5 Best Drug Stocks To Invest In

3. Johnson & Johnson (NYSE:JNJ)

Number of Hedge Fund Holders: 88

Founded in 1886, Johnson & Johnson (NYSE:JNJ) stands as a prominent American multinational corporation renowned for pioneering advancements in medical devices, pharmaceuticals, and consumer packaged goods. The company’s pharmaceutical division has notably sustained a remarkable record of dividend growth for over 62 years. As of November 19, Johnson & Johnson (NYSE:JNJ) offers a quarterly dividend of $1.19 per share, equating to a dividend yield of 3.18%.

On October 17, Johnson & Johnson (NYSE:JNJ) revealed adjusted earnings and revenue that surpassed Wall Street forecasts. Consequently, it raised its full-year guidance due to robust sales in both pharmaceuticals and medical devices. The company reported a net income of $4.31 billion, translating to $1.69 per share. This figure remained consistent with the net income of $4.31 billion, or $1.62 per share, reported for the corresponding period in the previous year.

In the third quarter of 2023, the number of hedge funds tracked by Insider Monkey with holdings in Johnson & Johnson (NYSE:JNJ) declined to 84, down from 88 in the prior quarter. The collective investments by these hedge funds surpass a total value of $4.15 billion. A leading hedge fund investor in Johnson & Johnson (NYSE:JNJ) is Bridgewater Associates, managed by Ray Dalio, with a substantial stake valued at approximately $424.3 million.