National Bank of Canada FI Buys 37,357 Shares of Solventum Corporation (NYSE:SOLV)

Key Points

• National Bank of Canada FI increased its holdings in Solventum Corporation by 55.0% during the first quarter, now owning approximately 0.06% of the company valued at $8,009,000.
• Solventum's quarterly earnings exceeded expectations, reporting an EPS of $1.69 compared to a consensus estimate of $1.45, along with a revenue of $2.16 billion for the quarter.
• Analysts have generally positive ratings for Solventum, with one sell rating, six hold ratings, and four buy ratings; notably, Argus raised their rating to buy with a price target of $90.00.

National Bank of Canada FI grew its stake in shares of Solventum Corporation (NYSE:SOLV - Free Report) by 55.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 105,334 shares of the company's stock after purchasing an additional 37,357 shares during the period. National Bank of Canada FI owned approximately 0.06% of Solventum worth $8,009,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Rossby Financial LCC acquired a new position in shares of Solventum during the first quarter valued at about $25,000. Clarity Asset Management Inc. acquired a new stake in shares of Solventum in the 4th quarter worth about $25,000. Raiffeisen Bank International AG acquired a new stake in shares of Solventum in the 4th quarter worth about $29,000. Hara Capital LLC acquired a new stake in shares of Solventum in the 1st quarter worth about $38,000. Finally, Colonial Trust Co SC raised its holdings in shares of Solventum by 240.7% in the 4th quarter. Colonial Trust Co SC now owns 511 shares of the company's stock worth $34,000 after acquiring an additional 361 shares during the last quarter.

Solventum Stock Performance

Shares of Solventum stock traded down $1.70 on Friday, reaching $71.50. 3,952,372 shares of the company traded hands, compared to its average volume of 931,170. Solventum Corporation has a 52 week low of $58.61 and a 52 week high of $85.92. The company has a 50 day moving average of $74.02 and a 200 day moving average of $72.93. The firm has a market capitalization of $12.40 billion, a PE ratio of 33.10, a PEG ratio of 1.73 and a beta of 0.52. The company has a debt-to-equity ratio of 2.14, a current ratio of 1.22 and a quick ratio of 0.86.

Solventum (NYSE:SOLV - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $1.69 earnings per share for the quarter, beating analysts' consensus estimates of $1.45 by $0.24. Solventum had a net margin of 4.52% and a return on equity of 29.93%. The firm had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.12 billion. During the same period in the prior year, the firm earned $1.56 EPS. The company's revenue was up 3.8% compared to the same quarter last year. Equities analysts forecast that Solventum Corporation will post 6.58 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on SOLV shares. Wall Street Zen upgraded shares of Solventum from a "buy" rating to a "strong-buy" rating in a report on Saturday. KeyCorp started coverage on shares of Solventum in a report on Friday, June 6th. They issued a "sector weight" rating on the stock. Morgan Stanley upgraded shares of Solventum from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $80.00 to $103.00 in a report on Tuesday, July 15th. Piper Sandler reiterated an "overweight" rating and issued a $94.00 price objective (up previously from $87.00) on shares of Solventum in a research note on Friday, August 8th. Finally, Wells Fargo & Company increased their price objective on shares of Solventum from $75.00 to $79.00 and gave the company an "equal weight" rating in a research note on Friday, August 8th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $85.75.

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.