Ethic Inc. Takes Position in Solventum Co. (NYSE:SOLV)

Ethic Inc. bought a new position in Solventum Co. (NYSE:SOLV - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The fund bought 8,308 shares of the company's stock, valued at approximately $549,000.

Several other hedge funds have also recently made changes to their positions in SOLV. Forsta AP Fonden bought a new position in shares of Solventum during the fourth quarter valued at approximately $1,876,000. New York State Teachers Retirement System grew its position in Solventum by 4.0% in the 4th quarter. New York State Teachers Retirement System now owns 124,699 shares of the company's stock valued at $8,238,000 after acquiring an additional 4,819 shares during the last quarter. Strategic Financial Concepts LLC purchased a new stake in Solventum in the fourth quarter worth $990,000. Exchange Traded Concepts LLC lifted its position in shares of Solventum by 1,593.6% during the fourth quarter. Exchange Traded Concepts LLC now owns 14,650 shares of the company's stock worth $968,000 after purchasing an additional 13,785 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Solventum in the fourth quarter worth about $18,583,000.

Solventum Stock Down 3.2%

Shares of Solventum stock traded down $2.40 on Wednesday, reaching $72.30. The stock had a trading volume of 904,746 shares, compared to its average volume of 1,136,728. The stock has a market capitalization of $12.51 billion and a P/E ratio of 33.47. Solventum Co. has a 1 year low of $47.16 and a 1 year high of $85.92. The company has a quick ratio of 0.83, a current ratio of 1.15 and a debt-to-equity ratio of 2.45. The company has a 50 day moving average price of $69.87 and a 200 day moving average price of $71.31.

Solventum (NYSE:SOLV - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $2.07 billion during the quarter, compared to analyst estimates of $2.02 billion. During the same period in the previous year, the business earned $2.08 EPS. The firm's revenue for the quarter was up 2.7% compared to the same quarter last year. As a group, equities research analysts forecast that Solventum Co. will post 6.58 EPS for the current year.

Analysts Set New Price Targets

SOLV has been the subject of several research reports. 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. Bank of America raised their price objective on Solventum from $80.00 to $85.00 and gave the stock a "neutral" rating in a report on Wednesday, February 26th. The Goldman Sachs Group lifted their target price on Solventum from $63.00 to $71.00 and gave the company a "sell" rating in a research report on Monday, March 3rd. Wells Fargo & Company upped their price objective on shares of Solventum from $73.00 to $75.00 and gave the stock an "equal weight" rating in a research note on Friday, February 28th. Finally, Morgan Stanley upped their price target on shares of Solventum from $73.00 to $80.00 and gave the stock an "equal weight" rating in a research report on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $80.29.

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.