Assenagon Asset Management S.A. Invests $347,000 in Solventum Co. (NYSE:SOLV)

Assenagon Asset Management S.A. bought a new stake in shares of Solventum Co. (NYSE:SOLV) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 6,570 shares of the company’s stock, valued at approximately $347,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Swedbank AB purchased a new position in shares of Solventum during the 2nd quarter worth $4,711,000. Brown Lisle Cummings Inc. bought a new position in Solventum in the 2nd quarter worth $48,000. Corundum Group Inc. bought a new position in Solventum in the 2nd quarter worth $1,248,000. Mayar Capital Ltd. bought a new stake in Solventum during the second quarter valued at about $595,000. Finally, Baader Bank Aktiengesellschaft purchased a new stake in Solventum in the second quarter worth about $292,000.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on SOLV shares. Morgan Stanley lowered their price objective on Solventum from $70.00 to $55.00 and set an “equal weight” rating on the stock in a research report on Monday, July 15th. Argus assumed coverage on shares of Solventum in a report on Monday, June 24th. They set a “hold” rating on the stock. Wells Fargo & Company dropped their price target on shares of Solventum from $69.00 to $64.00 and set an “equal weight” rating for the company in a research report on Friday, August 9th. Bank of America decreased their price objective on shares of Solventum from $70.00 to $60.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 25th. Finally, The Goldman Sachs Group lifted their target price on shares of Solventum from $48.00 to $54.00 and gave the company a “sell” rating in a research note on Monday, August 12th. One analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $58.25.

Solventum Price Performance

NYSE SOLV opened at $61.40 on Friday. The company has a debt-to-equity ratio of 2.90, a quick ratio of 0.96 and a current ratio of 1.31. Solventum Co. has a 12 month low of $47.16 and a 12 month high of $96.05. The business has a 50 day simple moving average of $54.79.

Solventum (NYSE:SOLV) last released its earnings results on Thursday, August 8th. The company reported $1.56 EPS for the quarter, topping the consensus estimate of $1.46 by $0.10. The company had revenue of $2.08 billion during the quarter, compared to analysts’ expectations of $2.05 billion. Solventum’s revenue was up .2% compared to the same quarter last year. As a group, equities research analysts expect that Solventum Co. will post 6.4 earnings per share 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.