Salem Investment Counselors Inc. Sells 2,069 Shares of Solventum Co. (NYSE:SOLV)

Salem Investment Counselors Inc. cut its stake in Solventum Co. (NYSE:SOLV) by 24.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,405 shares of the company’s stock after selling 2,069 shares during the quarter. Salem Investment Counselors Inc.’s holdings in Solventum were worth $487,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. CX Institutional bought a new stake in shares of Solventum in the 1st quarter valued at about $162,000. Assenagon Asset Management S.A. increased its stake in shares of Solventum by 738.3% in the 1st quarter. Assenagon Asset Management S.A. now owns 566,623 shares of the company’s stock valued at $43,086,000 after acquiring an additional 499,031 shares during the last quarter. Handelsbanken Fonder AB increased its stake in shares of Solventum by 10.6% in the 1st quarter. Handelsbanken Fonder AB now owns 38,700 shares of the company’s stock valued at $2,943,000 after acquiring an additional 3,700 shares during the last quarter. Abacus FCF Advisors LLC increased its stake in shares of Solventum by 2.8% in the 1st quarter. Abacus FCF Advisors LLC now owns 14,144 shares of the company’s stock valued at $1,076,000 after acquiring an additional 385 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in shares of Solventum by 37.0% in the 1st quarter. GAMMA Investing LLC now owns 4,560 shares of the company’s stock valued at $347,000 after acquiring an additional 1,231 shares during the last quarter.

Analyst Ratings Changes

SOLV has been the subject of a number of recent analyst reports. Mizuho upped their price target on Solventum from $70.00 to $82.00 and gave the company a “neutral” rating in a research note on Monday, March 3rd. Piper Sandler upgraded Solventum from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $78.00 to $87.00 in a research report on Monday, May 19th. KeyCorp started coverage on Solventum in a research report on Friday, June 6th. They issued a “sector weight” rating for the company. Morgan Stanley boosted their price objective on Solventum from $73.00 to $80.00 and gave the company an “equal weight” rating in a research report on Wednesday, March 5th. Finally, Bank of America boosted their price objective on Solventum from $80.00 to $85.00 and gave the company a “neutral” rating in a research report on Wednesday, February 26th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $80.29.

Solventum Trading Down 0.9%

NYSE:SOLV opened at $73.61 on Friday. Solventum Co. has a twelve month low of $47.16 and a twelve month high of $85.92. The company has a quick ratio of 0.83, a current ratio of 1.15 and a debt-to-equity ratio of 2.45. The business has a 50 day moving average price of $69.98 and a two-hundred day moving average price of $71.66. The company has a market cap of $12.74 billion, a P/E ratio of 34.08, a price-to-earnings-growth ratio of 1.94 and a beta of 0.54.

Solventum (NYSE:SOLV) last released its quarterly earnings results on Thursday, May 8th. The company reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.15. The firm had revenue of $2.07 billion for the quarter, compared to analyst estimates of $2.02 billion. The company’s revenue was up 2.7% compared to the same quarter last year. During the same period last year, the company earned $2.08 EPS. As a group, analysts expect that Solventum Co. will post 6.58 EPS for the current fiscal 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.