14 Best 52-Week High Stocks to Buy According to Short Sellers

6. Johnson & Johnson (NYSE:JNJ)

52 Week Range: $143.13 – $165.78

Current Share Price: $164.23

Short interest rate: 0.82%

Number of Hedge Fund Holders: 80

Johnson & Johnson (NYSE:JNJ) is a healthcare company that researches, develops, manufactures, and sells various products worldwide. Its Innovative Medicine segment offers products for various therapeutic areas, such as immunology, including rheumatoid arthritis, psoriatic arthritis, and inflammatory bowel disease.

Johnson & Johnson (NYSE:JNJ) is one of the best 52-week high stocks to buy, according to short sellers, owing to its extensive and diversified portfolio of drugs and medical equipment. It also boasts a global presence and an extensive history in maneuvering the medical sector, providing considerable benefits.

Johnson & Johnson (NYSE:JNJ) boasts over 10 top-selling drugs within its drug division. The company can manage interruptions in one of its divisions without facing major financial setbacks. In the second quarter, sales of pharmaceuticals and medical devices rose 4% to $22.45 billion, beating estimates of $22.38 and affirming underlying growth.

Adjusted net income, on the other hand, totaled $6.84 billion or $2.82 a share, beating consensus estimates of $6.59 billion or $2.71 a share. The better-than-expected second-quarter results were driven by strong sales of drugs, including cancer treatment Darzalex and blockbuster psoriasis drug Stelara.

Owing to strong demand for the company’s drugs and equipment, Johnson & Johnson (NYSE:JNJ) has raised its full-year guidance and now expects sales to range between $89.2 billion and $89.6 billion, compared to $88.7 billion and $89.1 billion.

Johnson & Johnson (NYSE:JNJ) is a standout dividend stock. The company has consistently raised its dividends for an impressive 62 years, and its projected yield is currently over 3%. Johnson & Johnson is an excellent choice for a blue-chip dividend stock to purchase this month.

As of the end of June 2024, 80 hedge funds tracked by Insider Monkey were bullish on Johnson & Johnson (NYSE:JNJ), holding stakes totaling nearly $4.7 billion.