JNJ Still a Buy Despite Record High Stock Prices

Johnson & Johnson's stock is trading near an all-time high, but analysts say it's still a solid investment for long-term investors. The company's financial results have been strong this year, driven by its pharmaceutical pipeline and diversified business.

The company's pipeline is deep and diversified, with dozens of clinical trials underway that could lead to new approvals or label expansions. One promising candidate is ramantamig, an investigational medicine for multiple myeloma that could hit peak annual sales between $1 billion and $5 billion.

Johnson & Johnson's medtech division also contributes significantly to its financial results, with the recent clearance of the Ottava robotic-assisted surgery system a key growth driver. The company will face competition in this space, but there is still room for multiple winners in the market.

The company's dividend program is another attractive aspect of Johnson & Johnson, with 64 consecutive years of increased payouts and a forward yield of 2%.