Magnetar Financial LLC Acquires 1,440,410 Shares of Solventum Co. (NYSE:SOLV)

Magnetar Financial LLC boosted its holdings in Solventum Co. (NYSE:SOLV) by 2,880.8% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,490,410 shares of the company’s stock after purchasing an additional 1,440,410 shares during the quarter. Solventum comprises 1.7% of Magnetar Financial LLC’s holdings, making the stock its 15th largest holding. Magnetar Financial LLC owned 0.86% of Solventum worth $78,813,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Davis Selected Advisers bought a new stake in shares of Solventum in the 2nd quarter valued at $273,070,000. Nuance Investments LLC bought a new position in shares of Solventum in the 2nd quarter worth $115,829,000. Newport Trust Company LLC bought a new stake in Solventum during the 2nd quarter valued at $98,976,000. Baupost Group LLC MA bought a new position in shares of Solventum in the second quarter valued at $96,242,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Solventum during the second quarter valued at about $48,487,000.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on SOLV shares. Morgan Stanley cut their price target on Solventum from $70.00 to $55.00 and set an “equal weight” rating for the company in a research note on Monday, July 15th. Argus initiated coverage on Solventum in a report on Monday, June 24th. They set a “hold” rating for the company. Bank of America dropped their price objective on Solventum from $70.00 to $60.00 and set a “neutral” rating on the stock in a research note on Tuesday, June 25th. BTIG Research started coverage on shares of Solventum in a research note on Thursday, September 5th. They issued a “neutral” rating for the company. Finally, The Goldman Sachs Group raised their price target on shares of Solventum from $48.00 to $54.00 and gave the company a “sell” rating in a research report on Monday, August 12th. One investment analyst has rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $58.25.

Solventum Trading Down 3.3 %

NYSE:SOLV opened at $69.95 on Monday. The company’s fifty day moving average is $61.01. 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 52-week low of $47.16 and a 52-week high of $96.05.

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