Keybank National Association OH Trims Stock Position in Solventum Corporation (NYSE:SOLV)

Keybank National Association OH lowered its position in shares of Solventum Corporation (NYSE:SOLV - Free Report) by 8.9% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 38,629 shares of the company's stock after selling 3,757 shares during the quarter. Keybank National Association OH's holdings in Solventum were worth $2,937,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Norges Bank purchased a new position in Solventum in the fourth quarter worth $203,740,000. Boston Partners acquired a new position in shares of Solventum during the 4th quarter worth $110,378,000. Trian Fund Management L.P. grew its stake in shares of Solventum by 18.8% during 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 during the period. Independent Franchise Partners LLP increased its holdings in shares of Solventum by 105.0% in the 4th quarter. Independent Franchise Partners LLP now owns 1,603,154 shares of the company's stock valued at $105,904,000 after purchasing an additional 821,272 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its stake in shares of Solventum by 738.3% in the first quarter. Assenagon Asset Management S.A. now owns 566,623 shares of the company's stock valued at $43,086,000 after purchasing an additional 499,031 shares during the period.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Piper Sandler upgraded shares of Solventum from a "neutral" rating to an "overweight" rating and upped their target price for the stock from $78.00 to $87.00 in a research report on Monday, May 19th. KeyCorp began coverage on Solventum in a research note on Friday, June 6th. They issued a "sector weight" rating for the company. Finally, Argus upgraded Solventum from a "hold" rating to a "buy" rating and set a $90.00 target price on the stock in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $81.50.

Solventum Price Performance

Solventum stock traded down $0.35 during mid-day trading on Friday, hitting $77.90. 474,266 shares of the company were exchanged, compared to its average volume of 1,124,466. 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 12-month low of $47.16 and a 12-month high of $85.92. The business's 50 day simple moving average is $72.66 and its two-hundred day simple moving average is $72.14. The company has a market capitalization of $13.48 billion, a P/E ratio of 36.06, a PEG ratio of 2.01 and a beta of 0.55.

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 analysts' consensus estimates of $1.19 by $0.15. The firm 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 quarterly revenue was up 2.7% compared to the same quarter last year. During the same quarter last year, the business posted $2.08 EPS. Analysts forecast that Solventum Corporation will post 6.58 earnings per share 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.