Johnson & Johnson (NYSE: JNJ) is a company that has lost much of a formerly great reputation. Warren Buffett even admitted that today. In an on and off 3-hour interview earlier this Monday on CNBC, Buffett discussed the J&J position of 29 million shares. This is way down from the peak position of about 62 million shares before Team Buffett at Berkshire Hathaway Inc. (NYSE: BRK.A) started unloading the stock here and there.
Buffett’s main point was that J&J has messed up in quite a few ways in recent years and that it does not have the reputation that it once did. Buffett did hint that he would use J&J as a source of funds if he ever needed the capital, but he does not need the funds now and is nowhere close to that.
The move is having no impact today. J&J is down $0.01 ar $64.45 on 2.7 million shares and the 52-week trading range is $57.50 to $68.05.
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