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Johnson & Johnson (JNJ) Stock Closed Lower Despite Declaring 75 Cent Dividend

NEW YORK (TheStreet) -- Shares of Johnson & Johnson (JNJ - Get Report) closed trading down 2.18% to $100.48 on Monday, amid a wider market selloff, despite announcing a first quarter dividend today.

The New Brunswick, NJ-based diversified product manufacturer announced that its board of directors declared a cash dividend of 75 cents for the first quarter this year.

The dividend will be payable March 8 to shareholders of record on February 23.

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Separately, the company is seeking to sell its Nomarco subsidiary, according to Reuters. Nomarco is the company's manufacturer of active pharmaceutical ingredients in painkillers including oxycodone.

The sale of the division could garner as much as $800 million, according to Reuters.

Johnson & Johnson traded on heavy volume today with 12.3 million shares changing hands today versus...