Ethic Inc. Has $1.46 Million Stake in Solventum Corporation $SOLV

Key Points

• Ethic Inc. increased its stake in Solventum Corporation by 129.6%, now holding shares worth approximately $1.46 million after acquiring additional shares in the 1st quarter.
• Insider activity saw major shareholder 3M sell 8.8 million shares for about $646.36 million, decreasing their ownership by 25.60%.
• Analysts have given Solventum a mix of ratings, with a "strong-buy" from Wall Street Zen and varied price targets, indicating potential future growth.

Ethic Inc. grew its position in Solventum Corporation (NYSE:SOLV - Free Report) by 129.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 19,074 shares of the company's stock after purchasing an additional 10,766 shares during the quarter. Ethic Inc.'s holdings in Solventum were worth $1,456,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Rossby Financial LCC acquired a new position in shares of Solventum in the first quarter valued at approximately $25,000. Strengthening Families & Communities LLC grew its position in shares of Solventum by 376.8% in the first quarter. Strengthening Families & Communities LLC now owns 329 shares of the company's stock valued at $25,000 after purchasing an additional 260 shares during the last quarter. Clarity Asset Management Inc. acquired a new position in shares of Solventum in the fourth quarter valued at approximately $25,000. Raiffeisen Bank International AG acquired a new position in shares of Solventum in the fourth quarter valued at approximately $29,000. Finally, Hara Capital LLC acquired a new position in shares of Solventum in the first quarter valued at approximately $38,000.

Insider Activity at Solventum

In other news, major shareholder Co 3M sold 8,800,000 shares of the stock in a transaction on Friday, August 15th. The stock was sold at an average price of $73.45, for a total value of $646,360,000.00. Following the completion of the transaction, the insider directly owned 25,569,190 shares in the company, valued at approximately $1,878,057,005.50. This represents a 25.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.05% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on SOLV shares. Argus upgraded Solventum from a "hold" rating to a "buy" rating and set a $90.00 price target for the company in a research note on Tuesday, July 1st. KeyCorp started coverage on Solventum in a research note on Friday, June 6th. They issued a "sector weight" rating for the company. Wall Street Zen upgraded Solventum from a "buy" rating to a "strong-buy" rating in a research note on Saturday. Wells Fargo & Company boosted their price target on Solventum from $75.00 to $79.00 and gave the company an "equal weight" rating in a research note on Friday, August 8th. Finally, Piper Sandler reiterated an "overweight" rating and issued a $94.00 price target (up from $87.00) on shares of Solventum in a research note on Friday, August 8th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $85.75.

Solventum Stock Down 0.8%

NYSE SOLV opened at $70.87 on Tuesday. The business has a fifty day moving average price of $73.93 and a two-hundred day moving average price of $72.89. The company has a debt-to-equity ratio of 2.14, a current ratio of 1.22 and a quick ratio of 0.86. Solventum Corporation has a fifty-two week low of $58.76 and a fifty-two week high of $85.92. The stock has a market capitalization of $12.29 billion, a PE ratio of 32.81, a PEG ratio of 1.73 and a beta of 0.52.

Solventum (NYSE:SOLV - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $1.69 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.24. Solventum had a return on equity of 29.93% and a net margin of 4.52%. The firm had revenue of $2.16 billion during the quarter, compared to analysts' expectations of $2.12 billion. During the same period in the prior year, the company earned $1.56 earnings per share. The company's quarterly revenue was up 3.8% on a year-over-year basis. Equities analysts expect that Solventum Corporation will post 6.58 earnings per share 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.

Want to see what other hedge funds are holding SOLV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Solventum Corporation (NYSE:SOLV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.