J&J Losing Warren Buffett Support (JNJ, BRK.A)
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…
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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Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.