Johnson & Johnson (NYSE:JNJ) reported better-than-expected first-quarter earnings on Tuesday.

The company posted adjusted EPS of $2.71, up 12.4% year over year, beating the consensus of $2.64. The pharma giant reported sales of $21.38 billion, up 2.3% year over year, almost in line with the consensus of $21.39 billion, according to data from Benzinga Pro.

Johnson & Johnson also raised its quarterly dividend by 4.2% from $1.19 per share to $1.24 per share.

Johnson & Johnson said it expects fiscal year 2024 operational sales of $88.7 billion-$89.1 billion versus prior guidance of $88.2 billion–$89.0 billion and consensus of $88.43 billion. The company expects fiscal year 2024 adjusted EPS of $10.57–$10.72 versus consensus of $10.66 and prior guidance of $10.55–$10.75, with adjusted operational EPS of $10.60–$10.75.

Johnson & Johnson shares fell 0.2% to trade at $144.12 on Wednesday.

These analysts made changes to their price targets on Johnson & Johnson following earnings announcement.

• B of A Securities cut the price target on Johnson & Johnson from $180 to $170. B of A Securities analyst Geoff Meacham maintained a Neutral rating.
• RBC Capital slashed the price target on Johnson & Johnson from $181 to $175. RBC Capital analyst Shagun Singh maintained an Outperform rating.
• Cantor Fitzgerald analyst Louise Chen, meanwhile, reiterated Johnson & Johnson with an Overweight and maintained a $215 price target.

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