Envestnet Asset Management Inc. Invests $6.75 Million in Solventum Co. (NYSE:SOLV)

Envestnet Asset Management Inc. acquired a new stake in Solventum Co. (NYSE:SOLV) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 127,590 shares of the company’s stock, valued at approximately $6,747,000. Envestnet Asset Management Inc. owned 0.07% of Solventum as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Deseret Mutual Benefit Administrators purchased a new stake in shares of Solventum in the 2nd quarter worth about $25,000. Partnership Wealth Management LLC purchased a new position in shares of Solventum during the 2nd quarter worth approximately $26,000. Richard W. Paul & Associates LLC acquired a new position in shares of Solventum during the 2nd quarter worth approximately $26,000. Family Firm Inc. purchased a new stake in Solventum in the 2nd quarter valued at approximately $26,000. Finally, M&R Capital Management Inc. acquired a new position in shares of Solventum in the second quarter worth $27,000.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Wolfe Research initiated coverage on Solventum in a research note on Thursday. They issued a “peer perform” rating for the company. Bank of America decreased their target price 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. The Goldman Sachs Group upped their price target on shares of Solventum from $48.00 to $54.00 and gave the stock a “sell” rating in a research report on Monday, August 12th. Argus assumed coverage on shares of Solventum in a report on Monday, June 24th. They issued a “hold” rating on the stock. Finally, Morgan Stanley dropped their price objective on Solventum from $70.00 to $55.00 and set an “equal weight” rating for the company in a report on Monday, July 15th. One research analyst has rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $58.25.

Solventum Trading Down 0.8 %

Shares of SOLV opened at $67.57 on Monday. Solventum Co. has a one year low of $47.16 and a one year high of $96.05. The stock has a 50-day moving average price of $62.70. 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 earnings results on Thursday, August 8th. The company reported $1.56 earnings per share for the quarter, beating the consensus estimate of $1.46 by $0.10. The business had revenue of $2.08 billion for the quarter, compared to analysts’ expectations of $2.05 billion. The firm’s revenue was up .2% on a year-over-year basis. Equities analysts forecast that Solventum Co. will post 6.38 EPS for the current 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.