In the third quarter, Banyan Capital Management acquired 3,853 shares of Johnson & Johnson, representing roughly $714,000 or 0.3% of its portfolio and marking the stock as its 22nd largest holding. Other major moves include Norges Bank’s new stake valued at nearly $4.88 billion, Laurel Wealth Advisors’ 15,040.6% increase to 7.42 million shares ($1.13 billion), and Vanguard Group’s 1.3% lift to 237.05 million shares ($36.21 billion). Geode Capital added 1.23 million shares (2.1%) and Legal & General Group increased by 1.10 million shares (6.2%), bringing institutional ownership to 69.55%.

For the quarter ended January 21, the company reported earnings per share of $2.46, exactly matching consensus, on revenue of $24.56 billion, 9.1% above year-ago levels and beating estimates by $420 million. Net margin stood at 28.46% with return on equity at 33.34%. Management set full-year 2026 EPS guidance between $11.43 and $11.63, compared with sell-side forecasts of $10.58.

The European CHMP issued a positive opinion on AKEEGA (niraparib + abiraterone) for BRCA1/2-mutant metastatic hormone-sensitive prostate cancer, potentially unlocking a new oncology revenue stream. A U.S. judge also dismissed a fraud lawsuit challenging the company’s talc bankruptcy strategy, reducing a near-term liability overhang, though broader talc litigation persists and remains a noted legal risk.

Since the quarter close, Daiwa Capital Markets, Morgan Stanley and Scotiabank have all reiterated Outperform or Buy ratings, raising price targets to $237, $250 and $265 respectively. Citigroup lifted its target to $250 while the consensus from 26 analysts stands at $233.05. The board declared a quarterly dividend of $1.30 (2.3% yield), payable March 10 to holders of record February 24, reflecting a 47.1% payout ratio.