Assenagon Asset Management S.A. Buys 313,058 Shares of Solventum Co. (NYSE:SOLV)

Assenagon Asset Management S.A. increased its stake in Solventum Co. (NYSE:SOLV) by 4,765.0% during the third quarter, Holdings Channel reports. The firm owned 319,628 shares of the company’s stock after acquiring an additional 313,058 shares during the period. Assenagon Asset Management S.A.’s holdings in Solventum were worth $22,284,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of SOLV. Romano Brothers AND Company bought a new stake in shares of Solventum during the 3rd quarter worth approximately $230,000. International Assets Investment Management LLC grew its position in Solventum by 5,118.4% in the third quarter. International Assets Investment Management LLC now owns 129,261 shares of the company’s stock valued at $9,012,000 after acquiring an additional 126,784 shares during the last quarter. Waldron Private Wealth LLC acquired a new position in Solventum during the third quarter worth about $72,000. Eastern Bank bought a new position in shares of Solventum in the third quarter worth about $105,000. Finally, Sequoia Financial Advisors LLC boosted its stake in shares of Solventum by 8.3% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 5,737 shares of the company’s stock valued at $400,000 after purchasing an additional 441 shares in the last quarter.

Wall Street Analyst Weigh In

Several brokerages recently commented on SOLV. Wolfe Research initiated coverage on shares of Solventum in a research note on Thursday, September 26th. They issued a “peer perform” rating for the company. Morgan Stanley lowered their target price on Solventum from $70.00 to $55.00 and set an “equal weight” rating for the company in a report on Monday, July 15th. Wells Fargo & Company cut their price target on Solventum from $69.00 to $64.00 and set an “equal weight” rating on the stock in a research note on Friday, August 9th. Piper Sandler initiated coverage on Solventum in a research note on Monday, October 7th. They issued a “neutral” rating and a $71.00 price objective for the company. Finally, 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. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $64.33.

Solventum Stock Performance

NYSE:SOLV opened at $73.19 on Friday. 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 Co. has a fifty-two week low of $47.16 and a fifty-two week high of $96.05. The company has a 50 day simple moving average of $67.31 and a two-hundred day simple moving average of $61.27.

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