Lockheed Martin Investment Management Co. has significantly increased its investment in Johnson & Johnson (NYSE: JNJ) by a remarkable 247.3% during the second quarter of 2023. This expansion was revealed in the firm’s latest filing with the Securities and Exchange Commission (SEC). Following the acquisition of an additional 152,100 shares, Lockheed Martin now holds a total of 213,600 shares in Johnson & Johnson, representing approximately 1.2% of its overall portfolio and making it the company’s 19th largest investment.
As of the end of the reporting period, the value of Lockheed Martin’s holdings in Johnson & Johnson amounted to $32.6 million. This move reflects a broader trend among institutional investors, as several other funds have also adjusted their positions in the healthcare giant.
In the first quarter, Nuveen LLC established a substantial new position in Johnson & Johnson valued at approximately $1.37 billion. Meanwhile, Bank of New York Mellon Corp increased its stake by 26.4%, now owning over 23.1 million shares worth around $3.84 billion. Another notable increase came from Pacer Advisors Inc., which grew its holdings by an astonishing 1,382% during the same period. The firm now possesses approximately 3 million shares valued at $502.5 million.
Additionally, Assenagon Asset Management S.A. expanded its position by 159.6% in the second quarter, holding 4.16 million shares valued at about $635.3 million. Another recent addition to shareholders was Kingstone Capital Partners Texas LLC, which invested $401.4 million in Johnson & Johnson in the second quarter, bringing the total institutional ownership to 69.55%.
Insider Trading Activity and Market Performance
In related news, Johnson & Johnson’s Executive Vice President, Jennifer L. Taubert, sold 56,471 shares of the company on September 4, 2023. The shares were sold at an average price of $177.81, totaling approximately $10.04 million. After this transaction, Taubert retained 178,013 shares valued at about $31.65 million, marking a 24.08% reduction in her position. This sale was disclosed in an SEC filing.
As for the market performance, Johnson & Johnson shares opened at $189.05 on the most recent trading day. The company’s market capitalization stands at $455.5 billion, with a price-to-earnings ratio of 18.25 and a beta of 0.40. Over the past year, the stock has fluctuated between a low of $140.68 and a high of $194.48. The 50-day moving average is currently $183.08, while the 200-day moving average is $167.32.
Johnson & Johnson reported its quarterly earnings on August 30, 2023, revealing earnings per share (EPS) of $2.26 and quarterly revenues of $24.02 billion. The company displayed a net margin of 27.26% and a return on equity of 32.73%. Analysts predict that Johnson & Johnson will achieve an EPS of $10.58 for the current fiscal year.
Upcoming Dividend and Company Overview
In a recent announcement, Johnson & Johnson declared a quarterly dividend of $1.30 per share, set to be distributed on December 9, 2023. Shareholders of record as of November 25, 2023, will be eligible for this payment. This dividend represents an annualized payout of $5.20 and yields approximately 2.8%. The company’s current dividend payout ratio is 50.19%.
Johnson & Johnson operates as a holding company engaged in the research, development, manufacture, and sale of healthcare products. It functions through two main segments: Innovative Medicine and MedTech. The Innovative Medicine segment focuses on various therapeutic areas, including immunology, infectious diseases, neuroscience, oncology, cardiovascular and metabolism, and pulmonary hypertension.
The strategic moves made by Lockheed Martin Investment Management and other institutional investors signify a strong confidence in Johnson & Johnson’s long-term potential in the healthcare sector.
