Gifford Fong Associates Makes New $129,000 Investment in Solventum Co. (NYSE:SOLV)

Gifford Fong Associates acquired a new position in shares of Solventum Co. (NYSE:SOLV) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,438 shares of the company’s stock, valued at approximately $129,000.

Several other large investors have also recently added to or reduced their stakes in the company. Davis Selected Advisers acquired a new position in shares of Solventum during the second quarter worth approximately $273,070,000. Nuance Investments LLC acquired a new position in shares of Solventum during the second quarter worth approximately $115,829,000. Bank of New York Mellon Corp acquired a new position in shares of Solventum during the second quarter worth approximately $48,487,000. Hsbc Holdings PLC acquired a new position in shares of Solventum during the second quarter worth approximately $31,876,000. Finally, Dimensional Fund Advisors LP acquired a new position in shares of Solventum during the second quarter worth approximately $26,480,000.

Solventum Stock Down 0.3 %

Shares of NYSE:SOLV opened at $72.13 on Thursday. Solventum Co. has a 52 week low of $47.16 and a 52 week high of $96.05. The company has a quick ratio of 0.96, a current ratio of 1.31 and a debt-to-equity ratio of 2.90. The firm has a 50 day moving average price of $60.13.

Solventum (NYSE:SOLV) last issued its earnings results on Thursday, August 8th. The company reported $1.56 EPS for the quarter, beating the consensus estimate of $1.46 by $0.10. The firm had revenue of $2.08 billion during 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, equities research analysts anticipate that Solventum Co. will post 6.38 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently weighed in on SOLV. BTIG Research began coverage on shares of Solventum in a report on Thursday, September 5th. They issued a “neutral” rating on the stock. The Goldman Sachs Group increased their price objective on shares of Solventum from $48.00 to $54.00 and gave the company a “sell” rating in a report on Monday, August 12th. Argus began coverage on shares of Solventum in a report on Monday, June 24th. They issued a “hold” rating on the stock. Morgan Stanley cut their price objective on shares of Solventum from $70.00 to $55.00 and set an “equal weight” rating on the stock in a report on Monday, July 15th. Finally, Wells Fargo & Company cut their price objective on shares of Solventum from $69.00 to $64.00 and set an “equal weight” rating on the stock in a report on Friday, August 9th. One research analyst has rated the stock with a sell rating and six have given a hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price 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.