Drake & Associates LLC Reduces Stake in Johnson & Johnson by 32.7%

Drake & Associates LLC has significantly reduced its position in Johnson & Johnson (JNJ) during the third quarter, according to recent regulatory filings. The investment firm sold 7,105 shares, representing a 32.7% decrease in its total holdings of the healthcare giant. Following this transaction, Drake & Associates now maintains 14,653 shares in the company, valued at approximately $2.725 million. Despite this institutional sell-off, Johnson & Johnson continues to demonstrate robust financial health, recently reporting earnings per share of $2.46. The company's quarterly revenue reached $24.28 billion, supporting its current "moderate buy" analyst rating. Market experts view this move as a standard portfolio rebalancing rather than a reflection of the company's underlying fundamentals.