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02.02.2023 12:20:00

Is Johnson & Johnson Stock Worth Buying on the Dip?

The news hasn't been great lately for healthcare giant Johnson & Johnson (NYSE: JNJ). On Jan. 24, the company reported fourth-quarter revenue of $23.7 billion, down 4.4% year over year, and earnings per share (EPS) of $1.33, down 24.9% over the previous year's quarter. While full-year revenue was up 1.3% to $94.9 billion, 2022 EPS was reported as $6.73, down 3.6% compared to 2021.Then, on Jan. 30, the Third Circuit Court of Appeals rejected the company's use of Chapter 11 bankruptcy in a shell company known as LTL Management, to avoid lawsuits over whether its talc products caused cancer. The reason cited was that LTL Management was not a debtor in financial distress because it had the backing of Johnson & Johnson. The move revives roughly 40,000 talc lawsuits that could be brought against Johnson & Johnson. One analyst told The Wall Street Journal that the court's decision could mean an additional $10 billion in talc settlement costs for Johnson & Johnson.The back-to-back bad news contributed heavily to the company's share prices falling more than 7% so far this year. Is this an opportunity to buy J&J share low, or is it a reason to bolt?Continue reading
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