5 Best Blue Chip Dividend Stocks Hedge Funds are Buying

3. Johnson & Johnson (NYSE: JNJ)

Number of Hedge Fund Holders: 81
Dividend Yield: 2.4%

Johnson & Johnson (NYSE: JNJ) is a healthcare company that works on researching and manufacturing products in the medical field, for sale across the world. The company is also among the few with an effective COVID-19 vaccine being mass-distributed and ranks 3rd on our list of the best blue chip dividend stocks hedge funds are buying.

As of this May, Morgan Stanley holds an Overweight rating on shares of Johnson & Johnson (NYSE: JNJ). The firm also holds a price target of about $187, upheld by analyst David Risinger.

In the second quarter of 2021, Johnson & Johnson (NYSE: JNJ) had an EPS of $2.48, beating estimates by $0.20. The company’s revenue was $23.31 billion, up 27.14% year over year and also beating estimates by $802.29 million. Johnson & Johnson (NYSE: JNJ) has also gained 4.14% in the past 6 months and 11% year to date.

By the end of the first quarter of 2021, 81 hedge funds out of the 866 tracked by Insider Monkey held stakes in Johnson & Johnson (NYSE: JNJ) worth roughly $6.91 billion. This is compared to 81 hedge funds in the previous quarter with a total stake value of approximately $5.82 billion.