In this article, we will discuss five stocks that are declining on Wednesday. If you want to take a look at some more stocks that are declining today and the latest market situation, go directly to Why These 10 Stocks Are Getting Crushed on Wednesday.
5. Johnson & Johnson (NYSE:JNJ) has fallen 1.9% as of 11:30 AM ET after the New Jersey-based healthcare giant was downgraded from an Outperform to a Market Perform rating by Lee Hambright at Bernstein. The analyst has given the stock a target price of $183 and sees “an uphill battle” of several years for Janssen, the pharma division of the business. The division is likely to face substantial loss as it will lose exclusivity for many therapeutics in its portfolio. One such instance is Stelara, which contributes 21% to the top line of the Janssen division and will lose its patent related to composition next year. Overall, the number of hedge funds having a stake in Johnson & Johnson (NYSE:JNJ) declined from 88 in Q3 2021 to 83 in Q4 2021.
4. Ryan Specialty Group Holdings, Inc. (NYSE:RYAN) has slipped more than 6.5% as of 11:40 AM ET after Wells Fargo lowered the price target on Ryan Specialty Group Holdings, Inc. (NYSE:RYAN) from $41 to $38 while maintaining an Equal Weight rating. Ryan Specialty Group Holdings, Inc. (NYSE:RYAN) reported Q4 results, which were just in line with the consensus estimates. For FY22, the company expects revenue to grow by 13% to 15%, as opposed to total revenue growth of 41% during FY21. The Chicago, Illinois-based company has cited a higher revenue base as the reason for the significant drop in growth. Of the 924 hedge funds in Insider Monkey’s database, 16 hedge funds held a position in the company at the end of Q4 2021, with a joint stake value of $325.3 million.
3. The Progressive Corporation (NYSE:PGR) has declined 2.2% as of 11:55 AM ET. The largest commercial auto insurer in the US revealed that net premiums written increased by 20% YoY to $4.63 billion and increased slightly from $4.59 billion in January 2022. Meanwhile, net premiums earned increased by just 13% YoY to $3.6 billion and dropped significantly from $4.47 billion in January. Overall, 52 hedge funds held a stake in The Progressive Corporation (NYSE:PGR) at the end of Q4 2021, up from 47 in the preceding quarter.
2. Occidental Petroleum Corporation (NYSE:OXY) is down over 1.2% as of 12:10 ET after the Houston, Texas-based oil and gas exploration and production (E&P) company made a regulatory filing after the closing bell yesterday, revealing that director Avedick Baruyr Poladian offloaded 20,000 shares for $57.23 per share. The stock price of Occidental Petroleum Corporation (NYSE:OXY) is also under pressure due to a decline in crude oil prices following a report by the EIA reflecting a higher than expected build-up in crude oil inventory. As of Q4 2021, Occidental Petroleum Corporation (NYSE:OXY) was held by 58 hedge funds.
1. Yamana Gold Inc. (NYSE:AUY) has slipped more than 1.7% as of 12:20 AM ET as gold prices have declined to a two-week low today on the back of further negotiations between Russia and Ukraine. Furthermore, the increase in bond yields is signaling an interest rate hike in the US. Both these developments dampen the price outlook and attractiveness of gold as a safe-haven asset. As of 12:21 AM ET, the spot gold price is down 0.4% at $1,908.51 per ounce. Meanwhile, gold futures are down over 1% at $1,910.10. Out of the 924 hedge funds in Insider Monkey’s database, 18 funds held a stake in Yamana Gold Inc. (NYSE:AUY) at the of Q4 2021, up from 15 in the third quarter.
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