1 Resilient Blue Chip Stock to Buy on the Dip
The year isn't kicking off on a great note for Johnson & Johnson (NYSE: JNJ). While the broader market has performed pretty well since early January, shares of the healthcare giant have dropped by 6%. Johnson & Johnson is facing issues that are causing investors to look elsewhere (more on those below). Even so, there are good reasons to stick with the pharmaceutical giant. Let's look into why opportunistic investors should seriously consider buying shares of Johnson & Johnson as they sink.
On Jan. 24, Johnson & Johnson released its fourth-quarter and full-year 2022 financial results. The company's performance in the period did not impress the market, understandably so. In the fourth quarter, Johnson & Johnson's sales dropped by 4.4% year over year to $23.7 billion. It's rarely a good thing when a company's top line declines, but let's look deeper into why that happened with Johnson & Johnson.
The company dealt with a combination of headwinds, including foreign exchange rate dynamics and inconsistent and unpredictable COVID-19-related vaccine sales. In the fourth quarter, Johnson & Johnson's sales increased by 0.9% in constant currency; also, putting aside coronavirus vaccine revenue, the company's top line grew by 4.6%, an otherwise decent performance for a pharmaceutical company of this size.
Source Fool.com
