PNC Financial Services Group Inc. Lowers Stock Position in Solventum Corporation $SOLV

PNC Financial Services Group Inc. cut its stake in shares of Solventum Corporation (NYSE:SOLV) by 7.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 172,371 shares of the company’s stock after selling 13,595 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.10% of Solventum worth $12,583,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SOLV. CYBER HORNET ETFs LLC bought a new position in shares of Solventum in the second quarter worth approximately $28,000. Deseret Mutual Benefit Administrators lifted its stake in shares of Solventum by 78.7% during the 3rd quarter. Deseret Mutual Benefit Administrators now owns 370 shares of the company’s stock valued at $27,000 after buying an additional 163 shares in the last quarter. MUFG Securities EMEA plc purchased a new position in shares of Solventum during the 2nd quarter valued at $31,000. State of Wyoming bought a new position in Solventum in the 2nd quarter worth $33,000. Finally, MTM Investment Management LLC purchased a new stake in Solventum in the 2nd quarter worth $40,000.

Analyst Ratings Changes

A number of analysts have issued reports on SOLV shares. Piper Sandler reiterated an “overweight” rating on shares of Solventum in a report on Wednesday, December 17th. Mizuho set a $100.00 price target on shares of Solventum and gave the company an “outperform” rating in a report on Tuesday, January 20th. UBS Group reissued a “neutral” rating on shares of Solventum in a research note on Friday, November 21st. Stifel Nicolaus upped their price objective on Solventum from $88.00 to $105.00 and gave the company a “buy” rating in a research report on Wednesday, January 7th. Finally, BTIG Research raised Solventum from a “neutral” rating to a “buy” rating and set a $100.00 price objective for the company in a research note on Tuesday, December 2nd. Seven equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $90.83.

Solventum Stock Performance

Solventum stock opened at $74.94 on Thursday. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.50 and a quick ratio of 1.14. The firm has a market capitalization of $13.00 billion, a P/E ratio of 8.63, a price-to-earnings-growth ratio of 6.77 and a beta of 0.35. Solventum Corporation has a 1-year low of $60.70 and a 1-year high of $88.20. The company’s 50-day moving average is $79.61 and its 200 day moving average is $76.15.

Solventum announced that its board has authorized a share repurchase program on Thursday, November 20th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 7.5% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

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. 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.