Burgundy Asset Management Ltd. Purchases New Position in Solventum Co. (NYSE:SOLV)

Burgundy Asset Management Ltd. purchased a new stake in Solventum Co. (NYSE:SOLV) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 11,250 shares of the company’s stock, valued at approximately $595,000.

Several other large investors have also added to or reduced their stakes in the business. Somerset Group LLC bought a new position in Solventum in the 2nd quarter valued at about $764,000. Gifford Fong Associates bought a new position in Solventum in the 2nd quarter valued at about $129,000. Kentucky Retirement Systems bought a new position in Solventum in the 2nd quarter valued at about $551,000. Carolinas Wealth Consulting LLC bought a new position in Solventum in the 2nd quarter valued at about $43,000. Finally, Hsbc Holdings PLC bought a new position in Solventum in the 2nd quarter valued at about $31,876,000.

Analysts Set New Price Targets

SOLV has been the topic of several recent analyst reports. Bank of America dropped their target price on shares of Solventum from $70.00 to $60.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 25th. Wells Fargo & Company dropped their target price on shares of Solventum from $69.00 to $64.00 and set an “equal weight” rating on the stock in a research report on Friday, August 9th. Argus initiated coverage on shares of Solventum in a research report on Monday, June 24th. They set a “hold” rating on the stock. BTIG Research initiated coverage on shares of Solventum in a research report on Thursday, September 5th. They set a “neutral” rating on the stock. Finally, Morgan Stanley dropped their target price on shares of Solventum from $70.00 to $55.00 and set an “equal weight” rating on the stock in a research report on Monday, July 15th. One investment analyst has rated the stock with a sell rating and six have issued a hold rating to the company. According to MarketBeat, Solventum has a consensus rating of “Hold” and an average target price of $58.25.

Solventum Stock Performance

Shares of SOLV stock opened at $72.13 on Thursday. The business’s 50 day moving average is $60.13. The company has a quick ratio of 0.96, a current ratio of 1.31 and a debt-to-equity ratio of 2.90. Solventum Co. has a 12-month low of $47.16 and a 12-month high of $96.05.

Solventum (NYSE:SOLV) last issued 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 for the quarter, compared to analysts’ expectations of $2.05 billion. The business’s quarterly revenue was up .2% on a year-over-year basis. On average, sell-side analysts forecast that Solventum Co. will post 6.38 EPS for the current year.

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.