Nuance Investments LLC Has $53.26 Million Stock Holdings in Solventum Corporation (NYSE:SOLV)

Key Points

• Nuance Investments LLC has significantly reduced its position in Solventum Corporation by 48.4% in the first quarter, now holding approximately 700,370 shares worth $53.26 million.
• Several research analysts have issued new ratings for Solventum, with Argus upgrading it to a "buy" and setting a price target of $90.00, while Morgan Stanley raised their target to $103.00.
• Solventum reported earnings of $1.69 per share for the last quarter, surpassing expectations and showing a 3.8% increase in revenue year-over-year.

Nuance Investments LLC cut its position in Solventum Corporation (NYSE:SOLV - Free Report) by 48.4% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 700,370 shares of the company's stock after selling 655,847 shares during the quarter. Solventum comprises 3.5% of Nuance Investments LLC's holdings, making the stock its 11th biggest position. Nuance Investments LLC owned approximately 0.40% of Solventum worth $53,256,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Perigon Wealth Management LLC grew its stake in shares of Solventum by 3.8% in the 1st quarter. Perigon Wealth Management LLC now owns 4,352 shares of the company's stock worth $331,000 after purchasing an additional 159 shares during the last quarter. SouthState Corp grew its stake in shares of Solventum by 31.9% in the 1st quarter. SouthState Corp now owns 699 shares of the company's stock worth $53,000 after purchasing an additional 169 shares during the last quarter. MassMutual Private Wealth & Trust FSB grew its stake in shares of Solventum by 22.3% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 937 shares of the company's stock worth $71,000 after purchasing an additional 171 shares during the last quarter. EP Wealth Advisors LLC grew its stake in shares of Solventum by 3.6% in the 4th quarter. EP Wealth Advisors LLC now owns 5,272 shares of the company's stock worth $348,000 after purchasing an additional 181 shares during the last quarter. Finally, Brown Lisle Cummings Inc. grew its stake in shares of Solventum by 22.0% in the 1st quarter. Brown Lisle Cummings Inc. now owns 1,038 shares of the company's stock worth $79,000 after purchasing an additional 187 shares during the last quarter.

Solventum Stock Up 3.1%

SOLV traded up $2.22 on Wednesday, reaching $74.31. 844,679 shares of the company traded hands, compared to its average volume of 692,272. The stock's 50 day moving average price is $74.12 and its 200-day moving average price is $72.98. Solventum Corporation has a 52-week low of $57.48 and a 52-week high of $85.92. The company has a market cap of $12.88 billion, a price-to-earnings ratio of 34.40, a PEG ratio of 3.04 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 announced its quarterly earnings data on Thursday, August 7th. The company reported $1.69 EPS for the quarter, beating analysts' consensus estimates of $1.45 by $0.24. The firm had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.12 billion. Solventum had a net margin of 4.52% and a return on equity of 29.93%. The firm's revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the firm posted $1.56 earnings per share. On average, sell-side analysts expect that Solventum Corporation will post 6.58 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Argus raised shares of 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, July 1st. KeyCorp assumed coverage on shares of Solventum in a research report on Friday, June 6th. They issued a "sector weight" rating on the stock. Morgan Stanley raised shares of Solventum from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $80.00 to $103.00 in a research report on Tuesday, July 15th. Piper Sandler reissued an "overweight" rating and issued a $94.00 target price (up from $87.00) on shares of Solventum in a research report on Friday, August 8th. Finally, Wells Fargo & Company lifted their target price on shares of Solventum from $75.00 to $79.00 and gave the stock an "equal weight" rating in a research report on Friday, August 8th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $85.75.

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.