Sumitomo Mitsui Trust Holdings Inc. Purchases New Position in Solventum Co. (NYSE:SOLV)

Sumitomo Mitsui Trust Holdings Inc. acquired a new position in shares of Solventum Co. (NYSE:SOLV) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 463,934 shares of the company’s stock, valued at approximately $24,533,000. Sumitomo Mitsui Trust Holdings Inc. owned about 0.27% of Solventum at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of SOLV. Partnership Wealth Management LLC bought a new stake in Solventum during the 2nd quarter worth approximately $26,000. M&R Capital Management Inc. bought a new stake in shares of Solventum during the second quarter worth $27,000. Beach Investment Counsel Inc. PA acquired a new stake in shares of Solventum in the second quarter valued at $27,000. S.A. Mason LLC bought a new position in shares of Solventum in the second quarter valued at about $29,000. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new position in Solventum during the 2nd quarter worth about $29,000.

Solventum Stock Up 0.1 %

Shares of SOLV stock opened at $59.44 on Tuesday. The firm has a 50 day simple moving average of $54.42. The company has a current ratio of 1.31, a quick ratio of 0.96 and a debt-to-equity ratio of 2.90. Solventum Co. has a 52-week low of $47.16 and a 52-week high of $96.05.

Solventum (NYSE:SOLV) last posted its quarterly earnings results on Thursday, August 8th. The company reported $1.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.10. The company had revenue of $2.08 billion during the quarter, compared to the consensus estimate of $2.05 billion. The business’s quarterly revenue was up .2% on a year-over-year basis. As a group, sell-side analysts expect that Solventum Co. will post 6.4 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on SOLV shares. Bank of America lowered their price objective on shares of Solventum from $70.00 to $60.00 and set a “neutral” rating for the company in a research report on Tuesday, June 25th. The Goldman Sachs Group raised their price target on shares of Solventum from $48.00 to $54.00 and gave the company a “sell” rating in a report on Monday, August 12th. Morgan Stanley reduced their price objective on Solventum from $70.00 to $55.00 and set an “equal weight” rating on the stock in a report on Monday, July 15th. Argus began coverage on Solventum in a research note on Monday, June 24th. They issued a “hold” rating for the company. Finally, Wells Fargo & Company cut their price target on Solventum from $69.00 to $64.00 and set an “equal weight” rating on the stock in a research note on Friday, August 9th. One equities research analyst has rated the stock with a sell rating and five have given a hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $58.25.

About Solventum

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.