Solventum (NYSE:SOLV) Issues FY 2024 Earnings Guidance

Solventum (NYSE:SOLV) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 6.500-6.650 for the period, compared to the consensus estimate of 6.380. The company issued revenue guidance of -. Solventum also updated its FY24 guidance to $6.50-6.65 EPS.

Solventum Trading Down 3.5 %

Shares of Solventum stock traded down $2.64 during trading on Friday, reaching $72.43. The company’s stock had a trading volume of 2,159,241 shares, compared to its average volume of 955,053. The company has a 50-day moving average price of $70.08 and a two-hundred day moving average price of $62.02. Solventum has a fifty-two week low of $47.16 and a fifty-two week high of $96.05. 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 (NYSE:SOLV) last posted its quarterly earnings data on Thursday, August 8th. The company reported $1.56 EPS for the quarter, beating analysts’ consensus estimates of $1.46 by $0.10. The business had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.05 billion. The business’s revenue was up .2% compared to the same quarter last year. On average, equities research analysts expect that Solventum will post 6.59 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have weighed in on the company. The Goldman Sachs Group increased their price objective on Solventum from $48.00 to $54.00 and gave the stock a “sell” rating in a research report on Monday, August 12th. Wells Fargo & Company dropped their price objective 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 reduced their target price on shares of Solventum from $70.00 to $55.00 and set an “equal weight” rating for the company in a research note on Monday, July 15th. Piper Sandler increased their price target on shares of Solventum from $71.00 to $75.00 and gave the stock a “neutral” rating in a report on Friday. Finally, Wolfe Research assumed coverage on Solventum in a report on Thursday, September 26th. They issued a “peer perform” rating on the stock. One analyst has rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $65.00.

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.