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Johnson & Johnson (NYSE: JNJ) experienced a notable drop in its stock value following a legal setback involving its talc products. The company faced a significant legal hurdle when a U.S. bankruptcy judge dismissed its $10 billion settlement proposal. This settlement was intended to resolve numerous lawsuits alleging that J&J’s talc products are linked to ovarian cancer.
Legal Setback for Johnson & Johnson as Judge Dismisses Settlement Proposal
This marks the third unsuccessful attempt by the company to navigate these claims through bankruptcy court. As a result, J&J plans to address these claims within the tort system, choosing not to appeal the recent ruling. The impact of this decision was immediately reflected in the stock market, with J&J shares declining by over 3%, trading at $160.08 in premarket.
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JNJ Stock Brief
Over the past 52 weeks, J&J’s stock has ranged from a low of $140.68 to a high of $169.99. Despite the current challenges, the market analysts maintain a “Buy” recommendation for J&J, with a target mean price of $169.065, suggesting confidence in the company’s long-term prospects.
Key financial metrics such as a dividend yield of 2.99% and a trailing P/E ratio of 28.64 further underscore the company’s robust market position.
Disclaimer: The author does not hold or have a position in any securities discussed in the article. All stock prices were quoted at the time of writing.
About the author
Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate on the investment team at RW Baird’s US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
