Investors in Johnson & Johnson (NYSE:JNJ) Have Unfortunately Lost 8.0% Over the Last Year
Investors in Johnson & Johnson (NYSE:JNJ) Have Unfortunately Lost 8.0% Over the Last Year
It's easy to match the overall market return by buying an index fund. But if you buy individual stocks, you can do both better or worse than that. Unfortunately the Johnson & Johnson (NYSE:JNJ) share price slid 11% over twelve months. That's well below the market return of 24%. Zooming out, the stock is down 10% in the last three years.
通過購買指數基金很容易匹配整體市場回報。但是,如果你買入個股,你的表現可能比這更好或更差。不幸的是,強生公司(紐約證券交易所代碼:JNJ)的股價在十二個月內下跌了11%。這遠低於24%的市場回報率。展望未來,該股在過去三年中下跌了10%。
So let's have a look and see if the longer term performance of the company has been in line with the underlying business' progress.
因此,讓我們來看看公司的長期表現是否與基礎業務的進展一致。
To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).
用本傑明·格雷厄姆的話來說:從短期來看,市場是一臺投票機器,但從長遠來看,它是一臺稱重機。研究市場情緒如何隨着時間的推移而變化的一種方法是研究公司股價與其每股收益(EPS)之間的相互作用。
During the unfortunate twelve months during which the Johnson & Johnson share price fell, it actually saw its earnings per share (EPS) improve by 58%. It's quite possible that growth expectations may have been unreasonable in the past.
在強生股價下跌的不幸十二個月中,其每股收益(EPS)實際上增長了58%。過去的增長預期很可能不合理。
The divergence between the EPS and the share price is quite notable, during the year. So it's well worth checking out some other metrics, too.
在這一年中,每股收益和股價之間的差異非常明顯。因此,也值得查看其他一些指標。
On the other hand, we're certainly perturbed by the 11% decline in Johnson & Johnson's revenue. Many investors see falling revenue as a likely precursor to lower earnings, so this could well explain the weak share price.
另一方面,強生公司的收入下降了11%,這無疑使我們感到不安。許多投資者認爲,收入下降可能是收益下降的先兆,因此這很可以解釋股價疲軟的原因。
The image below shows how earnings and revenue have tracked over time (if you click on the image you can see greater detail).
下圖顯示了收入和收入隨時間推移的跟蹤情況(如果您點擊圖片,可以看到更多細節)。
![earnings-and-revenue-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240428/0-f0937458311e9d898b2776859b1d5f32-0-de320e85dfe09c97a8c0e929e335c0eb.png/big)
Johnson & Johnson is a well known stock, with plenty of analyst coverage, suggesting some visibility into future growth. So we recommend checking out this free report showing consensus forecasts
強生是一家知名股票,分析師報道豐富,這表明未來增長有一定的可見性。因此,我們建議您查看這份顯示共識預測的免費報告
What About Dividends?
分紅呢?
It is important to consider the total shareholder return, as well as the share price return, for any given stock. The TSR is a return calculation that accounts for the value of cash dividends (assuming that any dividend received was reinvested) and the calculated value of any discounted capital raisings and spin-offs. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. We note that for Johnson & Johnson the TSR over the last 1 year was -8.0%, which is better than the share price return mentioned above. And there's no prize for guessing that the dividend payments largely explain the divergence!
重要的是要考慮任何給定股票的股東總回報率和股價回報率。股東總回報率是一種回報計算方法,它考慮了現金分紅的價值(假設收到的任何股息都經過再投資)以及任何貼現資本籌集和分拆的計算價值。可以說,股東總回報率更全面地描述了股票產生的回報。我們注意到,強生公司過去一年的股東總回報率爲-8.0%,好於上述股價回報率。而且,猜測股息支付在很大程度上解釋了這種分歧是沒有好處的!
A Different Perspective
不同的視角
While the broader market gained around 24% in the last year, Johnson & Johnson shareholders lost 8.0% (even including dividends). Even the share prices of good stocks drop sometimes, but we want to see improvements in the fundamental metrics of a business, before getting too interested. Longer term investors wouldn't be so upset, since they would have made 3%, each year, over five years. If the fundamental data continues to indicate long term sustainable growth, the current sell-off could be an opportunity worth considering. While it is well worth considering the different impacts that market conditions can have on the share price, there are other factors that are even more important. To that end, you should be aware of the 1 warning sign we've spotted with Johnson & Johnson .
儘管去年整體市場上漲了約24%,但強生公司的股東損失了8.0%(甚至包括股息)。即使是優質股票的股價有時也會下跌,但我們希望在過於感興趣之前看到企業基本指標的改善。長期投資者不會那麼沮喪,因爲他們本可以在五年內每年賺3%。如果基本面數據繼續顯示長期可持續增長,那麼當前的拋售可能是一個值得考慮的機會。儘管市場狀況可能對股價產生的不同影響值得考慮,但還有其他因素更爲重要。爲此,你應該注意我們在強生公司發現的1個警告信號。
Of course Johnson & Johnson may not be the best stock to buy. So you may wish to see this free collection of growth stocks.
當然,強生可能不是最好的買入股票。因此,您可能希望看到這批免費的成長股。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on American exchanges.
請注意,本文引用的市場回報反映了目前在美國交易所交易的股票的市場加權平均回報。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。