Solventum Corporation $SOLV Shares Acquired by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. increased its position in Solventum Corporation (NYSE:SOLV) by 5.7% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 215,666 shares of the company’s stock after purchasing an additional 11,679 shares during the period. Envestnet Asset Management Inc. owned 0.12% of Solventum worth $15,744,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Independent Franchise Partners LLP grew its position in shares of Solventum by 74.2% during the 2nd quarter. Independent Franchise Partners LLP now owns 10,141,066 shares of the company’s stock valued at $769,098,000 after buying an additional 4,320,342 shares during the last quarter. Davis Selected Advisers increased its stake in shares of Solventum by 3.9% in the second quarter. Davis Selected Advisers now owns 5,492,661 shares of the company’s stock valued at $416,563,000 after purchasing an additional 204,523 shares during the period. Boston Partners raised its position in shares of Solventum by 9.2% during the 2nd quarter. Boston Partners now owns 3,670,757 shares of the company’s stock worth $278,363,000 after buying an additional 308,784 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Solventum by 1.0% in the 2nd quarter. Geode Capital Management LLC now owns 3,563,792 shares of the company’s stock worth $269,116,000 after buying an additional 36,660 shares in the last quarter. Finally, Norges Bank bought a new stake in Solventum in the second quarter worth about $140,495,000.

Analysts Set New Price Targets

Several research analysts have commented on the stock. BTIG Research upgraded shares of Solventum from a “neutral” rating to a “buy” rating and set a $100.00 target price for the company in a report on Tuesday, December 2nd. Wall Street Zen lowered shares of Solventum from a “buy” rating to a “hold” rating in a research note on Saturday, February 7th. KeyCorp upgraded shares of Solventum from a “sector weight” rating to an “overweight” rating and set a $97.00 price objective on the stock in a research report on Monday, January 26th. UBS Group restated a “neutral” rating on shares of Solventum in a report on Friday, November 21st. Finally, Piper Sandler reaffirmed an “overweight” rating on shares of Solventum in a research report on Wednesday, December 17th. Seven investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $90.83.

Solventum Stock Down 0.5%

Solventum stock opened at $75.59 on Monday. The company has a current ratio of 1.50, a quick ratio of 1.14 and a debt-to-equity ratio of 1.03. Solventum Corporation has a 1-year low of $60.70 and a 1-year high of $88.20. The firm’s fifty day simple moving average is $80.01 and its 200-day simple moving average is $76.12. The company has a market capitalization of $13.11 billion, a P/E ratio of 8.71, a P/E/G ratio of 6.94 and a beta of 0.35.

Solventum declared that its Board of Directors has approved a share repurchase program on Thursday, November 20th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the company to repurchase up to 7.5% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

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. The Medsurg segment is a provider of solutions including advanced wound care, I.V. site management, sterilization assurance, temperature management, surgical supplies, stethoscopes, and medical electrodes.