I keep seeing this repeated on this board. Let's clear this up right now. JNJ's is NOT selling for 21x earnings. Yahoo's PE is wrong.
Check EPS for the trailing twelve months.
$1.21 (reported today)
The PE is 16.7, not 21.4 as Yahoo states.
II'm not sure if Yahoo's EPS numbers are diluted or not, and I haven't had time to check the past SEC filings. Either way, if you're relying on Yahoo's numbers to inform your investment decisions, you need to dig deeper. They make mistakes ALL THE TIME.