1ST Source Bank Buys Shares of 6,615 Solventum Co. (NYSE:SOLV)

1ST Source Bank purchased a new stake in shares of Solventum Co. (NYSE:SOLV) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 6,615 shares of the company’s stock, valued at approximately $350,000.

Other institutional investors have also modified their holdings of the company. Deseret Mutual Benefit Administrators purchased a new position in Solventum during the 2nd quarter worth $25,000. Partnership Wealth Management LLC acquired a new stake in Solventum in the second quarter worth about $26,000. Richard W. Paul & Associates LLC purchased a new stake in shares of Solventum during the second quarter worth about $26,000. Family Firm Inc. acquired a new position in shares of Solventum during the second quarter valued at about $26,000. Finally, M&R Capital Management Inc. acquired a new position in shares of Solventum during the second quarter valued at about $27,000.

Solventum Stock Up 2.0 %

Shares of SOLV opened at $70.00 on Friday. The stock’s 50-day moving average is $58.72. 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 fifty-two week low of $47.16 and a fifty-two week high of $96.05.

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

Analysts Set New Price Targets

Several research firms have weighed in on SOLV. Morgan Stanley dropped their target price on shares of Solventum from $70.00 to $55.00 and set an “equal weight” rating on the stock in a research report on Monday, July 15th. Argus assumed coverage on shares of Solventum in a report on Monday, June 24th. They set a “hold” rating on the stock. Bank of America reduced 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. Wells Fargo & Company dropped 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. Finally, BTIG Research began coverage on Solventum in a research note on Thursday, September 5th. They issued a “neutral” rating for the company. One equities research analyst has rated the stock with a sell rating and six have issued a hold rating to the company. According to MarketBeat.com, Solventum presently has an average rating of “Hold” and a consensus price target of $58.25.

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.