Dow 30 Stocks List: 15 Stocks Ranked By 2022 Hedge Fund Bullishness Index

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09. Johnson & Johnson (NYSE:JNJ)

Number of Hedge Fund Holders as of Q3, 2022: 85

Johnson & Johnson (NYSE:JNJ) researches and develops, manufactures, and sells various products in the healthcare field. On December 12, Citi analyst Joanne Wuensch kept a Buy rating on Johnson & Johnson (NYSE:JNJ) stock and raised the price target to $205 from $198, noting that in 2023 many headwinds remain for the North America medical supplies and technology group, but these should ease in the second half of next year.

Of the 920 hedge funds in our database, 85 owned shares of Johnson & Johnson (NYSE:JNJ) at the end of Q3. Camas, Washington-based firm Fisher Asset Management is a leading shareholder in Johnson & Johnson (NYSE:JNJ) with 5.9 million shares worth more than $967.3 million.

In its Q2 2022 investor letter, Mayar Capital, an asset management firm, highlighted a few stocks and Johnson & Johnson (NYSE:JNJ) was one of them. Here is what the fund said:

“Johnson & Johnson (NYSE:JNJ) is currently our largest position and a long-standing holding. The majority of the group’s sales come from its collection of pharmaceutical franchises, but a large majority (~45%) comes from its collection of medical device businesses and its consumer brands.

Here’s how JNJ make and spends a dollar of revenues: As of 2021, about 55 cents of that dollar comes from its pharmaceutical sales – sales of drugs to pharmacies and distributors – while 30 cents come from the sale of medical devices, such as surgery equipment and orthopaedics. The rest of that dollar in sales comes from sales of JNJ’s consumer brands such as Listerine mouthwash, Nicorette nicotine tablets and Neutrogena cosmetics (…read more)

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