Empire Life Cuts Stake in JNJ Amid Strong Second Quarter

Empire Life Investments Inc., a financial institution, reduced its stake in Johnson & Johnson (NYSE: JNJ) by selling 7,004 shares during the second quarter. This sale represents a 4.6% decrease in Empire Life's holding of Johnson & Johnson.

The company now owns 144,822 shares of Johnson & Johnson's stock, which accounts for 2.1% of its investment portfolio and ranks as its 12th biggest position. The total value of these holdings is approximately $36,780,000 based on the most recent SEC filing.

Johnson & Johnson reported a strong second quarter with revenue rising 6.6% to $25.31 billion, exceeding analysts' estimates. The company's adjusted earnings per share (EPS) also beat expectations at $2.90 compared to the consensus estimate of $2.84. Management raised its guidance for fiscal year 2026, forecasting EPS between $11.60 and $11.75.

Johnson & Johnson is a prominent pharmaceutical company with a diverse portfolio that includes medical technology, consumer products, and pharmaceuticals. The stock has been trending upward recently, reaching an all-time high of $276.47 in the past year and boasting a market capitalization of over $658 billion.