Solventum Corporation (NYSE:SOLV) Shares Sold by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC lowered its stake in shares of Solventum Corporation (NYSE:SOLV - Free Report) by 93.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,028 shares of the company's stock after selling 13,622 shares during the quarter. Exchange Traded Concepts LLC's holdings in Solventum were worth $78,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of SOLV. Vanguard Group Inc. grew its holdings in Solventum by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 16,266,893 shares of the company's stock worth $1,074,591,000 after acquiring an additional 75,631 shares in the last quarter. Trian Fund Management L.P. raised 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 valued at $559,054,000 after purchasing an additional 1,336,564 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Solventum by 3.4% during 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 acquired a new position in shares of Solventum during the fourth quarter worth $203,740,000. Finally, Invesco Ltd. grew its stake in shares of Solventum by 6.4% during the fourth quarter. Invesco Ltd. now owns 2,923,119 shares of the company's stock worth $193,101,000 after purchasing an additional 176,201 shares in the last quarter.

Solventum Stock Performance

SOLV traded up $0.75 during trading on Friday, hitting $75.38. 1,036,115 shares of the stock were exchanged, compared to its average volume of 1,129,377. The company has a quick ratio of 0.85, a current ratio of 1.19 and a debt-to-equity ratio of 2.40. Solventum Corporation has a 1-year low of $47.16 and a 1-year high of $85.92. The stock has a fifty day moving average price of $71.48 and a two-hundred day moving average price of $71.87. The firm has a market capitalization of $13.04 billion, a P/E ratio of 34.90, a PEG ratio of 1.93 and a beta of 0.54.

Solventum (NYSE:SOLV - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $1.34 earnings per share for the quarter, topping analysts' consensus estimates 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 return on equity of 31.01% and a net margin of 4.55%. The firm's revenue for the quarter was up 2.7% on a year-over-year basis. During the same period last year, the firm earned $2.08 EPS. As a group, sell-side analysts predict that Solventum Corporation will post 6.58 earnings per share for the current year.

Analysts Set New Price Targets

SOLV has been the subject of a number of recent analyst reports. The Goldman Sachs Group lifted their price target on Solventum from $63.00 to $71.00 and gave the stock a "sell" rating in a report on Monday, March 3rd. KeyCorp started coverage on Solventum in a research note on Friday, June 6th. They set a "sector weight" rating for the company. Morgan Stanley upped their price target on Solventum from $73.00 to $80.00 and gave the company an "equal weight" rating in a report on Wednesday, March 5th. Piper Sandler raised shares of Solventum from a "neutral" rating to an "overweight" rating and raised their price objective for the stock from $78.00 to $87.00 in a report on Monday, May 19th. Finally, Wells Fargo & Company upped their target price on shares of Solventum from $73.00 to $75.00 and gave the company an "equal weight" rating in a report on Friday, February 28th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target 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.