Proffitt & Goodson Inc. Buys Shares of 1,520 Solventum Co. (NYSE:SOLV)

Proffitt & Goodson Inc. purchased a new position in Solventum Co. (NYSE:SOLV) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 1,520 shares of the company’s stock, valued at approximately $80,000.

Other large investors have also recently made changes to their positions in the company. American National Bank purchased a new stake in Solventum during the 2nd quarter valued at about $113,000. Busey Bank purchased a new position in Solventum during the second quarter worth approximately $382,000. TFC Financial Management Inc. acquired a new position in Solventum during the second quarter worth $98,000. Harvey Investment Co. LLC purchased a new stake in Solventum in the 2nd quarter valued at $836,000. Finally, Caldwell Sutter Capital Inc. acquired a new stake in shares of Solventum in the 2nd quarter worth $41,000.

Solventum Stock Up 0.2 %

Shares of Solventum stock traded up $0.11 during trading hours on Thursday, reaching $59.77. 710,421 shares of the company were exchanged, compared to its average volume of 2,078,542. The firm has a fifty day moving average of $54.54. Solventum Co. has a 1 year low of $47.16 and a 1 year high of $96.05. The company has a current ratio of 1.31, a quick ratio of 0.96 and a debt-to-equity ratio of 2.90.

Solventum (NYSE:SOLV) last posted its quarterly earnings results 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 company had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.05 billion. The firm’s quarterly revenue was up .2% on a year-over-year basis. As a group, equities analysts expect that Solventum Co. will post 6.4 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have weighed in on SOLV shares. The Goldman Sachs Group boosted their target price on shares of Solventum from $48.00 to $54.00 and gave the company a “sell” rating in a report on Monday, August 12th. Argus initiated coverage on shares of Solventum in a research note on Monday, June 24th. They set a “hold” rating for the company. Wells Fargo & Company reduced their price target on shares of Solventum from $69.00 to $64.00 and set an “equal weight” rating on the stock in a research note on Friday, August 9th. Morgan Stanley cut their target price on Solventum from $70.00 to $55.00 and set an “equal weight” rating on the stock in a research report on Monday, July 15th. Finally, Bank of America dropped their price objective 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 analyst has rated the stock with a sell rating and five have issued a hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $58.25.

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.