Piper Sandler Raises Solventum (NYSE:SOLV) Price Target to $94.00

Key Points

• Piper Sandler has raised the price target for Solventum (NYSE:SOLV) from $87.00 to $94.00, indicating a potential upside of 30.58% from its previous close.
• Other analysts have also upgraded their ratings on Solventum, with Morgan Stanley setting a new target of $103.00 and Argus targeting $90.00.
• Solventum reported a quarterly earnings per share (EPS) of $1.69, surpassing analysts' expectations and showing a revenue increase of 3.8% compared to the previous year.

Solventum (NYSE:SOLV - Get Free Report) had its price target boosted by research analysts at Piper Sandler from $87.00 to $94.00 in a research note issued on Friday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Piper Sandler's price objective indicates a potential upside of 30.58% from the stock's previous close.

A number of other equities analysts also recently commented on the stock. Morgan Stanley raised shares of Solventum from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $80.00 to $103.00 in a report on Tuesday, July 15th. 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. Finally, KeyCorp assumed coverage on Solventum in a research note on Friday, June 6th. They set a "sector weight" rating for the company. One research 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's stock. According to data from MarketBeat.com, Solventum has an average rating of "Hold" and an average price target of $85.25.

Solventum Trading Down 0.8%

SOLV opened at $71.99 on Friday. The stock has a market capitalization of $12.45 billion, a PE ratio of 33.33, a P/E/G ratio of 1.86 and a beta of 0.52. The company has a debt-to-equity ratio of 2.40, a current ratio of 1.19 and a quick ratio of 0.85. Solventum has a 12-month low of $55.62 and a 12-month high of $85.92. The firm's fifty day moving average price is $74.20 and its 200 day moving average price is $73.01.

Solventum (NYSE:SOLV - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported $1.69 EPS for the quarter, topping the consensus estimate of $1.45 by $0.24. The business had revenue of $2.16 billion for the quarter, compared to analysts' expectations of $2.12 billion. Solventum had a net margin of 4.55% and a return on equity of 31.01%. The company's quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter last year, the company posted $1.56 earnings per share. As a group, research analysts expect that Solventum will post 6.58 EPS for the current fiscal year.

Hedge Funds Weigh In On Solventum

Several hedge funds have recently modified their holdings of the company. Independent Franchise Partners LLP grew its position in Solventum by 263.1% in the first quarter. Independent Franchise Partners LLP now owns 5,820,724 shares of the company's stock worth $442,608,000 after buying an additional 4,217,570 shares during the last quarter. Boston Partners boosted its stake in shares of Solventum by 101.3% during the 1st quarter. Boston Partners now owns 3,361,973 shares of the company's stock worth $255,554,000 after acquiring an additional 1,691,565 shares in the last quarter. Trian Fund Management L.P. grew its holdings in shares of Solventum by 18.8% in the 4th quarter. Trian Fund Management L.P. now owns 8,462,819 shares of the company's stock worth $559,054,000 after acquiring an additional 1,336,564 shares during the last quarter. Assenagon Asset Management S.A. raised its position in shares of Solventum by 738.3% during the first quarter. Assenagon Asset Management S.A. now owns 566,623 shares of the company's stock worth $43,086,000 after purchasing an additional 499,031 shares during the period. Finally, Nuveen LLC purchased a new stake in shares of Solventum during the first quarter valued at $35,375,000.

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.

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