5 Best COVID Stocks To Buy Now

4. Johnson & Johnson (NYSE:JNJ)

Number of Hedge Fund Holders: 88

Johnson & Johnson (NYSE:JNJ), an American healthcare company, saw its sales boost during the pandemic, fueled by its Covid-19 vaccine. In Q2, the company presented a positive hedge fund sentiment, as 88 hedge funds in the Insider Monkey’s database have positions in Johnson & Johnson (NYSE:JNJ), up from 81 in the previous quarter. The total worth of these stakes is over $7.05 billion. The company’s health care products and single-shot Covid-19 vaccines will hold it in good stead in the post-pandemic world.

In Q3 2021, Johnson & Johnson (NYSE:JNJ) reported revenue of $23.3 billion, up 11% from the same period last year. Vaccine revenue accounted for $503 million of the gross revenue. On October 21, Johnson & Johnson (NYSE:JNJ) declared a quarterly dividend of $1.06 per share, yielding 2.6%.

Recently, Baird lifted its price target on Johnson & Johnson (NYSE:JNJ) to $370, with an Outperform rating on the shares. The stock gained 12.48% in the past year.

Distillate Capital mentioned Johnson & Johnson (NYSE:JNJ) in its Q2 2021 investor letter. Here is what the firm has to say:

“The largest additions in the rebalance, Johnson & Johnson was around 50 and 40 basis points incrementally. J&J underperformed in the quarter while its normalized free cash flows held steady and so its position size was topped off to match the stable cash flows.”