Massachusetts Financial Services Co. MA Buys Shares of 12,575 Solventum Corporation (NYSE:SOLV)

Massachusetts Financial Services Co. MA purchased a new position in shares of Solventum Corporation (NYSE:SOLV - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 12,575 shares of the company's stock, valued at approximately $956,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Solventum during the 4th quarter valued at about $203,740,000. Trian Fund Management L.P. raised its holdings in shares of Solventum by 18.8% during the fourth quarter. Trian Fund Management L.P. now owns 8,462,819 shares of the company's stock valued at $559,054,000 after acquiring an additional 1,336,564 shares during the period. Independent Franchise Partners LLP increased its stake in 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 buying an additional 821,272 shares during the period. Assenagon Asset Management S.A. boosted its holdings in Solventum by 738.3% in the 1st 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. Finally, Wedge Capital Management L L P NC boosted its holdings in Solventum by 570.0% in the 1st quarter. Wedge Capital Management L L P NC now owns 504,392 shares of the company's stock valued at $38,354,000 after purchasing an additional 429,109 shares during the period.

Solventum Trading Up 0.4%

Shares of Solventum stock traded up $0.31 during trading hours on Thursday, hitting $74.71. The company's stock had a trading volume of 133,058 shares, compared to its average volume of 1,062,029. The firm has a fifty day moving average of $74.20 and a 200-day moving average of $72.81. Solventum Corporation has a twelve month low of $54.26 and a twelve month high of $85.92. The stock has a market cap of $12.92 billion, a price-to-earnings ratio of 34.58, a P/E/G ratio of 1.87 and a beta of 0.55. The company has a debt-to-equity ratio of 2.40, a quick ratio of 0.85 and a current ratio of 1.19.

Solventum (NYSE:SOLV - Get Free Report) last released its quarterly earnings results 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 business's revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.08 earnings per share. Research analysts forecast that Solventum Corporation will post 6.58 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on SOLV. Argus upgraded shares of Solventum from a "hold" rating to a "buy" rating and set a $90.00 price objective for the company in a research report on Tuesday, July 1st. Piper Sandler raised shares of Solventum from a "neutral" rating to an "overweight" rating and upped their price target for the stock from $78.00 to $87.00 in a research report on Monday, May 19th. Morgan Stanley raised shares of Solventum from an "equal weight" rating to an "overweight" rating and raised their target price for the company from $80.00 to $103.00 in a report on Tuesday, July 15th. Finally, KeyCorp began coverage on shares of Solventum in a research report on Friday, June 6th. They issued a "sector weight" rating on the stock. One research analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $84.38.

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.