Bank of New York Mellon Corp Sells 21,824 Shares of Solventum Corporation (NYSE:SOLV)

Bank of New York Mellon Corp reduced its stake in shares of Solventum Corporation (NYSE:SOLV - Free Report) by 2.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 921,875 shares of the company's stock after selling 21,824 shares during the quarter. Bank of New York Mellon Corp owned 0.53% of Solventum worth $70,099,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of SOLV. Vanguard Group Inc. raised its stake in shares of Solventum by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 16,266,893 shares of the company's stock valued at $1,074,591,000 after buying an additional 75,631 shares in the last quarter. Trian Fund Management L.P. grew its holdings in shares of Solventum by 18.8% in the 4th 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 last quarter. Geode Capital Management LLC grew its holdings in shares of Solventum by 3.4% in the 4th quarter. Geode Capital Management LLC now owns 3,460,405 shares of the company's stock worth $227,992,000 after purchasing an additional 112,686 shares during the last quarter. Norges Bank bought a new stake in Solventum during the 4th quarter worth about $203,740,000. Finally, Invesco Ltd. grew its holdings in Solventum by 6.4% during the 4th quarter. Invesco Ltd. now owns 2,923,119 shares of the company's stock worth $193,101,000 after acquiring an additional 176,201 shares during the last quarter.

Analysts Set New Price Targets

A number of research firms have issued reports on SOLV. KeyCorp began coverage on shares of Solventum in a research report on Friday, June 6th. They set a "sector weight" rating on the stock. Argus upgraded shares of Solventum from a "hold" rating to a "buy" rating and set a $90.00 price target on the stock in a research report on Tuesday, July 1st. Piper Sandler upgraded shares of Solventum from a "neutral" rating to an "overweight" rating and increased their price target for the company from $78.00 to $87.00 in a research report on Monday, May 19th. Finally, Morgan Stanley upgraded shares of Solventum from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $80.00 to $103.00 in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Solventum has an average rating of "Hold" and an average target price of $84.38.

Solventum Stock Down 0.5%

SOLV stock traded down $0.38 during mid-day trading on Tuesday, hitting $73.69. 758,077 shares of the company were exchanged, compared to its average volume of 1,107,000. 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 firm has a market cap of $12.75 billion, a P/E ratio of 34.11, a P/E/G ratio of 1.89 and a beta of 0.55. The firm's 50 day simple moving average is $73.67 and its 200 day simple moving average is $72.55. Solventum Corporation has a 1-year low of $47.16 and a 1-year high of $85.92.

Solventum (NYSE:SOLV - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.15. The company had revenue of $2.07 billion during the quarter, compared to analysts' expectations of $2.02 billion. Solventum had a net margin of 4.55% and a return on equity of 31.01%. The business's quarterly revenue was up 2.7% on a year-over-year basis. During the same period last year, the business earned $2.08 EPS. On average, sell-side analysts predict that Solventum Corporation will post 6.58 EPS for the current fiscal 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.