5 Safest Stocks To Invest In

4. Johnson & Johnson (NYSE:JNJ)

Number of Hedge Fund Holders: 84

Beta Value: 0.56

Established in 1886, Johnson & Johnson (NYSE:JNJ) is a prominent American multinational corporation recognized for its groundbreaking advancements in medical devices, pharmaceuticals, and consumer packaged goods. Notably, the company’s pharmaceutical division has maintained a remarkable track record of dividend growth for over 62 years. As of October 24, Johnson & Johnson (NYSE:JNJ) offers a quarterly dividend of $1.19 per share, resulting in a dividend yield of 3.14%.

On October 17, Johnson & Johnson (NYSE: JNJ) announced adjusted earnings and revenue that exceeded the forecasts of Wall Street, subsequently increasing its full-year guidance due to robust sales in both its pharmaceutical and medical devices divisions. The pharmaceutical company also disclosed net income of $4.31 billion, equivalent to $1.69 per share. This figure remained consistent with the net income of $4.31 billion, or $1.62 per share, reported for the corresponding period in the previous year.

In the third quarter of 2023, the number of hedge funds tracked by Insider Monkey with holdings in Johnson & Johnson (NYSE:JNJ) declined to 84, down from 88 in the prior quarter. The collective investments by these hedge funds surpass a total value of $4.15 billion. A leading hedge fund investor in Johnson & Johnson (NYSE:JNJ) is Bridgewater Associates, managed by Ray Dalio, with a substantial stake valued at approximately $424.3 million.