Royal Bank of Canada Has $19.12 Million Position in Solventum Corporation $SOLV

Key Points

• Royal Bank of Canada sold 68,014 shares of Solventum Corporation ($SOLV), reducing its ownership by 21.3% and holding 0.15% of the company worth approximately $19.1 million.
• Solventum reported a quarterly EPS of $1.69, exceeding analysts' expectations, with a revenue of $2.16 billion, which was also above consensus forecasts.
• Equity analysts have adjusted their price targets for Solventum; Piper Sandler increased its target to $94.00, while Wells Fargo raised theirs to $79.00.

Royal Bank of Canada cut its holdings in shares of Solventum Corporation (NYSE:SOLV - Free Report) by 21.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 251,409 shares of the company's stock after selling 68,014 shares during the quarter. Royal Bank of Canada owned approximately 0.15% of Solventum worth $19,116,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Rossby Financial LCC acquired a new position in Solventum during the first quarter valued at approximately $25,000. Strengthening Families & Communities LLC boosted its position in Solventum by 376.8% during the first quarter. Strengthening Families & Communities LLC now owns 329 shares of the company's stock valued at $25,000 after purchasing an additional 260 shares during the last quarter. Raiffeisen Bank International AG acquired a new position in Solventum during the fourth quarter valued at approximately $29,000. Hara Capital LLC acquired a new position in Solventum during the first quarter valued at approximately $38,000. Finally, Smartleaf Asset Management LLC boosted its position in Solventum by 193.4% during the first quarter. Smartleaf Asset Management LLC now owns 534 shares of the company's stock valued at $40,000 after purchasing an additional 352 shares during the last quarter.

Analyst Ratings Changes

Several research analysts recently commented on the company. Wall Street Zen cut Solventum from a "strong-buy" rating to a "buy" rating in a research report on Tuesday. Jefferies Financial Group initiated coverage on Solventum in a research report on Thursday. They issued a "hold" rating and a $80.00 price objective for the company. Morgan Stanley raised Solventum from an "equal weight" rating to an "overweight" rating and raised their price target for the company from $80.00 to $103.00 in a report on Tuesday, July 15th. Piper Sandler reaffirmed an "overweight" rating and set a $94.00 price objective (up from $87.00) on shares of Solventum in a research report 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 report on Friday, August 8th. Four research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Solventum has a consensus rating of "Hold" and an average target price of $85.11.

Solventum Price Performance

Solventum stock traded down $0.47 during mid-day trading on Friday, reaching $73.32. 1,572,374 shares of the company were exchanged, compared to its average volume of 1,124,566. The company has a fifty day simple moving average of $73.18 and a 200-day simple moving average of $72.73. Solventum Corporation has a 12 month low of $60.70 and a 12 month 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 cap of $12.71 billion, a PE ratio of 13.20, a PEG ratio of 3.02 and a beta of 0.53.

Solventum (NYSE:SOLV - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $1.69 EPS for the quarter, topping analysts' consensus estimates of $1.45 by $0.24. Solventum had a return on equity of 29.93% and a net margin of 4.52%.The firm had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.12 billion. During the same quarter last year, the company earned $1.56 EPS. The company's revenue was up 3.8% on a year-over-year basis. Solventum has set its FY 2025 guidance at 5.800-5.950 EPS. As a group, equities research analysts expect that Solventum Corporation will post 6.58 earnings per share for the current fiscal year.

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.