Exchange Traded Concepts LLC Sells 13,622 Shares of Solventum Corporation (NYSE:SOLV)

Exchange Traded Concepts LLC decreased its holdings in shares of Solventum Corporation (NYSE:SOLV - Free Report) by 93.0% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,028 shares of the company's stock after selling 13,622 shares during the period. Exchange Traded Concepts LLC's holdings in Solventum were worth $78,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in shares of Solventum by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 16,266,893 shares of the company's stock valued at $1,074,591,000 after acquiring an additional 75,631 shares in the last quarter. Trian Fund Management L.P. increased 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 in the last quarter. Geode Capital Management LLC raised its stake in shares of Solventum by 3.4% in the fourth 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 position in shares of Solventum during the fourth quarter valued at $203,740,000. Finally, Invesco Ltd. lifted its holdings in shares of Solventum by 6.4% during the fourth quarter. Invesco Ltd. now owns 2,923,119 shares of the company's stock valued at $193,101,000 after purchasing an additional 176,201 shares in the last quarter.

Solventum Stock Performance

SOLV stock traded down $0.05 during midday trading on Wednesday, reaching $74.93. 553,077 shares of the company's stock traded hands, compared to its average volume of 1,150,484. The company has a current ratio of 1.19, a quick ratio of 0.85 and a debt-to-equity ratio of 2.40. Solventum Corporation has a 52-week low of $47.16 and a 52-week high of $85.92. The stock has a market cap of $12.96 billion, a P/E ratio of 34.69, a PEG ratio of 1.88 and a beta of 0.54. The stock's 50-day moving average is $70.95 and its 200 day moving average is $71.77.

Solventum (NYSE:SOLV - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $1.34 EPS for the quarter, topping the consensus estimate of $1.19 by $0.15. The firm had revenue of $2.07 billion during the quarter, compared to analyst estimates of $2.02 billion. Solventum had a return on equity of 31.01% and a net margin of 4.55%. Solventum's revenue was up 2.7% on a year-over-year basis. During the same period in the prior year, the business posted $2.08 EPS. As a group, analysts anticipate that Solventum Corporation will post 6.58 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on SOLV shares. Morgan Stanley boosted their target price on Solventum from $73.00 to $80.00 and gave the stock an "equal weight" rating in a research report on Wednesday, March 5th. Piper Sandler upgraded shares of Solventum from a "neutral" rating to an "overweight" rating and lifted their price target for the stock from $78.00 to $87.00 in a research note on Monday, May 19th. Bank of America increased their price objective on shares of Solventum from $80.00 to $85.00 and gave the company a "neutral" rating in a research report on Wednesday, February 26th. The Goldman Sachs Group lifted their target price on shares of Solventum from $63.00 to $71.00 and gave the stock a "sell" rating in a research report on Monday, March 3rd. Finally, KeyCorp started coverage on shares of Solventum in a research note on Friday, June 6th. They set a "sector weight" rating for the company. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $80.29.

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.