5 Best Psychedelic Stocks to Buy

1. Johnson & Johnson (NYSE:JNJ)

Number of Hedge Fund Holders: 88

Established in 1886, Johnson & Johnson (NYSE:JNJ) is a prominent American multinational corporation known for its groundbreaking contributions to medical devices, pharmaceuticals, and consumer packaged goods. The company’s pharmaceutical division has consistently demonstrated impressive dividend growth for over 62 years. As of November 19, Johnson & Johnson (NYSE:JNJ) offers a quarterly dividend of $1.19 per share, reflecting a dividend yield of 3.18%.

On October 17, Johnson & Johnson (NYSE:JNJ) reported adjusted earnings and revenue that exceeded Wall Street expectations, prompting an upward revision of its full-year guidance. The robust sales performance in both pharmaceuticals and medical devices contributed to the positive results. The company posted a net income of $4.31 billion, equivalent to $1.69 per share, maintaining consistency with the previous year’s net income of $4.31 billion, or $1.62 per share, for the same period.

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

You can also take a peek at 12 Countries That Produce The Best Cosmetics and Top 15 3D Companies in the World.