Assenagon Asset Management S.A. Increases Stake in Solventum Co. (NYSE:SOLV)

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

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Savant Capital LLC raised its holdings in shares of Solventum by 6.3% in the 4th quarter. Savant Capital LLC now owns 3,914 shares of the company's stock worth $259,000 after purchasing an additional 233 shares in the last quarter. Stonebridge Financial Group LLC purchased a new position in Solventum in the 4th quarter worth about $26,000. Kentucky Trust Co acquired a new stake in Solventum during the 4th quarter worth about $54,000. Van ECK Associates Corp lifted its stake in Solventum by 28.7% during the fourth quarter. Van ECK Associates Corp now owns 47,224 shares of the company's stock valued at $3,120,000 after buying an additional 10,530 shares in the last quarter. Finally, PrairieView Partners LLC lifted its stake in Solventum by 3.6% during the fourth quarter. PrairieView Partners LLC now owns 9,530 shares of the company's stock valued at $629,000 after buying an additional 334 shares in the last quarter.

Wall Street Analyst Weigh In

A number of research firms have issued reports on SOLV. Bank of America increased their target price on shares of Solventum from $80.00 to $85.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 26th. Mizuho raised their target price on Solventum from $70.00 to $82.00 and gave the company a "neutral" rating in a report on Monday, March 3rd. Piper Sandler upgraded Solventum from a "neutral" rating to an "overweight" rating and upped their price target for the stock from $78.00 to $87.00 in a research note on Monday, May 19th. The Goldman Sachs Group lifted their price objective on Solventum from $63.00 to $71.00 and gave the stock a "sell" rating in a report on Monday, March 3rd. Finally, Morgan Stanley increased their target price on Solventum from $73.00 to $80.00 and gave the stock an "equal weight" rating in a report on Wednesday, March 5th. One analyst has rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $80.29.

Solventum Stock Down 0.9%

Shares of Solventum stock traded down $0.68 during trading hours on Friday, reaching $73.61. The company's stock had a trading volume of 597,591 shares, compared to its average volume of 1,199,555. The stock's fifty day simple moving average is $69.77 and its two-hundred day simple moving average is $71.64. Solventum Co. has a one year low of $47.16 and a one year high of $85.92. The company has a market capitalization of $12.74 billion, a P/E ratio of 34.08, a P/E/G ratio of 1.94 and a beta of 0.54. The company has a debt-to-equity ratio of 2.45, a quick ratio of 0.83 and a current ratio of 1.15.

Solventum (NYSE:SOLV - Get Free Report) last released 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 business had revenue of $2.07 billion during the quarter, compared to the consensus estimate of $2.02 billion. The business's revenue was up 2.7% on a year-over-year basis. During the same period in the prior year, the company earned $2.08 earnings per share. On average, research analysts forecast that Solventum Co. will post 6.58 earnings per share for the current year.

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.