Solventum Corporation (NYSE:SOLV) Shares Purchased by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. raised its position in Solventum Corporation (NYSE:SOLV - Free Report) by 7.1% during the first quarter, according to its most recent filing with the SEC. The firm owned 193,510 shares of the company's stock after purchasing an additional 12,881 shares during the period. Envestnet Asset Management Inc. owned 0.11% of Solventum worth $14,714,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Concurrent Investment Advisors LLC acquired a new position in Solventum during the 1st quarter worth approximately $216,000. IFM Investors Pty Ltd raised its position in shares of Solventum by 7.4% during the first quarter. IFM Investors Pty Ltd now owns 27,351 shares of the company's stock worth $1,907,000 after purchasing an additional 1,895 shares during the period. Calamos Advisors LLC lifted its holdings in shares of Solventum by 1.1% in the 1st quarter. Calamos Advisors LLC now owns 18,620 shares of the company's stock worth $1,416,000 after purchasing an additional 207 shares in the last quarter. Teacher Retirement System of Texas bought a new position in shares of Solventum in the 1st quarter worth $5,077,000. Finally, First Bank & Trust acquired a new stake in Solventum in the 1st quarter valued at $279,000.

Wall Street Analyst Weigh In

A number of analysts recently commented on SOLV shares. KeyCorp initiated coverage on Solventum in a report on Friday, June 6th. They set a "sector weight" rating on the stock. Argus raised shares of Solventum from a "hold" rating to a "buy" rating and set a $90.00 price objective 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 boosted their target price for the company from $78.00 to $87.00 in a research note on Monday, May 19th. Finally, Morgan Stanley raised shares of Solventum from an "equal weight" rating to an "overweight" rating and increased their target price for the company from $80.00 to $103.00 in a research report on Tuesday, July 15th. One 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's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $84.38.

Solventum Price Performance

Shares of NYSE SOLV traded down $0.57 during mid-day trading on Friday, hitting $73.29. 584,156 shares of the company's stock traded hands, compared to its average volume of 1,080,834. The company has a debt-to-equity ratio of 2.40, a current ratio of 1.19 and a quick ratio of 0.85. Solventum Corporation has a 1 year low of $53.03 and a 1 year high of $85.92. The company's 50-day moving average is $74.19 and its two-hundred day moving average is $72.71. The company has a market capitalization of $12.68 billion, a P/E ratio of 33.93, a PEG ratio of 1.88 and a beta of 0.55.

Solventum (NYSE:SOLV - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $1.34 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. Solventum had a return on equity of 31.01% and a net margin of 4.55%. Solventum's quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.08 EPS. On average, equities analysts anticipate 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.