5 Best Reopening Stocks to Buy Now

3. Johnson & Johnson (NYSE: JNJ)

Number of Hedge Funds: 88

Johnson & Johnson (NYSE: JNJ) is an American multinational company that specializes in medical devices, consumer goods, and pharmaceuticals.

According to Kenny Polcari, founder of Kace Capital Advisors, Johnson & Johnson (NYSE: JNJ) would do well as the economies around the world open up, mainly because of its medical sector. He further said that the company’s development of the Covid-19 vaccines signals towards a potential upside. This seems viable as Johnson & Johnson (NYSE: JNJ) generated $164 million in vaccine revenue in Q2 2021. The company also expects to generate $2.5 billion through vaccines in FY21. In June, Credit Suisse lifted its price target on Johnson & Johnson (NYSE: JNJ) to $193, with a ‘Buy’ rating on the shares.

As of Q2 2021, 88 hedge funds tracked by Insider Monkey have positions in Johnson & Johnson (NYSE: JNJ), up from 81 in the previous quarter. The total worth of these stakes is over $7 billion.