Assenagon Asset Management S.A. Buys 499,031 Shares of Solventum Co. (NYSE:SOLV)

Assenagon Asset Management S.A. lifted its position in shares of Solventum Co. (NYSE:SOLV - Free Report) by 738.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 566,623 shares of the company's stock after purchasing an additional 499,031 shares during the period. Assenagon Asset Management S.A. owned 0.33% of Solventum worth $43,086,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the company. Handelsbanken Fonder AB lifted its position in shares of Solventum by 10.6% during the first quarter. Handelsbanken Fonder AB now owns 38,700 shares of the company's stock valued at $2,943,000 after purchasing an additional 3,700 shares in the last quarter. Abacus FCF Advisors LLC lifted its position in shares of Solventum by 2.8% during the first quarter. Abacus FCF Advisors LLC now owns 14,144 shares of the company's stock valued at $1,076,000 after purchasing an additional 385 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Solventum by 37.0% during the first quarter. GAMMA Investing LLC now owns 4,560 shares of the company's stock valued at $347,000 after purchasing an additional 1,231 shares in the last quarter. Harbor Capital Advisors Inc. lifted its position in shares of Solventum by 27.6% during the first quarter. Harbor Capital Advisors Inc. now owns 59,915 shares of the company's stock valued at $4,556,000 after purchasing an additional 12,950 shares in the last quarter. Finally, Farther Finance Advisors LLC lifted its position in shares of Solventum by 140.6% during the first quarter. Farther Finance Advisors LLC now owns 1,821 shares of the company's stock valued at $139,000 after purchasing an additional 1,064 shares in the last quarter.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. KeyCorp assumed coverage on shares of Solventum in a research report on Friday, June 6th. They set a "sector weight" rating on the stock. Morgan Stanley raised their price objective on shares of Solventum from $73.00 to $80.00 and gave the stock an "equal weight" rating in a report on Wednesday, March 5th. Mizuho raised 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 raised their price objective on shares of Solventum from $80.00 to $85.00 and gave the stock a "neutral" rating in a report on Wednesday, February 26th. Finally, Wells Fargo & Company raised their price objective on shares of Solventum from $73.00 to $75.00 and gave the stock an "equal weight" rating in a report on Friday, February 28th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $80.29.

Solventum Price Performance

Shares of SOLV stock traded up $0.64 during trading hours on Monday, reaching $74.44. The stock had a trading volume of 655,608 shares, compared to its average volume of 1,196,694. The stock's fifty day simple moving average is $70.21 and its 200 day simple moving average is $71.67. The company has a current ratio of 1.15, a quick ratio of 0.83 and a debt-to-equity ratio of 2.45. Solventum Co. has a 12 month low of $47.16 and a 12 month high of $85.92. The firm has a market capitalization of $12.88 billion, a PE ratio of 34.46, a PEG ratio of 1.94 and a beta of 0.54.

Solventum (NYSE:SOLV - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.15. The company had revenue of $2.07 billion for the quarter, compared to the consensus estimate of $2.02 billion. During the same quarter in the previous year, the firm earned $2.08 earnings per share. The company's revenue for the quarter was up 2.7% compared to the same quarter last year. On average, equities research analysts predict that Solventum Co. will post 6.58 EPS for the current year.

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.