Could Johnson & Johnson Stock Help You Become a Millionaire?
Did you know that earning an average return of 14% every year can turn a $20,000 investment into $1,000,000 in 30 years? You don't have to swing for the fences and look for up-and-coming artificial intelligence stocks to potentially become a millionaire. Instead, a strong, consistently growing business that can generate above-average returns over the long haul can be sufficient.
Johnson & Johnson (NYSE: JNJ) is a stock that is popular with long-term investors because its fundamentals are solid, with the company generating strong profits year in and year out. Furthermore, it offers a reliable, growing dividend. Can this be an investment that helps you become a millionaire by generating above-average returns in the long run?
Earlier this year, Johnson & Johnson spun off its consumer health division into what is now called Kenvue. That should be a net positive for the business because Johnson & Johnson's consumer segment was growing relatively slowly compared to other segments. The company can now focus on pharmaceuticals and making medical devices. Both areas generated operational growth (excluding the impact of foreign exchange) of over 6% in 2022, while the consumer health business rose at a rate of less than 4%.
Source Fool.com
