New York State Teachers Retirement System Sells 9,949 Shares of Solventum Corporation (NYSE:SOLV)

New York State Teachers Retirement System reduced its position in shares of Solventum Corporation (NYSE:SOLV) by 8.0% in the first quarter, HoldingsChannel reports. The institutional investor owned 114,750 shares of the company’s stock after selling 9,949 shares during the quarter. New York State Teachers Retirement System’s holdings in Solventum were worth $8,726,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SOLV. Norges Bank bought a new stake in Solventum during the 4th quarter valued at $203,740,000. Boston Partners purchased a new position in Solventum during the 4th quarter valued at $110,378,000. Trian Fund Management L.P. increased its position in Solventum by 18.8% during the 4th quarter. Trian Fund Management L.P. now owns 8,462,819 shares of the company’s stock valued at $559,054,000 after purchasing an additional 1,336,564 shares during the period. Independent Franchise Partners LLP increased its position in Solventum by 105.0% during the 4th quarter. Independent Franchise Partners LLP now owns 1,603,154 shares of the company’s stock valued at $105,904,000 after purchasing an additional 821,272 shares during the period. Finally, Assenagon Asset Management S.A. increased its position in Solventum by 738.3% during the 1st quarter. Assenagon Asset Management S.A. now owns 566,623 shares of the company’s stock valued at $43,086,000 after purchasing an additional 499,031 shares during the period.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on SOLV. Piper Sandler raised shares of Solventum from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $78.00 to $87.00 in a research report on Monday, May 19th. KeyCorp began coverage on shares of Solventum in a research report on Friday, June 6th. They set a “sector weight” rating on the stock. Finally, Argus raised shares of Solventum from a “hold” rating to a “buy” rating and set a $90.00 price objective on the stock in a research report on Tuesday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $81.50.

Solventum Stock Down 0.4%

NYSE:SOLV opened at $77.90 on Friday. The firm’s 50-day moving average price is $72.66 and its 200-day moving average price is $72.14. The company has a market capitalization of $13.48 billion, a PE ratio of 36.06, a P/E/G ratio of 2.01 and a beta of 0.55. The company has a debt-to-equity ratio of 2.40, a current ratio of 1.19 and a quick ratio of 0.85. Solventum Corporation has a 1-year low of $47.16 and a 1-year high of $85.92.

Solventum (NYSE:SOLV) last released its earnings results on Thursday, May 8th. The company reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.15. The firm had revenue of $2.07 billion for the quarter, compared to the consensus estimate of $2.02 billion. Solventum had a net margin of 4.55% and a return on equity of 31.01%. The company’s revenue was up 2.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.08 EPS. On average, equities analysts predict that Solventum Corporation will post 6.58 EPS for the current fiscal year.

Solventum Company 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.