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

Envestnet Asset Management Inc. raised its stake in Solventum Corporation (NYSE:SOLV) by 7.1% during the first quarter, Holdings Channel.com reports. The institutional investor owned 193,510 shares of the company’s stock after purchasing an additional 12,881 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Solventum were worth $14,714,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in SOLV. Rossby Financial LCC bought a new position in Solventum during the 1st quarter valued at approximately $25,000. Clarity Asset Management Inc. purchased a new stake in shares of Solventum during the 4th quarter valued at about $25,000. Raiffeisen Bank International AG purchased a new stake in shares of Solventum in the 4th quarter worth $29,000. Colonial Trust Co SC grew its stake in shares of Solventum by 240.7% during the 4th quarter. Colonial Trust Co SC now owns 511 shares of the company’s stock valued at $34,000 after acquiring an additional 361 shares during the period. Finally, Banque Transatlantique SA bought a new position in Solventum in the 4th quarter worth $42,000.

Solventum Price Performance

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

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

Wall Street Analyst Weigh In

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

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.