Munich Reinsurance Co Boosts Stake in JNJ by 277%
Munich Reinsurance Co Stock Corp in Munich significantly boosted its stake in Johnson & Johnson (JNJ) by 277.1% during the second quarter, according to its latest SEC filing. The institutional investor now owns 66,880 shares of JNJ's stock, valued at $16,986,000.
This increase is part of a broader trend of hedge funds and other institutional investors buying into Johnson & Johnson. As of now, 69.55% of the company's stock is owned by these groups.
The strong earnings and revenue growth reported by JNJ in its recent quarterly results have likely contributed to this increased investor interest. The company's second-quarter revenue rose 6.6% to $25.31 billion, exceeding estimates, while adjusted EPS of $2.90 topped the consensus estimate of $2.84.
JNJ has also been expanding its presence in medical technology, with recent FDA clearance for MONARCH QUEST 3, an AI-powered software upgrade adding 3D imaging, planning, and navigation capabilities to its robotic bronchoscopy platform.