5 Best Defensive Stocks to Buy Now

1. Johnson & Johnson (NYSE:JNJ)

Number Of Hedge Fund Holders: 83

As of July 4, Johnson & Johnson (NYSE:JNJ) has gained 4.65% since the beginning of 2022 and has a forward dividend yield of 2.52% along with free-cash-flows of $19.73 billion. The demand for pharmaceutical products is expected to remain robust and the healthcare sector is one of the least volatile and noncyclical sectors to invest in. Johnson & Johnson (NYSE:JNJ), having acquired its industry-leading position, presents an attractive entry point for investors to weather a bear market and also recession-proof their portfolios.

Analysts are bullish on Johnson & Johnson (NYSE:JNJ) and the stock has consensus buy-side ratings. As of May 17, Citi analyst Joanne Wuensch has a $205 price target and a Buy rating on Johnson & Johnson (NYSE:JNJ). Later this May, SVB Leerink analyst David Risinger assumed coverage of Johnson & Johnson (NYSE:JNJ) with an Outperform rating and a $200 price target. Moreover,  on June 22, Johnson & Johnson (NYSE:JNJ) was initiated at Daiwa with an Outperform rating and a $180 price target.

At the close of Q1 2022, 83 hedge funds were long Johnson & Johnson (NYSE:JNJ) with stakes worth $7.40 billion. This is compared to 83 positions a quarter ago with stakes of $7.38 billion. As of March 31, Arrowstreet Capital owns the most shares in the company which carry a price tag of $1.17 billion.

You can also take a look at 10 Defensive Stocks in Billionaire Ray Dalio’s Latest Portfolio and Ken Fisher Loves These 10 Defensive Stocks.

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