310,000 Shares in Solventum Corporation (NYSE:SOLV) Bought by Lord Abbett & CO. LLC

Lord Abbett & CO. LLC bought a new position in shares of Solventum Corporation (NYSE:SOLV) during the 1st quarter, HoldingsChannel reports. The firm bought 310,000 shares of the company’s stock, valued at approximately $23,572,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SOLV. Clarity Asset Management Inc. purchased a new position in Solventum during the 4th quarter worth $25,000. Rossby Financial LCC purchased a new stake in Solventum during the 1st quarter valued at about $25,000. Strengthening Families & Communities LLC grew its stake in Solventum by 376.8% during the 1st quarter. Strengthening Families & Communities LLC now owns 329 shares of the company’s stock valued at $25,000 after purchasing an additional 260 shares during the last quarter. Raiffeisen Bank International AG purchased a new stake in Solventum during the 4th quarter valued at about $29,000. Finally, Colonial Trust Co SC grew its stake in Solventum by 240.7% during the 4th quarter. Colonial Trust Co SC now owns 511 shares of the company’s stock valued at $34,000 after purchasing an additional 361 shares during the last quarter.

Analysts Set New Price Targets

SOLV has been the topic of several research analyst reports. Piper Sandler reiterated an “overweight” rating and set a $94.00 price target (up previously from $87.00) on shares of Solventum in a research note on Friday, August 8th. Wall Street Zen upgraded Solventum from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Morgan Stanley upgraded Solventum from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $80.00 to $103.00 in a research note on Tuesday, July 15th. Argus upgraded Solventum from a “hold” rating to a “buy” rating and set a $90.00 price target on the stock in a research note on Tuesday, July 1st. Finally, Wells Fargo & Company boosted their price target on Solventum from $75.00 to $79.00 and gave the company an “equal weight” rating in a research note on Friday, August 8th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $85.75.

Solventum Stock Performance

Shares of SOLV stock opened at $71.50 on Friday. The stock has a market cap of $12.40 billion, a PE ratio of 33.10, a price-to-earnings-growth ratio of 1.77 and a beta of 0.52. The business has a 50-day simple moving average of $74.02 and a 200-day simple moving average of $72.94. The company has a quick ratio of 0.86, a current ratio of 1.22 and a debt-to-equity ratio of 2.14. Solventum Corporation has a 52-week low of $58.61 and a 52-week high of $85.92.

Solventum (NYSE:SOLV) last released its quarterly earnings results on Thursday, August 7th. The company reported $1.69 earnings per share for the quarter, topping analysts’ consensus estimates of $1.45 by $0.24. The company had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.12 billion. Solventum had a return on equity of 29.93% and a net margin of 4.52%. Solventum’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.56 EPS. On average, equities analysts expect that Solventum Corporation will post 6.58 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.