5 Best Drug Stocks To Buy Now

1. Johnson & Johnson (NYSE:JNJ)

Number of Hedge Fund Holders: 83

Johnson & Johnson (NYSE:JNJ) is an American multinational healthcare corporation that operates via Pharmaceutical, Consumer Health, and MedTech segments. Johnson & Johnson (NYSE:JNJ) is also a rich dividend stock. 2022 marks the 60th consecutive year of dividend hikes by the company, which merits its inclusion in the S&P 500 dividend kings list. 

On May 23, SVB Leerink analyst David Risinger initiated coverage of Johnson & Johnson (NYSE:JNJ) with an Outperform rating and a $200 price target. The analyst believes that Johnson & Johnson (NYSE:JNJ) should outperform given its capacity to deliver consistent earnings growth and carry out value-adding mergers and acquisitions activity. Apart from its Consumer division, which Johnson & Johnson (NYSE:JNJ) will exit in 2023, the analyst expects 5-year CAGR revenue growth in low-single digits and earnings growth in the mid-single digits. 

According to Insider Monkey’s data, 83 hedge funds were bullish on Johnson & Johnson (NYSE:JNJ) at the end of March 2022, with combined stakes amounting to $7.40 billion. Arrowstreet Capital held the leading position in the company, comprising 6.65 million shares worth $1.17 billion. 

You can also take a look at 10 Growth ETFs to Buy Now and 10 Oil Tanker Stocks That Pay Dividends. 

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