J&J Posts Solid 3Q, Lifted by Robust Drug Sales, but Shares Look Slightly Overvalued
Johnson & Johnson reported third-quarter results that exceeded both our and consensus expectations, but we don’t expect any major changes to our fair value estimate and shares continue to look slightly overvalued. Despite strong gains in the drug group, both the consumer and device divisions only gained 1% operationally. The weakness in consumer and devices suggests some weakening of the company’s moat, especially in branding power for the baby and oral care lines. Nevertheless, the majority...Johnson & Johnson is a holding company engaged in the research and development, manufacture and sale of a range of products in the health care field. The company has three business segments: Consumer, which includes a range of products focused on personal healthcare used in the beauty, over-the-counter pharmaceutical, baby care, oral care, women's health and wound care markets; Pharmaceutical, which is focused on six therapeutic areas: immunology, infectious diseases, neuroscience, oncology, cardiovascular and metabolism and pulmonary hypertension; and Medical Devices, which includes products used in the orthopaedic, surgery, interventional solutions, and eye health fields.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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