EverSource Sells Stake in Johnson & Johnson Amid Strong Earnings
Johnson & Johnson's (NYSE:JNJ) stock price has been on an upward trend, and one of its institutional investors, EverSource Wealth Advisors LLC, continues to hold a significant stake in the company. According to its most recent SEC filing, EverSource reduced its stake in JNJ by 27.7% in the second quarter, selling 6,245 shares during this period.
The institutional investor now owns 16,278 shares of Johnson & Johnson's stock, valued at $4.13 million as of its latest filing with the SEC. This move comes after other investors have also modified their holdings in JNJ, with some buying new positions or increasing their existing stakes.
Analysts continue to favor JNJ as a defensive growth and income stock due to its immunology and neuroscience medicines, which can help offset Stelara's loss of exclusivity. The company has a 64-year record of dividend increases and recently announced a quarterly dividend of $1.34 per share.
The positive sentiment around JNJ is also driven by the company's strong earnings and higher guidance. In its second-quarter earnings report, Johnson & Johnson reported a revenue increase of 6.6% to $25.31 billion, exceeding estimates, while adjusted EPS of $2.90 topped the consensus estimate.