5 Favorite Defensive Stocks of Hedge Funds

3. Johnson & Johnson (NYSE:JNJ)

Number Of Hedge Fund Holders: 83

One of the largest healthcare companies in the world, Johnson & Johnson (NYSE:JNJ) is a New Jersey-based corporation that develops medical devices, pharmaceuticals, and consumer packaged goods. Its top products include Tylenol, Stelara, and Invega, among other medical devices.

Another dividend king stock on this list, Johnson & Johnson (NYSE:JNJ) has increased its dividend yield for 59 years in a row, and offers a 2.60% yield as of June 9.

Earlier this May, SVB Leerink analyst David Risinger assumed coverage of Johnson & Johnson (NYSE:JNJ) with an Outperform rating and $200 price target. According to the analyst, the healthcare giant should outperform due to its ability to deliver consistent earnings growth and execute value-enhancing M&A.

As of Q1 2022, 83 hedge funds in the database of Insider Monkey held stakes worth $7.4 billion in Johnson & Johnson (NYSE:JNJ). Of these, Arrowstreet Capital reported holding 6.65 million shares worth $1.17 billion in Johnson & Johnson (NYSE: JNJ).