Lord Abbett & CO. LLC Purchases New Stake in Solventum Corporation $SOLV

Key Points

• Lord Abbett & CO. LLC invested approximately $23.57 million in Solventum Corporation by acquiring 310,000 shares, representing about 0.18% of the company.
• Solventum reported a net revenue of $2.16 billion for the last quarter, surpassing analyst expectations and achieving a 3.8% year-over-year increase.
• Wall Street analysts have diverse ratings on Solventum, with target prices ranging from $79.00 to $103.00, indicating a generally positive outlook for the company’s stock.

Lord Abbett & CO. LLC purchased a new stake in shares of Solventum Corporation (NYSE:SOLV - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 310,000 shares of the company's stock, valued at approximately $23,572,000. Lord Abbett & CO. LLC owned about 0.18% of Solventum at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in SOLV. Envestnet Asset Management Inc. lifted its holdings in shares of Solventum by 0.9% during the 4th quarter. Envestnet Asset Management Inc. now owns 180,629 shares of the company's stock valued at $11,932,000 after buying an additional 1,665 shares during the last quarter. Federated Hermes Inc. lifted its holdings in shares of Solventum by 231.3% during the 4th quarter. Federated Hermes Inc. now owns 2,359 shares of the company's stock valued at $156,000 after buying an additional 1,647 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Solventum during the 4th quarter valued at about $18,583,000. Sterling Capital Management LLC lifted its holdings in shares of Solventum by 52.6% during the 4th quarter. Sterling Capital Management LLC now owns 8,507 shares of the company's stock valued at $562,000 after buying an additional 2,932 shares during the last quarter. Finally, Gabelli Funds LLC lifted its holdings in Solventum by 15.3% in the 4th quarter. Gabelli Funds LLC now owns 3,656 shares of the company's stock worth $242,000 after purchasing an additional 485 shares during the last quarter.

Wall Street Analysts Forecast Growth

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

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 transaction of $646,360,000.00. Following the sale, the insider owned 25,569,190 shares in the company, valued at approximately $1,878,057,005.50. This represents a 25.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.05% of the company's stock.

Solventum Price Performance

Solventum stock traded up $1.4470 during mid-day trading on Tuesday, hitting $72.2070. 1,156,683 shares of the company were exchanged, compared to its average volume of 1,090,311. The company has a quick ratio of 0.86, a current ratio of 1.22 and a debt-to-equity ratio of 2.14. The business has a fifty day moving average of $73.93 and a 200 day moving average of $72.89. Solventum Corporation has a 1-year low of $58.76 and a 1-year high of $85.92. The company has a market capitalization of $12.52 billion, a PE ratio of 33.43, a price-to-earnings-growth ratio of 1.73 and a beta of 0.52.

Solventum (NYSE:SOLV - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $1.69 earnings per share (EPS) 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 analyst estimates of $2.12 billion. During the same period in the prior year, the company posted $1.56 earnings per share. The business's revenue for the quarter was up 3.8% compared to the same quarter last year. Solventum has set its FY 2025 guidance at 5.800-5.950 EPS. As a group, sell-side analysts expect that Solventum Corporation will post 6.58 earnings per share for the current 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.