Davis Selected Advisers Has $402.11 Million Stock Position in Solventum Corporation (NYSE:SOLV)

Key Points

• Davis Selected Advisers has increased its stake in Solventum Corporation to $402.11 million, owning over 5 million shares, making it the institutional investor's 18th largest position.
• Solventum reported earnings of $1.69 per share, surpassing analyst expectations, and had a revenue of $2.16 billion for the quarter.
• Equities analysts have been bullish on Solventum, with price targets rising, including a notable upgrade from Piper Sandler to $87.00.

Davis Selected Advisers raised its position in shares of Solventum Corporation (NYSE:SOLV - Free Report) by 0.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,288,138 shares of the company's stock after buying an additional 41,524 shares during the quarter. Solventum accounts for 2.3% of Davis Selected Advisers' portfolio, making the stock its 18th largest position. Davis Selected Advisers owned about 3.06% of Solventum worth $402,110,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in the business. National Bank of Canada FI increased its holdings in Solventum by 55.0% in the first quarter. National Bank of Canada FI now owns 105,334 shares of the company's stock worth $8,009,000 after buying an additional 37,357 shares during the last quarter. Citigroup Inc. grew its holdings in Solventum by 72.7% during the first quarter. Citigroup Inc. now owns 128,637 shares of the company's stock valued at $9,782,000 after purchasing an additional 54,164 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Solventum by 8.5% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 250,063 shares of the company's stock valued at $19,015,000 after acquiring an additional 19,628 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Solventum by 2.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,173,960 shares of the company's stock valued at $89,268,000 after acquiring an additional 24,762 shares during the period. Finally, Nicholas Hoffman & Company LLC. boosted its position in shares of Solventum by 25.4% in the first quarter. Nicholas Hoffman & Company LLC. now owns 8,292 shares of the company's stock valued at $631,000 after acquiring an additional 1,678 shares during the period.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on SOLV. Piper Sandler raised their target price on Solventum from $87.00 to $94.00 and gave the stock an "overweight" rating in a research report on Friday. Morgan Stanley upgraded Solventum from an "equal weight" rating to an "overweight" rating and raised their target price for the company from $80.00 to $103.00 in a research note on Tuesday, July 15th. Argus upgraded Solventum from a "hold" rating to a "buy" rating and set a $90.00 target price for the company in a research note on Tuesday, July 1st. Wells Fargo & Company lifted their price objective on Solventum from $75.00 to $79.00 and gave the stock an "equal weight" rating in a research report on Friday. Finally, KeyCorp began coverage on Solventum in a research report on Friday, June 6th. They issued a "sector weight" rating for the company. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $85.75.

Solventum Stock Up 1.9%

Shares of NYSE:SOLV traded up $1.39 during trading on Friday, hitting $73.34. 1,758,120 shares of the company's stock traded hands, compared to its average volume of 629,965. Solventum Corporation has a 52 week low of $56.69 and a 52 week high of $85.92. The company has a current ratio of 1.19, a quick ratio of 0.85 and a debt-to-equity ratio of 2.40. The company has a market cap of $12.69 billion, a price-to-earnings ratio of 33.95, a price-to-earnings-growth ratio of 1.88 and a beta of 0.52. The company has a 50-day moving average price of $74.21 and a 200-day moving average price of $73.00.

Solventum (NYSE:SOLV - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported $1.69 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.45 by $0.24. Solventum had a return on equity of 31.14% and a net margin of 4.52%. The business had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.12 billion. During the same quarter last year, the firm earned $1.56 EPS. Solventum's revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, research analysts forecast that Solventum Corporation will post 6.58 EPS for the current fiscal year.

About Solventum

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.