Wedge Capital Management L L P NC Acquires 429,109 Shares of Solventum Co. (NYSE:SOLV)

Wedge Capital Management L L P NC grew its holdings in shares of Solventum Co. (NYSE:SOLV - Free Report) by 570.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 504,392 shares of the company's stock after acquiring an additional 429,109 shares during the period. Wedge Capital Management L L P NC owned 0.29% of Solventum worth $38,354,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in SOLV. Clarity Asset Management Inc. bought a new stake in Solventum in the fourth quarter valued at $25,000. Stonebridge Financial Group LLC bought a new stake in Solventum in the 4th quarter valued at about $26,000. Raiffeisen Bank International AG acquired a new position in Solventum during the 4th quarter worth approximately $29,000. Colonial Trust Co SC raised its stake in 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 period. Finally, Spire Wealth Management bought a new position in Solventum in the fourth quarter worth approximately $37,000.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on SOLV. Wells Fargo & Company upped their target price on Solventum from $73.00 to $75.00 and gave the stock an "equal weight" rating in a research report on Friday, February 28th. Morgan Stanley upped their price objective on shares of Solventum from $73.00 to $80.00 and gave the stock an "equal weight" rating in a report on Wednesday, March 5th. KeyCorp began coverage on shares of Solventum in a report on Friday, June 6th. They set a "sector weight" rating for the company. The Goldman Sachs Group upped their target price on shares of Solventum from $63.00 to $71.00 and gave the stock a "sell" rating in a report on Monday, March 3rd. Finally, Bank of America lifted their price target on Solventum from $80.00 to $85.00 and gave the company a "neutral" rating in a research note on Wednesday, February 26th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat.com, Solventum currently has a consensus rating of "Hold" and an average target price of $80.29.

Solventum Stock Performance

Shares of Solventum stock traded down $1.20 during trading hours on Wednesday, hitting $74.36. 774,158 shares of the company's stock traded hands, compared to its average volume of 1,204,980. The company has a fifty day simple moving average of $69.43 and a 200-day simple moving average of $71.61. The company has a debt-to-equity ratio of 2.45, a current ratio of 1.15 and a quick ratio of 0.83. The stock has a market capitalization of $12.86 billion, a price-to-earnings ratio of 34.42, a PEG ratio of 1.94 and a beta of 0.54. Solventum Co. has a 12-month low of $47.16 and a 12-month high of $85.92.

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