When a stock sits at an all time high share price, some investors tend to become nervous. Although shareholders focused on dividends (and dividend growth) are often more patient than most other investors, a slightly elevated valuation can still lead to stress. Johnson & Johnson (NYSE:JNJ) shares currently sit at an all time high, and, like most of the S&P 500, trade at an above average earnings multiple.

As a Johnson & Johnson shareholder, I'm looking to achieve 8-10% in capital appreciation, plus a 2-3% dividend each year for a total return of 10-12%. If your return expectations are significantly higher than this, you might end up disappointed (if this is the case, I'd love to know what investments make up your portfolio).

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