Newport Trust Company LLC Invests $98.98 Million in Solventum Co. (NYSE:SOLV)

Newport Trust Company LLC acquired a new position in Solventum Co. (NYSE:SOLV) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 1,871,703 shares of the company’s stock, valued at approximately $98,976,000. Newport Trust Company LLC owned approximately 1.08% of Solventum at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in SOLV. EverSource Wealth Advisors LLC acquired a new stake in shares of Solventum in the 1st quarter worth approximately $30,000. Hollencrest Capital Management bought a new position in Solventum during the 2nd quarter valued at $25,000. Deseret Mutual Benefit Administrators bought a new position in Solventum during the second quarter valued at about $25,000. Richard W. Paul & Associates LLC bought a new stake in Solventum in the second quarter worth about $26,000. Finally, Family Firm Inc. bought a new position in shares of Solventum during the 2nd quarter valued at about $26,000.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. The Goldman Sachs Group boosted their target price 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 lowered 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 report on Friday, August 9th. 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 report on Tuesday, June 25th. Argus assumed coverage on Solventum in a report on Monday, June 24th. They set a “hold” rating on the stock. 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 assigned a hold rating to the stock. Based on data from MarketBeat, Solventum has a consensus rating of “Hold” and an average target price of $58.25.

Solventum Stock Up 0.3 %

SOLV opened at $72.32 on Friday. The company has a debt-to-equity ratio of 2.90, a current ratio of 1.31 and a quick ratio of 0.96. Solventum Co. has a fifty-two week low of $47.16 and a fifty-two week high of $96.05. The business’s 50-day moving average price is $60.59.

Solventum (NYSE:SOLV) last issued its quarterly earnings data on Thursday, August 8th. The company reported $1.56 earnings per share for the quarter, beating the consensus estimate of $1.46 by $0.10. The business had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.05 billion. The firm’s revenue was up .2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Solventum Co. will post 6.38 EPS for the current fiscal year.

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.