Kornitzer Capital Management Inc. KS Buys New Stake in Solventum Co. (NYSE:SOLV)

Kornitzer Capital Management Inc. KS acquired a new position in shares of Solventum Co. (NYSE:SOLV) in the second quarter, Holdings Channel.com reports. The firm acquired 10,394 shares of the company’s stock, valued at approximately $550,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Deseret Mutual Benefit Administrators purchased a new position in Solventum during the second quarter valued at $25,000. Partnership Wealth Management LLC purchased a new position in Solventum during the second quarter valued at $26,000. Richard W. Paul & Associates LLC purchased a new position in Solventum during the second quarter valued at $26,000. Family Firm Inc. purchased a new position in Solventum during the second quarter valued at $26,000. Finally, M&R Capital Management Inc. purchased a new position in Solventum during the second quarter valued at $27,000.

Wall Street Analyst Weigh In

Several research firms have issued reports on SOLV. Morgan Stanley decreased their price objective on shares of Solventum from $70.00 to $55.00 and set an “equal weight” rating on the stock in a report on Monday, July 15th. BTIG Research began coverage on shares of Solventum in a research report on Thursday. They issued a “neutral” rating for the company. Bank of America reduced their target price on shares of Solventum from $70.00 to $60.00 and set a “neutral” rating for the company in a research report on Tuesday, June 25th. The Goldman Sachs Group increased their target price on shares of Solventum from $48.00 to $54.00 and gave the company a “sell” rating in a research report on Monday, August 12th. Finally, Argus began coverage on shares of Solventum in a research report on Monday, June 24th. They issued a “hold” rating for the company. One research analyst has rated the stock with a sell rating and six have given a hold rating to the company’s stock. According to data from MarketBeat.com, Solventum presently has an average rating of “Hold” and a consensus price target of $58.25.

Solventum Stock Performance

Solventum stock opened at $66.20 on Friday. Solventum Co. has a 12-month low of $47.16 and a 12-month high of $96.05. The stock’s 50-day moving average price is $56.95. The company has a quick ratio of 0.96, a current ratio of 1.31 and a debt-to-equity ratio of 2.90.

Solventum (NYSE:SOLV) last released its quarterly earnings data on Thursday, August 8th. The company reported $1.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.10. The firm had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.05 billion. The business’s quarterly revenue was up .2% compared to the same quarter last year. On average, equities research analysts expect that Solventum Co. will post 6.38 earnings per share for the current fiscal year.

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.