Salem Investment Counselors Inc. Sells 2,069 Shares of Solventum Co. (NYSE:SOLV)

Salem Investment Counselors Inc. lessened its holdings in Solventum Co. (NYSE:SOLV) by 24.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,405 shares of the company’s stock after selling 2,069 shares during the period. Salem Investment Counselors Inc.’s holdings in Solventum were worth $487,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Solventum during the 4th quarter worth $203,740,000. Boston Partners acquired a new stake in shares of Solventum during the fourth quarter valued at about $110,378,000. Trian Fund Management L.P. boosted its stake in shares of Solventum by 18.8% during the fourth quarter. Trian Fund Management L.P. now owns 8,462,819 shares of the company’s stock valued at $559,054,000 after purchasing an additional 1,336,564 shares in the last quarter. Independent Franchise Partners LLP boosted its stake in shares of Solventum by 105.0% during the fourth quarter. Independent Franchise Partners LLP now owns 1,603,154 shares of the company’s stock valued at $105,904,000 after purchasing an additional 821,272 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its position in shares of Solventum by 738.3% during the first quarter. Assenagon Asset Management S.A. now owns 566,623 shares of the company’s stock worth $43,086,000 after acquiring an additional 499,031 shares during the last quarter.

Solventum Stock Performance

NYSE:SOLV opened at $73.61 on Friday. The company has a debt-to-equity ratio of 2.45, a quick ratio of 0.83 and a current ratio of 1.15. Solventum Co. has a 52-week low of $47.16 and a 52-week high of $85.92. The firm has a market cap of $12.74 billion, a price-to-earnings ratio of 34.08, a PEG ratio of 1.94 and a beta of 0.54. The business’s fifty day moving average is $69.98 and its 200 day moving average is $71.66.

Solventum (NYSE:SOLV) last announced its earnings results on Thursday, May 8th. The company reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.15. The business had revenue of $2.07 billion during the quarter, compared to the consensus estimate of $2.02 billion. Solventum’s revenue was up 2.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.08 earnings per share. Research analysts predict that Solventum Co. will post 6.58 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Piper Sandler upgraded Solventum from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $78.00 to $87.00 in a research report on Monday, May 19th. Mizuho raised their price objective on Solventum from $70.00 to $82.00 and gave the company a “neutral” rating in a research note on Monday, March 3rd. Bank of America lifted their target price on Solventum from $80.00 to $85.00 and gave the company a “neutral” rating in a research report on Wednesday, February 26th. Wells Fargo & Company lifted their target price on Solventum from $73.00 to $75.00 and gave the company an “equal weight” rating in a research report on Friday, February 28th. Finally, The Goldman Sachs Group boosted their price objective on Solventum from $63.00 to $71.00 and gave the stock a “sell” rating in a research report on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $80.29.

Solventum 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.