Kentucky Retirement Systems Insurance Trust Fund Purchases New Position in Solventum Corporation (NYSE:SOLV)

Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in shares of Solventum Corporation (NYSE:SOLV - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 4,030 shares of the company's stock, valued at approximately $306,000.

Other institutional investors also recently modified their holdings of the company. Norges Bank acquired a new position in Solventum in the 4th quarter valued at $203,740,000. Boston Partners acquired a new stake in shares of Solventum in the fourth quarter valued at about $110,378,000. Trian Fund Management L.P. increased its stake in shares of Solventum by 18.8% in the fourth quarter. Trian Fund Management L.P. now owns 8,462,819 shares of the company's stock worth $559,054,000 after purchasing an additional 1,336,564 shares during the period. Independent Franchise Partners LLP lifted its position in shares of Solventum by 105.0% during the 4th quarter. Independent Franchise Partners LLP now owns 1,603,154 shares of the company's stock worth $105,904,000 after purchasing an additional 821,272 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake 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.

Solventum Price Performance

Shares of NYSE:SOLV traded down $0.23 during midday trading on Thursday, reaching $74.72. 616,831 shares of the company's stock were exchanged, compared to its average volume of 1,121,882. The company has a debt-to-equity ratio of 2.40, a quick ratio of 0.85 and a current ratio of 1.19. The company's 50 day simple moving average is $71.13 and its two-hundred day simple moving average is $71.80. Solventum Corporation has a 12 month low of $47.16 and a 12 month high of $85.92. The firm has a market capitalization of $12.93 billion, a PE ratio of 34.59, a price-to-earnings-growth ratio of 1.92 and a beta of 0.54.

Solventum (NYSE:SOLV - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $2.07 billion during the quarter, compared to analyst estimates of $2.02 billion. Solventum had a return on equity of 31.01% and a net margin of 4.55%. The business's revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period in the prior year, the company posted $2.08 earnings per share. Equities research analysts expect that Solventum Corporation will post 6.58 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Wells Fargo & Company upped their price target on Solventum from $73.00 to $75.00 and gave the stock an "equal weight" rating in a report on Friday, February 28th. Morgan Stanley increased their price target on shares of Solventum from $73.00 to $80.00 and gave the company an "equal weight" rating in a report on Wednesday, March 5th. Mizuho boosted their price objective on shares of Solventum from $70.00 to $82.00 and gave the stock a "neutral" rating in a report on Monday, March 3rd. Bank of America upped their price objective on shares of Solventum from $80.00 to $85.00 and gave the company a "neutral" rating in a research report on Wednesday, February 26th. Finally, KeyCorp began coverage on Solventum in a research report on Friday, June 6th. They set a "sector weight" rating on the stock. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $80.29.

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.