Top 5 Stocks Billionaire Ray Dalio Just Bought

4. Johnson & Johnson (NYSE:JNJ)

665,402 shares of Johnson & Johnson (NYSE:JNJ) were purchased by Bridgewater Associates during Q3, giving the firm a JNJ position valued at $99.07 million on September 30. One of the most profitable companies in the world and a longtime holding of Warren Buffett, JNJ ranked as one of the 30 Most Popular Stocks Among Hedge Funds at the end of June.

Despite its profitability, JNJ does have some headwinds facing it, including ongoing lawsuits, biosimilar competition and a Covid-induced decline in the sales of its medical devices, which were down by 32.7% year-over-year in Q2, which improved to a 3.9% decline in Q3. Some of that explains why the stock has underperformed this year, posting 2.69% gains. On the positive side, JNJ has a robust development pipeline that has borne significant fruit over the past few years and should continue to do so in the future.