5 Best S&P 500 Stocks To Buy According to Ray Dalio’s Bridgewater Associates

2. Johnson & Johnson (NYSE:JNJ)

Percentage of Bridgewater Associates’ portfolio as of Q2 2023: 3.25%

Number of Hedge Fund Holders: 88

Johnson & Johnson (NYSE:JNJ) is a New Jersey-based manufacturer and seller of pharmaceuticals, medical devices, and consumer products.

In Q2, hedge fund sentiment was positive toward Johnson & Johnson (NYSE:JNJ)’s stock as the number of hedge fund investors in the company increased to 88 from 86 in Q1. Dalio’s Bridgewater Associates was the largest stakeholder in the company with 3.18 million shares worth $526.59 million.

On October 31, it was announced that Johnson & Johnson (NYSE:JNJ) will receive a payment of nearly $1 billion from GSK plc (NYSE:GSK) for exclusive rights for the development and commercialization of the hepatitis B therapy by Johnson & Johnson (NYSE:JNJ).

Johnson & Johnson (NYSE:JNJ) was mentioned in ClearBridge Investments’ third quarter 2023 investor letter. Here is what it said:

“The health care space provided some opportunities in the quarter, as we increased our exposure to medical device company Becton, Dickinson as well as large cap pharmaceutical company Johnson & Johnson (NYSE:JNJ). Johnson & Johnson recently spun out its consumer health care business, becoming a more focused yet broadly diversified pharmaceutical and medtech company.”