Johnson & Johnson (NYSE: JNJ), the New Jersey-based health care giant, is scheduled to hold an analyst meeting to discuss its third quarter 2009 financial results Tuesday at 8:30 AM ET, hosted by CFO Dominic Caruso and others. You can catch the live broadcast of the meeting on the company's website.
During the three months that ended in September, Johnson & Johnson completed a biotech acquistion and announced a collaboration to combat the flu. Analysts surveyed by Thomson Reuters expect this dividend-paying company to report that net income fell three cents per share from a year ago to $1.13. Revenue for the period is expected to be 4.6% lower to $15.2 billion.
So far, the forecast for the full year is for $4.52 per share (-0.7%) on $60.9 billion (-4.4%). But Johnson & Johnson has topped earnings estimates in the past five quarters, by as much as a nickel per share. Minyanville expects another earnings beat for the third quarter.
Johnson & Johnson's earnings multiple is 13x. The long-term EPS growth forecast is 8.1%, which is less than that of Procter & Gamble Co. (NYSE: PG). Yet the First Call consensus recommendation is to buy JNJ. Deutsche Bank just reaffirmed its buy rating on JNJ and raised its price target to $67.
Johnson & Johnson shares are about 10% higher than three months ago, but they are about five bucks shy of the the 52-week high of $67.48.
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