Johnson & Johnson, a leading healthcare conglomerate, is deliberating a change in its dividend policy amid fluctuating market conditions and the need for increased investment in research and development. The board of directors is considering reducing the quarterly dividend payout from $1.00 per share to $0.75 per share to allocate more funds towards innovation and product development. Evaluate the potential ramifications of this proposed dividend policy adjustment on Johnson & Johnson's stock performance, investor sentiment, and long-term growth prospects.