New York State Common Retirement Fund Lowers Stock Position in Solventum Corporation (NYSE:SOLV)

New York State Common Retirement Fund cut its position in Solventum Corporation (NYSE:SOLV - Free Report) by 24.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 67,549 shares of the company's stock after selling 21,500 shares during the quarter. New York State Common Retirement Fund's holdings in Solventum were worth $5,136,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in Solventum by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 16,266,893 shares of the company's stock valued at $1,074,591,000 after purchasing an additional 75,631 shares in the last quarter. Trian Fund Management L.P. lifted its stake in shares of Solventum by 18.8% in the fourth quarter. Trian Fund Management L.P. now owns 8,462,819 shares of the company's stock worth $559,054,000 after acquiring an additional 1,336,564 shares during the period. Geode Capital Management LLC lifted its stake in Solventum by 3.4% in the fourth quarter. Geode Capital Management LLC now owns 3,460,405 shares of the company's stock valued at $227,992,000 after buying an additional 112,686 shares during the period. Norges Bank acquired a new position in shares of Solventum during the fourth quarter worth approximately $203,740,000. Finally, Invesco Ltd. raised its position in Solventum by 6.4% in the 4th quarter. Invesco Ltd. now owns 2,923,119 shares of the company's stock valued at $193,101,000 after buying an additional 176,201 shares during the last quarter.

Analysts Set New Price Targets

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

Solventum Stock Down 0.1%

Shares of NYSE SOLV traded down $0.10 during mid-day trading on Thursday, hitting $74.31. The company had a trading volume of 216,704 shares, compared to its average volume of 1,062,620. The company has a market capitalization of $12.86 billion, a PE ratio of 34.40, a price-to-earnings-growth ratio of 1.87 and a beta of 0.55. 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 1-year low of $54.26 and a 1-year high of $85.92. The business's 50-day simple moving average is $74.20 and its 200 day simple moving average is $72.81.

Solventum (NYSE:SOLV - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.15. Solventum had a return on equity of 31.01% and a net margin of 4.55%. The company had revenue of $2.07 billion for the quarter, compared to analyst estimates of $2.02 billion. During the same quarter last year, the company posted $2.08 earnings per share. The business's quarterly revenue was up 2.7% compared to the same quarter last year. On average, analysts predict 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.