Harbor Capital Advisors Inc. Makes New Investment in Solventum Co. (NYSE:SOLV)

Harbor Capital Advisors Inc. purchased a new stake in Solventum Co. (NYSE:SOLV) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 37,632 shares of the company’s stock, valued at approximately $2,624,000.

A number of other hedge funds have also modified their holdings of the company. Mitsubishi UFJ Trust & Banking Corp bought a new stake in Solventum in the first quarter valued at approximately $5,747,000. GABELLI & Co INVESTMENT ADVISERS INC. bought a new stake in shares of Solventum in the 1st quarter valued at $209,000. LRI Investments LLC acquired a new stake in Solventum during the 1st quarter worth $43,000. Magnetar Financial LLC bought a new position in Solventum during the first quarter worth about $3,478,000. Finally, Alpine Global Management LLC acquired a new position in Solventum in the first quarter valued at about $1,766,000.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on SOLV. Wells Fargo & Company dropped 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. BTIG Research started coverage on Solventum in a report on Thursday, September 5th. They issued a “neutral” rating on the stock. Wolfe Research started coverage on Solventum in a report on Thursday, September 26th. They set a “peer perform” rating for the company. Piper Sandler initiated coverage on Solventum in a research report on Monday, October 7th. They issued a “neutral” rating and a $71.00 target price on the stock. Finally, Morgan Stanley reduced their price target on Solventum from $70.00 to $55.00 and set an “equal weight” rating for the company in a research report on Monday, July 15th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $64.33.

Solventum Stock Down 0.4 %

Shares of SOLV opened at $72.17 on Tuesday. The company’s 50-day moving average is $69.14 and its 200-day moving average is $61.70. 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.

Solventum (NYSE:SOLV) last announced its earnings results on Thursday, August 8th. The company reported $1.56 earnings per share for the quarter, topping analysts’ consensus estimates of $1.46 by $0.10. The firm had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.05 billion. The company’s quarterly 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 EPS for the current year.

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.