Solventum (NYSE:SOLV) Price Target Raised to $79.00 at Wells Fargo & Company

Key Points

• Wells Fargo & Company has raised its price target for Solventum from $75.00 to $79.00, suggesting an potential upside of 8.12% from the previous close.
• Solventum's stock has recently traded at $73.07 with a market capitalization of $12.64 billion, reflecting a 1.5% increase.
• The company reported earnings of $1.69 per share for the last quarter, exceeding analysts' expectations and marking a 3.8% increase in revenue year-over-year.

Solventum (NYSE:SOLV - Free Report) had its target price lifted by Wells Fargo & Company from $75.00 to $79.00 in a report issued on Friday morning,Benzinga reports. The firm currently has an equal weight rating on the stock.

SOLV has been the topic of several other reports. Morgan Stanley raised shares of Solventum from an "equal weight" rating to an "overweight" rating and increased their target price for the stock from $80.00 to $103.00 in a research note on Tuesday, July 15th. KeyCorp initiated coverage on shares of Solventum in a research note on Friday, June 6th. They set a "sector weight" rating on the stock. Piper Sandler increased their target price on shares of Solventum from $87.00 to $94.00 and gave the stock an "overweight" rating in a research note on Friday. Finally, Argus upgraded Solventum from a "hold" rating to a "buy" rating and set a $90.00 target price on the stock in a report on Tuesday, July 1st. One research analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $85.75.

Solventum Trading Up 1.9%

NYSE:SOLV traded up $1.39 on Friday, reaching $73.34. 1,758,120 shares of the stock traded hands, compared to its average volume of 629,965. The firm has a market capitalization of $12.69 billion, a price-to-earnings ratio of 33.95, a price-to-earnings-growth ratio of 1.88 and a beta of 0.52. Solventum has a 1-year low of $56.69 and a 1-year high of $85.92. The company has a current ratio of 1.19, a quick ratio of 0.85 and a debt-to-equity ratio of 2.40. The company's 50 day moving average is $74.21 and its 200-day moving average is $73.00.

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, beating analysts' consensus estimates 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 4.52% and a return on equity of 31.14%. The business's quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.56 earnings per share. Equities research analysts anticipate that Solventum will post 6.58 EPS for the current fiscal year.

Institutional Investors Weigh In On Solventum

A number of hedge funds have recently made changes to their positions in the business. Clarity Asset Management Inc. purchased a new stake in Solventum during the fourth quarter valued at about $25,000. Rossby Financial LCC bought a new position in shares of Solventum in the first quarter worth approximately $25,000. Strengthening Families & Communities LLC increased its position in shares of Solventum by 376.8% in the first quarter. Strengthening Families & Communities LLC now owns 329 shares of the company's stock worth $25,000 after purchasing an additional 260 shares during the last quarter. Raiffeisen Bank International AG bought a new position in shares of Solventum in the fourth quarter worth approximately $29,000. Finally, Barrett & Company Inc. increased its position in shares of Solventum by 206.2% in the second quarter. Barrett & Company Inc. now owns 398 shares of the company's stock worth $30,000 after purchasing an additional 268 shares during the last quarter.

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.