Pinnacle West Asset Management Inc. Reduces Stock Holdings in Johnson & Johnson $JNJ

Pinnacle West Asset Management Inc. trimmed its holdings in shares of Johnson & Johnson (NYSE:JNJ) by 1.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,950 shares of the company’s stock after selling 255 shares during the quarter. Johnson & Johnson accounts for about 1.6% of Pinnacle West Asset Management Inc.’s portfolio, making the stock its 17th largest position. Pinnacle West Asset Management Inc.’s holdings in Johnson & Johnson were worth $2,284,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Apexium Financial LP lifted its position in Johnson & Johnson by 10.7% during the 1st quarter. Apexium Financial LP now owns 23,989 shares of the company’s stock worth $3,978,000 after acquiring an additional 2,310 shares during the period. Avanza Fonder AB lifted its position in Johnson & Johnson by 2.9% during the 2nd quarter. Avanza Fonder AB now owns 234,647 shares of the company’s stock worth $35,842,000 after acquiring an additional 6,566 shares during the period. Joel Isaacson & Co. LLC lifted its position in Johnson & Johnson by 3.5% during the 1st quarter. Joel Isaacson & Co. LLC now owns 74,132 shares of the company’s stock worth $12,294,000 after acquiring an additional 2,526 shares during the period. Tokio Marine Asset Management Co. Ltd. lifted its position in Johnson & Johnson by 7.0% during the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 73,350 shares of the company’s stock worth $12,164,000 after acquiring an additional 4,816 shares during the period. Finally, Absher Wealth Management LLC lifted its position in Johnson & Johnson by 1.2% during the 1st quarter. Absher Wealth Management LLC now owns 215,584 shares of the company’s stock worth $35,752,000 after acquiring an additional 2,469 shares during the period. Institutional investors and hedge funds own 69.55% of the company’s stock.

Insider Buying and Selling

In other Johnson & Johnson news, EVP Jennifer L. Taubert sold 56,471 shares of the business’s stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $177.81, for a total transaction of $10,041,108.51. Following the completion of the sale, the executive vice president directly owned 178,013 shares in the company, valued at approximately $31,652,491.53. The trade was a 24.08% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.16% of the company’s stock.

Johnson & Johnson Stock Performance

NYSE JNJ opened at $190.66 on Monday. The stock has a market capitalization of $459.16 billion, a price-to-earnings ratio of 20.39, a PEG ratio of 2.40 and a beta of 0.40. Johnson & Johnson has a twelve month low of $140.68 and a twelve month high of $192.10. The company has a current ratio of 1.01, a quick ratio of 0.76 and a debt-to-equity ratio of 0.50. The stock has a 50-day moving average of $178.48 and a 200 day moving average of $163.78.

Johnson & Johnson (NYSE:JNJ) last released its quarterly earnings results on Wednesday, August 30th. The company reported $2.26 earnings per share for the quarter. The company had revenue of $24.02 billion during the quarter. Johnson & Johnson had a return on equity of 32.49% and a net margin of 25.00%. Sell-side analysts anticipate that Johnson & Johnson will post 10.58 EPS for the current fiscal year.

Johnson & Johnson Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 9th. Shareholders of record on Tuesday, August 26th were paid a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 2.7%. The ex-dividend date was Tuesday, August 26th. Johnson & Johnson’s payout ratio is 55.61%.

Analysts Set New Price Targets

A number of brokerages have commented on JNJ. HSBC lifted their price target on Johnson & Johnson from $188.00 to $210.00 in a research report on Tuesday, September 30th. Wall Street Zen upgraded Johnson & Johnson from a “hold” rating to a “buy” rating in a research report on Saturday, September 13th. Morgan Stanley lifted their price target on Johnson & Johnson from $176.00 to $178.00 and gave the company an “equal weight” rating in a research report on Friday. UBS Group set a $198.00 price target on Johnson & Johnson in a research report on Friday, October 3rd. Finally, JPMorgan Chase & Co. lifted their price target on Johnson & Johnson from $185.00 to $200.00 and gave the company a “neutral” rating in a research report on Tuesday, September 16th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $192.94.

Johnson & Johnson Company Profile

Johnson & Johnson is a holding company, which engages in the research, development, manufacture, and sale of products in the healthcare field. It operates through the Innovative Medicine and MedTech segments. The Innovative Medicine segment focuses on immunology, infectious diseases, neuroscience, oncology, cardiovascular and metabolism, and pulmonary hypertension.