Johnson & Johnson (NYSE:JNJ) is a stock I've oscillated on in the past. I've long thought it to be expensive - owed to the power of the mighty dividend it sports - but more recently, I found value in it following a long consolidation period. Coming out of the fourth quarter I felt like JNJ had some rather pedestrian guidance it could beat and that as a result, multiple expansion was a distinct possibility. The Actelion purchase is muddying the waters a bit but on the whole, is JNJ on track after a somewhat disappointing first quarter?
