Bank of America Corp DE Acquires 41,578 Shares of Solventum Co. (NYSE:SOLV)

Bank of America Corp DE boosted its stake in shares of Solventum Co. (NYSE:SOLV - Free Report) by 5.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 855,690 shares of the company's stock after acquiring an additional 41,578 shares during the quarter. Bank of America Corp DE owned about 0.50% of Solventum worth $56,527,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Norges Bank purchased a new stake in Solventum during the fourth quarter worth $203,740,000. Boston Partners bought a new stake in Solventum during the fourth quarter valued at about $110,378,000. Independent Franchise Partners LLP grew its stake in Solventum by 105.0% in the fourth 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 last quarter. Arrowstreet Capital Limited Partnership grew its stake in Solventum by 41.1% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,193,361 shares of the company's stock valued at $78,833,000 after purchasing an additional 347,669 shares during the last quarter. Finally, Candlestick Capital Management LP raised its holdings in Solventum by 67.7% in the fourth quarter. Candlestick Capital Management LP now owns 802,606 shares of the company's stock worth $53,020,000 after purchasing an additional 323,920 shares in the last quarter.

Solventum Price Performance

SOLV opened at $73.73 on Wednesday. Solventum Co. has a 52-week low of $47.16 and a 52-week high of $85.92. The company has a 50 day moving average of $70.07 and a two-hundred day moving average of $71.29. The company has a market cap of $12.76 billion and a P/E ratio of 34.13. The company has a quick ratio of 0.83, a current ratio of 1.15 and a debt-to-equity ratio of 2.45.

Solventum (NYSE:SOLV - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $1.34 EPS for the quarter, topping analysts' consensus estimates 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. The business's quarterly revenue was up 2.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.08 EPS. On average, analysts expect that Solventum Co. will post 6.58 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Bank of America boosted their price target on Solventum from $80.00 to $85.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 26th. Wells Fargo & Company increased 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. Mizuho increased their price target on shares of Solventum from $70.00 to $82.00 and gave the stock a "neutral" rating in a report on Monday, March 3rd. Piper Sandler cut their price objective on shares of Solventum from $80.00 to $78.00 and set a "neutral" rating on the stock in a research note on Friday, May 9th. Finally, The Goldman Sachs Group increased their price target on Solventum from $63.00 to $71.00 and gave the stock a "sell" rating in a research report on Monday, March 3rd. One analyst has rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $79.00.

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.

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