Mackenzie Financial Corp Has $2.91 Million Stake in Solventum Corporation (NYSE:SOLV)

Key Points

• Mackenzie Financial Corp reduced its stake in Solventum Corporation by 9.1%, owning 38,248 shares worth approximately $2.9 million after selling 3,847 shares.
• Solventum reported $1.34 earnings per share for the last quarter, exceeding analyst estimates and showing a 2.7% revenue increase from the previous year.
• Several analysts have raised their ratings on Solventum, with Argus recommending a "buy" rating and setting a price target of $90.00 for the stock.

Mackenzie Financial Corp decreased its stake in Solventum Corporation (NYSE:SOLV - Free Report) by 9.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 38,248 shares of the company's stock after selling 3,847 shares during the quarter. Mackenzie Financial Corp's holdings in Solventum were worth $2,908,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SOLV. Trian Fund Management L.P. increased its stake in Solventum by 18.8% in the fourth quarter. Trian Fund Management L.P. now owns 8,462,819 shares of the company's stock valued at $559,054,000 after purchasing an additional 1,336,564 shares in the last quarter. Independent Franchise Partners LLP grew its stake in Solventum by 105.0% in the fourth quarter. Independent Franchise Partners LLP now owns 1,603,154 shares of the company's stock valued at $105,904,000 after acquiring an additional 821,272 shares during the period. Assenagon Asset Management S.A. grew its position in shares of Solventum by 738.3% in the 1st quarter. Assenagon Asset Management S.A. now owns 566,623 shares of the company's stock valued at $43,086,000 after purchasing an additional 499,031 shares during the period. Wedge Capital Management L L P NC raised its holdings in Solventum by 570.0% during the 1st quarter. Wedge Capital Management L L P NC now owns 504,392 shares of the company's stock worth $38,354,000 after buying an additional 429,109 shares during the period. Finally, GAMMA Investing LLC lifted its stake in Solventum by 10,315.8% in the first quarter. GAMMA Investing LLC now owns 346,742 shares of the company's stock valued at $26,366,000 after buying an additional 343,413 shares in the last quarter.

Wall Street Analyst Weigh In

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

Solventum Stock Performance

Shares of SOLV traded up $1.51 during midday trading on Monday, reaching $73.24. The stock had a trading volume of 849,523 shares, compared to its average volume of 1,040,836. The company has a current ratio of 1.19, a quick ratio of 0.85 and a debt-to-equity ratio of 2.40. Solventum Corporation has a one year low of $54.26 and a one year high of $85.92. The firm has a 50 day simple moving average of $74.17 and a 200-day simple moving average of $73.03. The firm has a market cap of $12.67 billion, a PE ratio of 33.91, a P/E/G ratio of 1.84 and a beta of 0.53.

Solventum (NYSE:SOLV - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $1.34 EPS for the quarter, topping the consensus estimate of $1.19 by $0.15. Solventum had a net margin of 4.55% and a return on equity of 31.01%. The company had revenue of $2.07 billion for the quarter, compared to analysts' expectations of $2.02 billion. During the same period last year, the firm earned $2.08 earnings per share. The business's revenue for the quarter was up 2.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Solventum Corporation will post 6.58 EPS 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.