Dow 20 Stocks List: Ranked By Hedge Fund Bullishness Index

12. Johnson & Johnson (NYSE:JNJ)

Number of Hedge Fund Holders: 91

Johnson & Johnson (NYSE:JNJ)  is one of the best Dow stocks. Recently, a federal judge ruled that a Johnson & Johnson subsidiary must pay $442 million in damages after a jury concluded last month that the company had broken antitrust laws by withholding support from hospitals that used reprocessed catheters.

U.S. District Judge James Selna ordered the company to pay three times the $147 million in damages awarded by the jury, as permitted under antitrust regulations. This sum does not include legal fees or other related costs.

Daniel Vukelich, CEO of the Association of Medical Device Reprocessors, described the decision as “a seismic result.” In response, a Johnson & Johnson (NYSE:JNJ) spokesperson said the company intends to appeal the verdict but will comply with the court’s decision and any required relief for now. The spokesperson added, “We strongly disagree with the jury’s verdict and believe it will not withstand appellate review.”

Innovative Health sued Johnson & Johnson (NYSE:JNJ)’s Biosense Webster in 2019, claiming the company used its market power to block hospitals from using reprocessed heart-mapping catheters by tying support for its Carto 3 system to purchases of its own products.

A jury found Johnson & Johnson (NYSE:JNJ)violated antitrust laws by withholding support for the reprocessed devices. AMDR’s CEO said the ruling signals that anti-competitive tactics against reprocessing won’t be tolerated. The case was heard in the U.S. District Court for the Central District of California.