Johnson & Johnson recently announced its first quarter earnings results, surpassing analysts’ expectations. The company reported adjusted earnings of $2.71 per share, a 12.4% increase year-over-year, exceeding the consensus estimate of $2.64 per share. The pharmaceutical and medical devices company also saw a 2.3% growth in revenue, reaching $21.4 billion, in line with expectations.
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One of the highlights of the quarter was the performance of Johnson & Johnson’s MedTech business, which reported a 4.5% increase in sales to $7.8 billion. This segment, which provides devices for surgeries, continues to show strong growth potential for the company.
Looking ahead, Johnson & Johnson narrowed its guidance for FY24, projecting revenues between $88 billion and $88.4 billion, with adjusted earnings expected to be in the range of $10.57 to $10.72 per diluted share. Additionally, the company’s Board of Directors raised its quarterly dividend by 4.2% to $1.24 per share, signaling confidence in its financial strength.
Overall, analysts remain cautiously optimistic about JNJ stock, with a Moderate Buy consensus rating based on six Buys and Holds each. The average JNJ price target of $179.17 implies an upside potential of 21.4% from current levels, indicating positive sentiment towards the company’s future performance.
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