Shares of Johnson & Johnson (JNJ, Financial) moved 0.53% higher to $135.39 in premarket trading on Tuesday after beating expectations by 14 cents on non-GAAP earnings of $2.58 per share for the second quarter of fiscal 2019. The result was nearly 23% higher than the prior-year quarter.
GAAP earnings per share also increased 43.4% to $2.08, topping expectations by 4 cents.
Though 1.3% lower year over year, revenue of $20.56 billion surpassed consensus estimates by $170 million.
The consumer segment contributed 17.2% of revenue, or $3.5 billion. The medical devices business segment was 31.6% of revenue, or $6.5 billion; and the pharmaceuticals business segment was 51.2%, or $10.5 billion.
For full fiscal 2019, Johnson & Johnson lifted its revenue guidance to a range of between $80.8 billion and $81.6 billion from the previous $80.4 billion to $81.2 billion and versus estimates of $81.22 billion. The company confirmed its non-GAAP earnings-per-share target of $8.53 to $8.63 versus expectations of $8.6.
Shares of Johnson & Johnson closed at $134.71 on Monday for a market capitalization of $357.66 billion. Year to date, the share price increased 4%. The closing price on Monday was 11.3% off the 52-week low of $121 and 10.6% below the 52-week high of $148.99.
The 14-day Relative Strength Indicator is 36 suggesting the stock is not far from oversold levels.
Disclosure: I have no positions in any securities mentioned.
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