Envestnet Asset Management Inc. Purchases 12,881 Shares of Solventum Corporation (NYSE:SOLV)

Envestnet Asset Management Inc. raised its stake in shares of Solventum Corporation (NYSE:SOLV) by 7.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 193,510 shares of the company’s stock after purchasing an additional 12,881 shares during the period. Envestnet Asset Management Inc. owned 0.11% of Solventum worth $14,714,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of SOLV. Concurrent Investment Advisors LLC acquired a new stake in Solventum during the first quarter valued at approximately $216,000. Bessemer Group Inc. lifted its holdings in shares of Solventum by 17.1% during the 1st quarter. Bessemer Group Inc. now owns 1,963 shares of the company’s stock valued at $150,000 after purchasing an additional 287 shares in the last quarter. Perigon Wealth Management LLC lifted its holdings in shares of Solventum by 3.8% during the 1st quarter. Perigon Wealth Management LLC now owns 4,352 shares of the company’s stock valued at $331,000 after purchasing an additional 159 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Solventum in the 4th quarter valued at approximately $18,583,000. Finally, Farther Finance Advisors LLC lifted its stake in Solventum by 140.6% in the 1st quarter. Farther Finance Advisors LLC now owns 1,821 shares of the company’s stock valued at $139,000 after acquiring an additional 1,064 shares in the last quarter.

Solventum Stock Down 0.8%

SOLV stock opened at $73.29 on Friday. Solventum Corporation has a twelve month low of $53.03 and a twelve month high of $85.92. The company has a quick ratio of 0.85, a current ratio of 1.19 and a debt-to-equity ratio of 2.40. The stock’s 50 day moving average is $74.19 and its 200-day moving average is $72.67. The firm has a market capitalization of $12.68 billion, a PE ratio of 33.93, a P/E/G ratio of 1.89 and a beta of 0.55.

Solventum (NYSE:SOLV) last issued its quarterly earnings results on Thursday, May 8th. The company reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.19 by $0.15. Solventum had a return on equity of 31.01% and a net margin of 4.55%. The business had revenue of $2.07 billion for the quarter, compared to analyst estimates of $2.02 billion. During the same period last year, the company posted $2.08 earnings per share. Solventum’s quarterly revenue was up 2.7% compared to the same quarter last year. Sell-side analysts expect that Solventum Corporation will post 6.58 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Morgan Stanley raised Solventum from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $80.00 to $103.00 in a report on Tuesday. Argus raised Solventum from a “hold” rating to a “buy” rating and set a $90.00 target price for the company in a report on Tuesday, July 1st. Piper Sandler raised Solventum from a “neutral” rating to an “overweight” rating and increased their price target for the company from $78.00 to $87.00 in a research note on Monday, May 19th. Finally, KeyCorp began coverage on Solventum in a research note on Friday, June 6th. They set a “sector weight” rating for the company. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $84.38.

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.