Prudential PLC Has $1.20 Million Stake in Solventum Corporation (NYSE:SOLV)

Key Points

• Prudential PLC has reduced its stake in Solventum Corporation by 47.6%, holding 15,763 shares worth approximately $1.20 million after selling 14,327 shares in the first quarter.
• Solventum posted better-than-expected earnings of $1.69 per share for the quarter, exceeding analysts' estimates of $1.45, and reported a revenue of $2.16 billion, up 3.8% year-over-year.
• Analysts have given Solventum a consensus rating of "Hold" with an average price target of $85.75, while several firms have upgraded their ratings, with Morgan Stanley setting a price target of $103.00.

Prudential PLC decreased its holdings in Solventum Corporation (NYSE:SOLV - Free Report) by 47.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 15,763 shares of the company's stock after selling 14,327 shares during the quarter. Prudential PLC's holdings in Solventum were worth $1,199,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Envestnet Asset Management Inc. raised its position in shares of Solventum by 0.9% in 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 in the last quarter. Federated Hermes Inc. raised its position in shares of Solventum by 231.3% in 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 in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Solventum in the 4th quarter valued at approximately $18,583,000. Sterling Capital Management LLC raised its position in shares of Solventum by 52.6% in 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 in the last quarter. Finally, Gabelli Funds LLC raised its position in shares of Solventum by 15.3% in the 4th quarter. Gabelli Funds LLC now owns 3,656 shares of the company's stock valued at $242,000 after buying an additional 485 shares in the last quarter.

Solventum Trading Down 2.3%

SOLV opened at $71.50 on Friday. Solventum Corporation has a fifty-two week low of $58.61 and a fifty-two week high of $85.92. The company has a debt-to-equity ratio of 2.14, a current ratio of 1.22 and a quick ratio of 0.86. The firm has a market capitalization of $12.40 billion, a price-to-earnings ratio of 33.10, a PEG ratio of 1.77 and a beta of 0.52. The company's 50 day moving average price is $74.02 and its two-hundred day moving average price is $72.94.

Solventum (NYSE:SOLV - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $1.69 earnings per share for the quarter, topping 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 for the quarter, compared to analyst estimates of $2.12 billion. During the same period in the previous year, the firm posted $1.56 EPS. The company's revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, research analysts predict that Solventum Corporation will post 6.58 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. KeyCorp assumed coverage on shares of Solventum in a research report on Friday, June 6th. They set a "sector weight" rating for the company. 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. Wall Street Zen upgraded shares of Solventum from a "buy" rating to a "strong-buy" rating in a research report on Saturday. Wells Fargo & Company upped their price objective 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. Finally, Morgan Stanley upgraded shares of Solventum from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $80.00 to $103.00 in a research report on Tuesday, July 15th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target 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.

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