Solventum (NYSE:SOLV) Updates FY 2024 Earnings Guidance

Solventum (NYSE:SOLV) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 6.500-6.650 for the period, compared to the consensus EPS estimate of 6.380. The company issued revenue guidance of -. Solventum also updated its FY24 guidance to $6.50-6.65 EPS.

Analysts Set New Price Targets

SOLV has been the topic of several research reports. Wells Fargo & Company cut their target price 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. Stifel Nicolaus started coverage on shares of Solventum in a report on Tuesday, October 8th. They set a “buy” rating and a $82.00 target price for the company. The Goldman Sachs Group lifted their price target on shares of Solventum from $48.00 to $54.00 and gave the company a “sell” rating in a research note on Monday, August 12th. BTIG Research started coverage on shares of Solventum in a research note on Thursday, September 5th. They set a “neutral” rating for the company. Finally, Wolfe Research assumed coverage on Solventum in a research report on Thursday, September 26th. They issued a “peer perform” rating on the stock. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $65.00.

Solventum Price Performance

Shares of SOLV stock traded down $2.64 on Friday, reaching $72.43. The stock had a trading volume of 2,159,241 shares, compared to its average volume of 955,053. Solventum has a 12 month low of $47.16 and a 12 month high of $96.05. The company has a quick ratio of 0.96, a current ratio of 1.31 and a debt-to-equity ratio of 2.90. The firm’s 50-day moving average is $70.08 and its two-hundred day moving average is $62.02.

Solventum (NYSE:SOLV) last issued its earnings results on Thursday, August 8th. The company reported $1.56 EPS for the quarter, topping the consensus estimate of $1.46 by $0.10. The business had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.05 billion. The company’s quarterly revenue was up .2% on a year-over-year basis. On average, equities research analysts predict that Solventum will post 6.59 earnings per share 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.