5 Best Healthcare Dividend Stocks To Buy Now

2. Johnson & Johnson (NYSE:JNJ)

Number of Hedge Fund Holders: 83

Dividend Yield as of October 28: 2.58%

Johnson & Johnson (NYSE:JNJ) is an American multinational healthcare firm, and it has increased its dividend in each of the past 60 years. Johnson & Johnson (NYSE:JNJ) is one of the best healthcare dividend stocks to invest in. The medical devices market is expected to skyrocket to nearly $719 billion by 2029, and Johnson & Johnson (NYSE:JNJ) is one of the biggest market players in the space. 

On October 19, Bernstein analyst Lee Hambright maintained a Market Perform rating on Johnson & Johnson (NYSE:JNJ) but lowered the price target on the shares to $190 from $194. The analyst noted that the company reported resilient Q3 results as sales increased 8.2% organically to $23.8 billion. Both sales and adjusted EPS topped consensus by 2% despite currency pressures and ongoing macroeconomic challenges, added the analyst, who also pointed out that macro pressures eased slightly.

According to Insider Monkey’s second quarter database, 83 hedge funds were bullish on Johnson & Johnson (NYSE:JNJ), with combined stakes worth $6.76 billion. Rajiv Jain’s GQG Partners is the largest stakeholder of the company, with 6.5 million shares valued at $1.17 billion. 

Distillate Capital Partners LLC shared its outlook on Johnson & Johnson (NYSE:JNJ) in its Q2 2022 investor letter. Here’s what the firm said:

“Johnson & Johnson was among the 2 largest trims at around 1% each. Each stock was up 1% in the quarter compared to the 16% price decline for the S&P 500 and the positions were reduced as the valuations became somewhat less appealing, though still attractive enough to warrant inclusion.”