Solventum Corporation (NYSE:SOLV) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. lessened its position in shares of Solventum Corporation (NYSE:SOLV - Free Report) by 17.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 199,273 shares of the company's stock after selling 41,560 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.12% of Solventum worth $15,153,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Clarity Asset Management Inc. acquired a new position in shares of Solventum during the 4th quarter worth $25,000. Rossby Financial LCC acquired a new position in shares of Solventum during the 1st quarter worth $25,000. Raiffeisen Bank International AG acquired a new position in shares of Solventum during the 4th quarter worth $29,000. Colonial Trust Co SC raised its stake in shares of Solventum by 240.7% during the 4th quarter. Colonial Trust Co SC now owns 511 shares of the company's stock worth $34,000 after buying an additional 361 shares during the last quarter. Finally, Hara Capital LLC acquired a new position in shares of Solventum during the 1st quarter worth $38,000.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Argus upgraded 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. KeyCorp assumed coverage on Solventum in a report on Friday, June 6th. They issued a "sector weight" rating for the company. Morgan Stanley upgraded Solventum from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $80.00 to $103.00 in a report on Tuesday, July 15th. Finally, Piper Sandler upgraded Solventum from a "neutral" rating to an "overweight" rating and lifted their price target for the company from $78.00 to $87.00 in a report on Monday, May 19th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Solventum has a consensus rating of "Hold" and an average price target of $84.38.

Solventum Stock Up 2.1%

Shares of NYSE:SOLV opened at $73.24 on Tuesday. The company has a debt-to-equity ratio of 2.40, a quick ratio of 0.85 and a current ratio of 1.19. Solventum Corporation has a 1 year low of $54.26 and a 1 year high of $85.92. The stock has a market capitalization of $12.67 billion, a P/E ratio of 33.91, a PEG ratio of 1.84 and a beta of 0.52. The stock has a 50-day simple moving average of $74.21 and a 200-day simple moving average of $73.03.

Solventum (NYSE:SOLV - Get Free Report) last released its quarterly 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. The firm had revenue of $2.07 billion for the quarter, compared to analyst estimates of $2.02 billion. Solventum had a return on equity of 31.01% and a net margin of 4.55%. Solventum's revenue for the quarter was up 2.7% on a year-over-year basis. During the same period in the previous year, the company posted $2.08 EPS. Equities analysts forecast that Solventum Corporation will post 6.58 earnings per share for the current 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.