Johnson & Johnson (JNJ) has long been a stable holding of mine and for any dividend investor for a number of years. I do not expect that to change anytime soon, but at current levels, and considering the disruption we are seeing from this COVID-19 pandemic and the company’s updated guidance for the year, I will not be looking to add any shares of JNJ at these levels.

On February 6, 2020, JNJ hit an all-time high of $154.50, right before the COVID-19 pandemic began to fully impact the US economy, as much of the focus was still on the breakout in China. However, over the next six weeks, as the breakout began to penetrate the US on a larger scale, the S&P 500 fell 36% while shares of JNJ dropped roughly 30% to a low of $109. This was an ideal time to buy a lot of stocks, but like many large-cap names, shares of JNJ rebounded sharply.

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