Allspring Global Investments Holdings LLC Trims Position in Solventum Co. (NYSE:SOLV)

Allspring Global Investments Holdings LLC lowered its position in shares of Solventum Co. (NYSE:SOLV) by 94.1% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 11,751 shares of the company’s stock after selling 188,372 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Solventum were worth $819,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. National Bank of Canada FI raised its position in Solventum by 4.0% in the second quarter. National Bank of Canada FI now owns 6,093 shares of the company’s stock worth $314,000 after acquiring an additional 236 shares in the last quarter. Mather Group LLC. acquired a new stake in Solventum during the 3rd quarter valued at $27,000. Massmutual Trust Co. FSB ADV lifted its holdings in Solventum by 64.9% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 1,072 shares of the company’s stock valued at $75,000 after purchasing an additional 422 shares in the last quarter. Lwmg LLC grew its stake in Solventum by 3.7% in the 3rd quarter. Lwmg LLC now owns 12,401 shares of the company’s stock worth $865,000 after acquiring an additional 443 shares during the period. Finally, EverSource Wealth Advisors LLC acquired a new stake in Solventum in the 1st quarter worth about $30,000.

Solventum Trading Down 1.3 %

Shares of SOLV stock opened at $72.59 on Friday. The company has a current ratio of 1.31, a quick ratio of 0.96 and a debt-to-equity ratio of 2.90. The company’s fifty day moving average price is $68.68 and its two-hundred day moving average price is $61.57. Solventum Co. has a 12 month low of $47.16 and a 12 month high of $96.05.

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

Analyst Ratings Changes

A number of analysts have recently issued reports on SOLV shares. Morgan Stanley decreased 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. Stifel Nicolaus began coverage on shares of Solventum in a research note on Tuesday, October 8th. They set a “buy” rating and a $82.00 price objective for the company. Piper Sandler started coverage on shares of Solventum in a research report on Monday, October 7th. They issued a “neutral” rating and a $71.00 price objective for the company. Wolfe Research assumed coverage on shares of Solventum in a report on Thursday, September 26th. They set a “peer perform” rating on the stock. Finally, The Goldman Sachs Group increased their price target on Solventum from $48.00 to $54.00 and gave the company a “sell” rating in a report on Monday, August 12th. One analyst has rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $64.33.

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.