Invenomic Capital Management LP Sells 264,274 Shares of Solventum Co. (NYSE:SOLV)

Invenomic Capital Management LP trimmed its stake in Solventum Co. (NYSE:SOLV - Free Report) by 45.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 320,609 shares of the company's stock after selling 264,274 shares during the quarter. Solventum accounts for 1.0% of Invenomic Capital Management LP's portfolio, making the stock its 23rd largest position. Invenomic Capital Management LP owned about 0.19% of Solventum worth $21,179,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SOLV. Harbor Capital Advisors Inc. lifted its holdings in Solventum by 24.8% in the 4th quarter. Harbor Capital Advisors Inc. now owns 46,965 shares of the company's stock worth $3,103,000 after purchasing an additional 9,333 shares during the last quarter. Forsta AP Fonden acquired a new position in Solventum in the 4th quarter valued at $1,876,000. New York State Teachers Retirement System grew its stake in Solventum by 4.0% in the 4th quarter. New York State Teachers Retirement System now owns 124,699 shares of the company's stock valued at $8,238,000 after buying an additional 4,819 shares during the last quarter. Strategic Financial Concepts LLC acquired a new position in Solventum during the 4th quarter worth $990,000. Finally, Exchange Traded Concepts LLC grew its position in shares of Solventum by 1,593.6% in the fourth quarter. Exchange Traded Concepts LLC now owns 14,650 shares of the company's stock valued at $968,000 after purchasing an additional 13,785 shares during the last quarter.

Solventum Price Performance

NYSE SOLV traded down $2.57 on Wednesday, reaching $70.95. The company's stock had a trading volume of 1,400,643 shares, compared to its average volume of 1,264,082. Solventum Co. has a 52 week low of $47.16 and a 52 week high of $85.92. The company has a current ratio of 1.15, a quick ratio of 0.83 and a debt-to-equity ratio of 2.45. The firm has a market cap of $12.27 billion and a PE ratio of 32.85. The business has a 50-day moving average price of $69.93 and a 200 day moving average price of $71.28.

Solventum (NYSE:SOLV - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported $1.34 earnings per share for the quarter, beating analysts' consensus estimates of $1.19 by $0.15. The company had revenue of $2.07 billion for the quarter, compared to analyst estimates of $2.02 billion. During the same period in the previous year, the firm posted $2.08 earnings per share. The firm's revenue for the quarter was up 2.7% compared to the same quarter last year. Sell-side analysts expect that Solventum Co. will post 6.58 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have commented on the company. Morgan Stanley lifted their price target on Solventum from $73.00 to $80.00 and gave the stock an "equal weight" rating in a research report on Wednesday, March 5th. Wells Fargo & Company upped their target price on shares of Solventum from $73.00 to $75.00 and gave the company an "equal weight" rating in a research note on Friday, February 28th. Piper Sandler cut their price objective on shares of Solventum from $80.00 to $78.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. Mizuho lifted 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. Finally, The Goldman Sachs Group upped 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. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $79.00.

Solventum Company 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.