Farmers Trust Co. Purchases 22,639 Shares of Solventum Co. (NYSE:SOLV)

Farmers Trust Co. raised its holdings in Solventum Co. (NYSE:SOLV) by 38.4% in the third quarter, Holdings Channel reports. The fund owned 81,598 shares of the company’s stock after acquiring an additional 22,639 shares during the period. Farmers Trust Co.’s holdings in Solventum were worth $5,689,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Davis Selected Advisers bought a new stake in shares of Solventum in the second quarter valued at about $273,070,000. Nuance Investments LLC acquired a new stake in shares of Solventum in the second quarter valued at approximately $115,829,000. Newport Trust Company LLC bought a new stake in shares of Solventum in the second quarter worth $98,976,000. Baupost Group LLC MA acquired a new position in Solventum during the second quarter worth $96,242,000. Finally, Magnetar Financial LLC increased its stake in Solventum by 2,880.8% in the 2nd quarter. Magnetar Financial LLC now owns 1,490,410 shares of the company’s stock valued at $78,813,000 after buying an additional 1,440,410 shares during the last quarter.

Solventum Stock Down 0.5 %

Shares of Solventum stock opened at $67.26 on Friday. The firm’s fifty day simple moving average is $63.61. Solventum Co. has a 1 year low of $47.16 and a 1 year high of $96.05. The company has a debt-to-equity ratio of 2.90, a current ratio of 1.31 and a quick ratio of 0.96.

Solventum (NYSE:SOLV) last announced its quarterly earnings results on Thursday, August 8th. The company reported $1.56 EPS for the quarter, beating analysts’ consensus estimates of $1.46 by $0.10. The company had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.05 billion. The company’s quarterly revenue was up .2% on a year-over-year basis. Sell-side analysts predict that Solventum Co. will post 6.38 EPS for the current year.

Wall Street Analyst Weigh In

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

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.