Royal Bank of Canada Acquires 76,757 Shares of Solventum Co. (NYSE:SOLV)

Royal Bank of Canada raised its position in Solventum Co. (NYSE:SOLV - Free Report) by 31.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 319,423 shares of the company's stock after buying an additional 76,757 shares during the period. Royal Bank of Canada owned 0.18% of Solventum worth $21,101,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Clarity Asset Management Inc. bought a new stake in Solventum during the 4th quarter worth approximately $25,000. Stonebridge Financial Group LLC acquired a new stake in shares of Solventum in the fourth quarter valued at $26,000. Raiffeisen Bank International AG bought a new position in shares of Solventum in the fourth quarter valued at about $29,000. Crews Bank & Trust acquired a new position in Solventum during the 4th quarter worth about $32,000. Finally, Synergy Asset Management LLC bought a new stake in Solventum during the 4th quarter worth about $35,000.

Solventum Trading Up 0.2%

Shares of NYSE:SOLV traded up $0.13 during mid-day trading on Friday, reaching $72.74. The stock had a trading volume of 331,466 shares, compared to its average volume of 1,238,235. The firm has a 50 day simple moving average of $69.48 and a two-hundred day simple moving average of $71.27. Solventum Co. has a twelve month low of $47.16 and a twelve month high of $85.92. The firm has a market cap of $12.59 billion and a PE ratio of 33.75. The company has a current ratio of 1.15, a quick ratio of 0.83 and a debt-to-equity ratio of 2.45.

Solventum (NYSE:SOLV - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.15. The firm had revenue of $2.07 billion during the quarter, compared to analyst estimates of $2.02 billion. During the same quarter last year, the business posted $2.08 earnings per share. The company's revenue for the quarter was up 2.7% on a year-over-year basis. On average, research analysts predict that Solventum Co. will post 6.58 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on SOLV shares. Bank of America increased their price target on shares of Solventum from $80.00 to $85.00 and gave the company a "neutral" rating in a research note on Wednesday, February 26th. Wells Fargo & Company increased their price objective on Solventum from $73.00 to $75.00 and gave the company an "equal weight" rating in a research report on Friday, February 28th. Mizuho boosted their target price on Solventum from $70.00 to $82.00 and gave the stock a "neutral" rating in a research report on Monday, March 3rd. The Goldman Sachs Group raised their price target on Solventum from $63.00 to $71.00 and gave the company a "sell" rating in a report on Monday, March 3rd. Finally, Piper Sandler raised Solventum from a "neutral" rating to an "overweight" rating and boosted their price objective for the stock from $78.00 to $87.00 in a report on Monday, May 19th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $80.29.

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.