5 Healthcare Dividend Stocks Hedge Funds are Buying

3. Johnson & Johnson (NYSE: JNJ)

Number of Hedge Fund Holders: 81
Dividend Yield: 2.4%

Johnson & Johnson (NYSE: JNJ), a medical device company and COVID-19 vaccine developer and distributor, ranks 3rd on our list of healthcare dividend stocks that hedge funds are buying. The company is based in New Jersey and focuses on the development of medical devices, pharmaceuticals, and consumer packaged goods.

An Overweight rating was placed on shares of Johnson & Johnson (NYSE: JNJ) by Cantor Fitzgerald this July, alongside a $200 price target.

In the second quarter of 2021, Johnson & Johnson (NYSE: JNJ) had an EPS of $2.48, beating estimates by $0.20. The company’s revenue was $23.31 billion, up 27.14% year over year and beating estimates by $802.29 million. Johnson & Johnson (NYSE: JNJ) has gained 7.35% in the past 6 months and 13.64% year to date.

By the end of the first quarter of 2021, 81 hedge funds out of the 866 tracked by Insider Monkey held stakes in Johnson & Johnson (NYSE: JNJ) worth roughly $7 billion. This is compared to 81 hedge funds in the previous quarter with a total stake value of approximately $6 billion.