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Johnson & Johnson was out with quarterly results before the opening bell yesterday. The numbers were satisfactory, and company guidance for full-year profits was hiked, by 15 cents, to a range of $9.77 to $9.82 a share.
Johnson & Johnson shares currently trade at about 16 times that forecast, which is pretty cheap compared to the rest of the market. They traded up by 2.3% on Tuesday to $163.87. The all-time high was just shy of $180 per share reached back in August 2021.
Please note that for the full year, Johnson & Johnson's Covid-19 vaccine sales are expected to account for less than 3% of total group sales. That was (only) $502 million, but should pick up soon.
The rest of the business is very doing well. Sales of medical devices grew 8% from a year earlier. Revenues in the pharmaceuticals unit grew by 13.8% (about 9% excluding the vaccine) and the consumer health segment grew sales by 5%.
Johnson & Johnson also dishes out regular dividends at a rate of about $1.06 per quarter, giving them a current yield of 2.6%. We like the stock, and are happy holders.
