There’s nothing wrong with being a conglomerate. Investors don’t punish conglomerates.
Investors punish unfashionable conglomerates. They punish conglomerates that aren’t growing.
JnJ? PE(ttm) 17.3. Old and busted.
Facebook? PE(ttm) 23.4. New hotness.
Salesforce? PE(ttm) 122.8 (even newer and hotter)
MSFT? PE(ttm) 37.6 (the devil)