Is the "New" Johnson & Johnson Stock a Buy With Its Improved Profit Outlook?
Johnson & Johnson (NYSE: JNJ) is no longer the same company that investors have known for decades. All of the consumer healthcare products that helped make J&J successful through the years -- Band-Aid, Benadryl, Listerine, Tylenol, and more -- aren't in the company's product lineup anymore. They all went out the door with Kenvue (NYSE: KVUE) after Johnson & Johnson spun off its consumer health unit in August 2023.
On Tuesday, Johnson & Johnson announced its first quarterly earnings results after the separation from Kenvue. The healthcare giant didn't disappoint, easily beating Wall Street's expectations and even boosting its full-year sales and earnings guidance. Is the "new" Johnson & Johnson stock a buy with its improved profit outlook?
One of the main reasons Johnson & Johnson chose to spin off its consumer health unit was to be able to focus on its faster-growing pharmaceuticals and medical device businesses. Both remaining businesses provided some good news to investors in the third quarter of 2023.
Source Fool.com
