Eastern Bank Makes New $105,000 Investment in Solventum Co. (NYSE:SOLV)

Eastern Bank purchased a new position in shares of Solventum Co. (NYSE:SOLV) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,509 shares of the company’s stock, valued at approximately $105,000.

A number of other large investors have also modified their holdings of the stock. Sequoia Financial Advisors LLC increased its position in shares of Solventum by 8.3% during the third quarter. Sequoia Financial Advisors LLC now owns 5,737 shares of the company’s stock worth $400,000 after acquiring an additional 441 shares during the period. Foundations Investment Advisors LLC purchased a new stake in shares of Solventum during the third quarter worth $345,000. Copeland Capital Management LLC purchased a new stake in shares of Solventum during the third quarter worth $26,000. Blue Trust Inc. purchased a new stake in shares of Solventum during the third quarter worth $538,000. Finally, QV Investors Inc. increased its position in shares of Solventum by 59.4% during the third quarter. QV Investors Inc. now owns 250,562 shares of the company’s stock worth $17,469,000 after acquiring an additional 93,370 shares during the period.

Wall Street Analysts Forecast Growth

SOLV has been the topic of a number of recent research reports. BTIG Research initiated coverage on Solventum in a research report on Thursday, September 5th. They set a “neutral” rating on the stock. Morgan Stanley dropped their target price on Solventum from $70.00 to $55.00 and set an “equal weight” rating on the stock in a report on Monday, July 15th. Wells Fargo & Company dropped their target price on Solventum from $69.00 to $64.00 and set an “equal weight” rating on the stock in a report on Friday, August 9th. The Goldman Sachs Group increased their target price on Solventum from $48.00 to $54.00 and gave the company a “sell” rating in a report on Monday, August 12th. Finally, Stifel Nicolaus started coverage on Solventum in a report on Tuesday, October 8th. They issued a “buy” rating and a $82.00 target price on the stock. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus 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 quick ratio of 0.96 and a current ratio of 1.31. Solventum Co. has a 1 year low of $47.16 and a 1 year high of $96.05. The company has a fifty day moving average of $67.31 and a two-hundred day moving average of $61.27.

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, beating the consensus estimate 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 business’s revenue was up .2% compared to the same quarter last year. On average, equities analysts anticipate 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.