WASHINGTON TRUST Co Has $49,000 Position in Solventum Corporation (NYSE:SOLV)

by · The Cerbat Gem

WASHINGTON TRUST Co reduced its holdings in Solventum Corporation (NYSE:SOLV – Free Report) by 48.1% during the 1st quarter, Holdings Channel reports. The institutional investor owned 649 shares of the company’s stock after selling 601 shares during the quarter. WASHINGTON TRUST Co’s holdings in Solventum were worth $49,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Solventum by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 16,266,893 shares of the company’s stock valued at $1,074,591,000 after acquiring an additional 75,631 shares during the period. Trian Fund Management L.P. grew its position in shares of Solventum by 18.8% in the 4th quarter. Trian Fund Management L.P. now owns 8,462,819 shares of the company’s stock valued at $559,054,000 after acquiring an additional 1,336,564 shares during the period. Geode Capital Management LLC grew its position in shares of Solventum by 3.4% in the 4th quarter. Geode Capital Management LLC now owns 3,460,405 shares of the company’s stock valued at $227,992,000 after acquiring an additional 112,686 shares during the period. Norges Bank bought a new position in shares of Solventum in the 4th quarter valued at about $203,740,000. Finally, Invesco Ltd. grew its position in shares of Solventum by 6.4% in the 4th quarter. Invesco Ltd. now owns 2,923,119 shares of the company’s stock valued at $193,101,000 after acquiring an additional 176,201 shares during the period.

Analysts Set New Price Targets

A number of research analysts have recently commented on SOLV shares. Argus raised shares of Solventum from a “hold” rating to a “buy” rating and set a $90.00 price objective for the company in a research report on Tuesday. KeyCorp began coverage on shares of Solventum in a report on Friday, June 6th. They set a “sector weight” rating for the company. Morgan Stanley lifted their target price on shares of Solventum from $73.00 to $80.00 and gave the stock an “equal weight” rating in a report on Wednesday, March 5th. Finally, Piper Sandler raised shares of Solventum from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $78.00 to $87.00 in a report on Monday, May 19th. One analyst has rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $81.50.

Read Our Latest Stock Report on Solventum

Solventum Stock Performance

NYSE SOLV opened at $77.87 on Wednesday. The company has a quick ratio of 0.85, a current ratio of 1.19 and a debt-to-equity ratio of 2.40. The company has a market capitalization of $13.47 billion, a P/E ratio of 36.05, a P/E/G ratio of 1.94 and a beta of 0.55. Solventum Corporation has a 12-month low of $47.16 and a 12-month high of $85.92. The firm has a 50-day moving average price of $71.98 and a two-hundred day moving average price of $71.97.

Solventum (NYSE:SOLV – Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.19 by $0.15. The firm had revenue of $2.07 billion during the quarter, compared to the consensus estimate of $2.02 billion. Solventum had a net margin of 4.55% and a return on equity of 31.01%. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.08 EPS. Analysts anticipate that Solventum Corporation will post 6.58 earnings per share for the current year.

About Solventum

(Free Report)

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.

See Also

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