(As of December 12, 2025 | Post Q3 2025 earnings and recent insider transactions)
Current market capitalization: ≈ $508 billion (based on ~$210.50/share and 2.41 billion shares outstanding)
Introduction
Johnson & Johnson (NYSE: JNJ), founded in 1886 by the Johnson brothers (Robert Wood, James Wood, and Edward Mead) in New Brunswick, New Jersey, is a global healthcare leader spanning pharmaceuticals (Innovative Medicine), medical devices (MedTech), and consumer health (spun off as Kenvue in 2023). Public since 1944, it operates under a single-class share structure (one vote per share), ensuring equitable governance. Ownership is institutionally dominant (~75%), with insiders ~0.04% (executives only, no family control post-spinoff), and retail ~25%. No majority holder exists, reflecting broad participation. The table below details the top 10 economic shareholders from Q3 2025 13F filings and SEC data, with values at current market cap. Recent activity includes $21.5M in insider sales by EVP Jennifer Taubert (Sep 2025) and $5B quarterly buybacks reducing shares by ~0.5% YoQ.
| Rank | Owner / Stakeholder | Ownership % | Approx. Value ($508B valuation) | Detailed Notes |
|---|---|---|---|---|
| 1 | Vanguard Group Inc. | 9.82% | $49.9 billion | Largest holder via index funds (e.g., VTI, VOO); owns ~236.6M shares as of Sep 30, 2025. Passive with ~$9.3T AUM; added ~3M shares (+1.3%) in Q3 2025, core S&P 500 weighting (~6%). No direct control; focuses on pharma stability. |
| 2 | BlackRock Inc. | 8.60% | $43.7 billion | Holds ~207.3M shares through iShares ETFs (e.g., IVV); passive/active mix. Added ~0.6M shares (+0.5%) in Q3 2025; board observer on governance/ESG. Key in healthcare funds; JNJ ~3% of portfolio. |
| 3 | State Street Corporation | 5.49% | $27.9 billion | Owns ~132.2M shares via SPDRs (e.g., SPY); fully passive. Trimmed ~1M shares (-0.7%) in Q3; votes proxies on exec comp and drug pricing ethics. ~4% of health holdings; supports $20B annual buybacks. |
| 4 | JPMorgan Chase & Co. | 2.43% | $12.3 billion | ~58.6M shares across asset management; index/active blend. Added ~1.5M shares (+4.1%) in Q3 2025; provides banking/debt for JNJ's $30B+ cash reserves. |
| 5 | Geode Capital Management, LLC | 2.33% | $11.8 billion | Fidelity affiliate with ~56.2M shares in index trackers; passive. Added ~1.2M shares (+2.1%) in Q3; tracks S&P 500; minimal voting power. |
| 6 | Norges Bank (Norway Sovereign Wealth Fund) | 1.32% | $6.7 billion | ~31.9M shares as of Jun 2025; ethical investing focus, voting on sustainability. Added ~1.6M shares (+5.2%) in Q3; no operational control. |
| 7 | FMR LLC (Fidelity) | 1.68% | $8.5 billion | ~40.6M shares across funds (e.g., Contrafund); active with stable QoQ. Bullish on oncology/immunology (e.g., DARZALEX sales); advisory on innovation. |
| 8 | Morgan Stanley | 1.20% | $6.1 billion | ~28.9M shares via wealth/ETFs; active in advisory. Increased ~0.5% QoQ; engages on shareholder proposals re: antitrust/litigation. |
| 9 | T. Rowe Price Associates Inc. | 1.10% | $5.6 billion | ~26.5M shares in growth funds (e.g., Blue Chip); trimmed ~1% on valuation but holds for pipeline. Board input on R&D; ~2% of portfolio. |
| 10 | Jennifer Taubert (EVP, Innovative Medicine) | 0.01% | $50 million | ~240K shares; recent sales: $21.5M (Sep 2025) under 10b5-1 plan. Oversees pharma since 2018; aligns with $10.85 FY2025 EPS guidance. |
Total Top 10 = ~33.98% | Remaining: Other Institutions (~41%), Other Insiders (~0.03%, e.g., Joaquin Duato CEO at ~0.005%), Retail (~25%) | Grand Total = 100%
Conclusion
As of December 2025, Johnson & Johnson's ownership is institutionally led (~75% total) by passive giants like Vanguard and BlackRock, providing stability for its $24B Q3 2025 revenue (up 6.8% YoY, ~64% from Innovative Medicine) and $5.2B net income (up 91% YoY), driven by blockbusters like DARZALEX and TREMFYA. Insiders (~0.04% combined) like Taubert ensure execution amid expansions (e.g., INLEXZO approval), while retail's ~25% stake reflects defensive appeal. With $508B market cap (up 45% YoY) and $20B buybacks authorized, expect ~0.5% annual share reductions, minor institutional rebalancing in Q4 13Fs (due Feb 2026), and FY2025 sales of $93.7B (up 5.7%). This structure supports resilient growth in a litigious pharma landscape via $5.20 annual dividends (2.5% yield). For filings, visit SEC EDGAR or Johnson & Johnson's investor relations.