5 Cheap Stocks to Buy That Outperformed in 2022

3. Johnson & Johnson (NYSE:JNJ)

Year to Date Return as of December 14: 4.79%

Number of Hedge Fund Holders: 85

Healthcare giant Johnson & Johnson (NYSE:JNJ) has rallied 4.79% in 2022 given its strong business and overall growth potential.

Although Johnson & Johnson (NYSE:JNJ)’s adjusted diluted EPS fell 1.9% year over year to $2.55 in the third quarter, the company’s operational sales rose 8.1% year over year. With less headwinds in a more normalized economic environment, Johnson & Johnson (NYSE:JNJ) will likely be able to earn more given its sales growth.

In terms of analysts, they think there’s potential for more upside for Johnson & Johnson (NYSE:JNJ) as they have an average price target of $184.40 per share. 85 hedge funds in our database owned shares of Johnson & Johnson (NYSE:JNJ) at the end of Q3, ranking the stock #3 on our list of 12 Cheap Stocks to Buy That Outperformed in 2022.