865 Shares in Solventum Co. (NYSE:SOLV) Bought by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC bought a new position in Solventum Co. (NYSE:SOLV) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 865 shares of the company’s stock, valued at approximately $60,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Davis Selected Advisers bought a new stake in shares of Solventum during the 2nd quarter worth $273,070,000. Nuance Investments LLC acquired a new position in shares of Solventum in the 2nd quarter valued at $115,829,000. Newport Trust Company LLC acquired a new position in shares of Solventum in the 2nd quarter valued at $98,976,000. Baupost Group LLC MA acquired a new position in shares of Solventum in the 2nd quarter valued at $96,242,000. Finally, Magnetar Financial LLC raised its stake in shares of Solventum by 2,880.8% in the 2nd quarter. Magnetar Financial LLC now owns 1,490,410 shares of the company’s stock valued at $78,813,000 after buying an additional 1,440,410 shares in the last quarter.

Solventum Stock Down 0.2 %

NYSE SOLV opened at $72.50 on Thursday. The firm’s 50 day moving average is $67.02 and its 200-day moving average is $61.18. The company has a current ratio of 1.31, a quick ratio of 0.96 and a debt-to-equity ratio of 2.90. Solventum Co. has a 12-month low of $47.16 and a 12-month high of $96.05.

Solventum (NYSE:SOLV) last issued its quarterly 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 company had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.05 billion. Solventum’s revenue was up .2% compared to the same quarter last year. Equities research analysts predict that Solventum Co. will post 6.38 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Morgan Stanley dropped 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 report on Monday, July 15th. Stifel Nicolaus started coverage on shares of Solventum in a report on Tuesday, October 8th. They set a “buy” rating and a $82.00 price objective on the stock. BTIG Research started coverage on shares of Solventum in a research note on Thursday, September 5th. They issued a “neutral” rating on the stock. Piper Sandler began coverage on shares of Solventum in a research note on Monday, October 7th. They issued a “neutral” rating and a $71.00 target price on the stock. Finally, Wolfe Research began coverage on shares of Solventum in a research note on Thursday, September 26th. They set a “peer perform” rating on the stock. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $64.33.

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.