Sumitomo Mitsui DS Asset Management Company Ltd Takes Position in Solventum Co. (NYSE:SOLV)

Sumitomo Mitsui DS Asset Management Company Ltd bought a new position in shares of Solventum Co. (NYSE:SOLV) during the 2nd quarter, HoldingsChannel.com reports. The fund bought 14,336 shares of the company’s stock, valued at approximately $758,000.

A number of other hedge funds also recently added to or reduced their stakes in SOLV. Bank of New York Mellon Corp acquired a new stake in shares of Solventum in the second quarter valued at $48,487,000. Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in Solventum in the 2nd quarter valued at about $24,533,000. Raymond James & Associates purchased a new position in shares of Solventum in the 2nd quarter valued at about $16,986,000. Railway Pension Investments Ltd acquired a new position in shares of Solventum during the second quarter worth about $12,652,000. Finally, Allspring Global Investments Holdings LLC purchased a new stake in shares of Solventum during the second quarter worth approximately $10,583,000.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Morgan Stanley reduced their price objective on shares of 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 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. Argus assumed coverage on Solventum in a report on Monday, June 24th. They set a “hold” rating for the company. The Goldman Sachs Group increased their price objective on Solventum from $48.00 to $54.00 and gave the company a “sell” rating in a report on Monday, August 12th. Finally, Bank of America decreased their target price on Solventum from $70.00 to $60.00 and set a “neutral” rating for the company in a research note on Tuesday, June 25th. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $58.25.

Solventum Stock Performance

NYSE SOLV opened at $64.11 on Monday. The company has a fifty day moving average of $55.60. 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 released its quarterly earnings results on Thursday, August 8th. The company reported $1.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.46 by $0.10. The firm had revenue of $2.08 billion for the quarter, compared to analysts’ expectations of $2.05 billion. The business’s revenue was up .2% on a year-over-year basis. As a group, analysts predict that Solventum Co. will post 6.38 EPS for the current year.

Solventum Company 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.