Piper Sandler Cuts Solventum (NYSE:SOLV) Price Target to $78.00

Solventum (NYSE:SOLV) had its price target cut by Piper Sandler from $80.00 to $78.00 in a research note published on Friday morning,Benzinga reports. They currently have a neutral rating on the stock.

Several other research analysts have also recently commented on SOLV. Bank of America raised their target price on Solventum from $80.00 to $85.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 26th. The Goldman Sachs Group lifted their target price on shares of Solventum from $63.00 to $71.00 and gave the company a “sell” rating in a research report on Monday, March 3rd. Mizuho upped their target price on shares of Solventum from $70.00 to $82.00 and gave the company a “neutral” rating in a research note on Monday, March 3rd. Morgan Stanley raised their price target on shares of Solventum from $73.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Wednesday, March 5th. Finally, Wells Fargo & Company lifted their price objective on Solventum from $73.00 to $75.00 and gave the company an “equal weight” rating in a report on Friday, February 28th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, Solventum presently has a consensus rating of “Hold” and an average target price of $79.00.

Solventum Stock Up 5.4%

NYSE SOLV opened at $70.22 on Friday. Solventum has a twelve month low of $47.16 and a twelve month high of $85.92. The stock has a market cap of $12.15 billion and a PE ratio of 25.53. The firm has a 50-day simple moving average of $70.17 and a 200 day simple moving average of $71.26. The company has a debt-to-equity ratio of 2.45, a quick ratio of 0.83 and a current ratio of 1.15.

Solventum (NYSE:SOLV) last posted its quarterly earnings results on Thursday, May 8th. The company reported $1.34 EPS for the quarter, beating the consensus estimate of $1.19 by $0.15. The firm had revenue of $2.07 billion during the quarter, compared to analyst estimates of $2.02 billion. During the same period last year, the company earned $2.08 EPS. The company’s revenue was up 2.7% on a year-over-year basis. On average, research analysts forecast that Solventum will post 6.58 EPS for the current year.

Hedge Funds Weigh In On Solventum

Large investors have recently modified their holdings of the stock. Harbor Capital Advisors Inc. raised its position in Solventum by 24.8% in the 4th quarter. Harbor Capital Advisors Inc. now owns 46,965 shares of the company’s stock worth $3,103,000 after purchasing an additional 9,333 shares during the last quarter. Forsta AP Fonden acquired a new stake in shares of Solventum in the 4th quarter valued at $1,876,000. New York State Teachers Retirement System raised its position in shares of Solventum by 4.0% during the fourth quarter. New York State Teachers Retirement System now owns 124,699 shares of the company’s stock worth $8,238,000 after acquiring an additional 4,819 shares during the last quarter. Strategic Financial Concepts LLC acquired a new position in shares of Solventum during the fourth quarter valued at $990,000. Finally, Exchange Traded Concepts LLC boosted its holdings in Solventum by 1,593.6% in the fourth quarter. Exchange Traded Concepts LLC now owns 14,650 shares of the company’s stock valued at $968,000 after acquiring an additional 13,785 shares during the last quarter.

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.