12 Best Blue Chip Stocks To Invest In According to Short Sellers

7. Johnson & Johnson (NYSE:JNJ)

Number of Hedge Fund Holders: 80

Short % of Shares Outstanding: 0.82%

Johnson & Johnson (NYSE:JNJ) is a leading pharmaceutical company that ranks seventh on our list of the best blue chip stocks. Johnson & Johnson’s (NYSE:JNJ) is the producer of some top-selling drugs which include Stelaera, Darzalex, Imbruvica, Tremfya, Erleada, Uptravi, Invega, Symtuza, and Opsumit.

In the second quarter of 2024, the company reported sales of $22.4 billion, up by 4.3%. Johnson & Johnson (NYSE:JNJ) not only saw success with regulatory approvals for some medications but it also grew sales of its oncology segment by 16%, reaching $5.09 billion.

Johnson & Johnson (NYSE:JNJ) is one of the best blue chip stocks to buy because of its growth trajectory over the years across all its departments. The company is expected to deliver over 20 novel therapies and has over 50 product expansions in-store by 2030.

In addition to that, its segments are expected to grow at a compound annual growth rate of 5% to 7%, explaining why analysts are bullish on the company. Their 12-month median price target of $170 points to a 3% upside from current levels. Overall, JNJ was held by 80 hedge funds at the close of Q2 2024 and Fisher Asset Management was the largest shareholder with a position worth $1.02 billion.