Monday, December 17th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the company to repurchase up to 1.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

In other news, CEO Alex Gorsky sold 264,465 shares of the stock in a transaction dated Friday, November 16th. The shares were sold at an average price of $145.96, for a total value of $38,601,311.40. Following the completion of the sale, the chief executive officer now directly owns 481,254 shares in the company, valued at $70,243,833.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Charles Prince bought 2,000 shares of Johnson & Johnson stock in a transaction dated Friday, December 14th. The stock was acquired at an average price of $134.37 per share, with a total value of $268,740.00. Following the completion of the transaction, the director now directly owns 28,520 shares of the company’s stock, valued at $3,832,232.40. The disclosure for this purchase can be found here. Insiders have sold 465,746 shares of company stock worth $67,951,916 over the last three months. 0.22% of the stock is currently owned by insiders.

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About Johnson & Johnson

Johnson & Johnson, together with its subsidiaries, researches and develops, manufactures, and sells various products in the health care field worldwide. Its Consumer segment offers baby care products under the JOHNSON'S brand; oral care products under the LISTERINE brand; beauty products under the AVEENO, CLEAN & CLEAR, DABAO, JOHNSON'S Adult, LE PETITE MARSEILLAIS, NEUTROGENA, RoC, and OGX brands; over-the-counter medicines, including acetaminophen products under the TYLENOL brand; cold, flu, and allergy products under the SUDAFED brand; allergy products under the BENADRYL and ZYRTEC brands; ibuprofen products under the MOTRIN IB brand; and acid reflux products under the PEPCID brand.

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Institutional Ownership by Quarter for Johnson & Johnson (NYSE:JNJ)

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