OLD National Bancorp IN Decreases Stock Position in Solventum Co. (NYSE:SOLV)

OLD National Bancorp IN lowered its position in shares of Solventum Co. (NYSE:SOLV) by 43.9% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,714 shares of the company’s stock after selling 3,687 shares during the period. OLD National Bancorp IN’s holdings in Solventum were worth $329,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Fifth Lane Capital LP purchased a new position in shares of Solventum in the first quarter valued at $826,000. Boit C F David purchased a new position in Solventum in the 1st quarter valued at about $152,000. Mitsubishi UFJ Trust & Banking Corp purchased a new stake in shares of Solventum during the first quarter worth about $5,747,000. GABELLI & Co INVESTMENT ADVISERS INC. acquired a new position in shares of Solventum in the first quarter worth about $209,000. Finally, LRI Investments LLC purchased a new position in Solventum in the first quarter valued at about $43,000.

Analyst Ratings Changes

SOLV has been the subject of a number of recent analyst reports. Wells Fargo & Company lowered their price objective on Solventum from $69.00 to $64.00 and set an “equal weight” rating for the company in a research note on Friday, August 9th. Stifel Nicolaus initiated coverage on shares of Solventum in a research note on Tuesday, October 8th. They issued a “buy” rating and a $82.00 price target for the company. Bank of America reduced their price objective on shares of Solventum from $70.00 to $60.00 and set a “neutral” rating on the stock in a research note on Tuesday, June 25th. The Goldman Sachs Group boosted their target price on shares of Solventum from $48.00 to $54.00 and gave the stock a “sell” rating in a research report on Monday, August 12th. Finally, Piper Sandler assumed coverage on shares of Solventum in a research report on Monday, October 7th. They set a “neutral” rating and a $71.00 price target on the stock. One analyst has rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $64.33.

Solventum Price Performance

Solventum stock opened at $72.61 on Wednesday. Solventum Co. has a 1 year low of $47.16 and a 1 year high of $96.05. The firm’s 50-day moving average is $66.73 and its 200-day moving average is $61.10. The company has a debt-to-equity ratio of 2.90, a quick ratio of 0.96 and a current ratio of 1.31.

Solventum (NYSE:SOLV) last issued its earnings results on Thursday, August 8th. The company reported $1.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.46 by $0.10. The business had revenue of $2.08 billion during the quarter, compared to the consensus estimate of $2.05 billion. Solventum’s quarterly revenue was up .2% compared to the same quarter last year. As a group, research analysts forecast that Solventum Co. will post 6.38 earnings per share for the current year.

Solventum Profile

Solventum Corporation, a healthcare company, engages in the developing, manufacturing, and commercializing a portfolio of solutions to address critical customer and patient needs. It operates through four segments: Medsurg, Dental Solutions, Health Information Systems, and Purification and Filtration.