Wells Fargo & Company Lowers Solventum (NYSE:SOLV) Price Target to $64.00

Solventum (NYSE:SOLV) had its price objective cut by investment analysts at Wells Fargo & Company from $69.00 to $64.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential upside of 5.63% from the company’s current price.

Other research analysts have also recently issued reports about the company. Bank of America dropped their price target on Solventum from $70.00 to $60.00 and set a “neutral” rating for the company in a research note on Tuesday, June 25th. The Goldman Sachs Group dropped their price objective on shares of Solventum from $54.00 to $48.00 and set a “sell” rating for the company in a report on Wednesday, July 10th. Argus initiated coverage on shares of Solventum in a report on Monday, June 24th. They set a “hold” rating on the stock. Finally, Morgan Stanley dropped their price target on shares of Solventum from $70.00 to $55.00 and set an “equal weight” rating for the company in a research note on Monday, July 15th. One analyst has rated the stock with a sell rating and five have issued a hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $56.75.

Solventum Stock Up 3.3 %

NYSE SOLV traded up $1.93 during trading on Friday, hitting $60.59. 2,411,871 shares of the company’s stock were exchanged, compared to its average volume of 2,188,416. The company has a current ratio of 1.81, a quick ratio of 1.33 and a debt-to-equity ratio of 2.16. Solventum has a fifty-two week low of $47.16 and a fifty-two week high of $96.05. The firm’s 50 day moving average price is $54.12.

Solventum (NYSE:SOLV) last released its quarterly earnings data 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 company had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.05 billion. The company’s revenue for the quarter was up .2% on a year-over-year basis. As a group, analysts forecast that Solventum will post 6.25 earnings per share for the current fiscal year.

Institutional Trading of Solventum

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SOLV. Bradley Foster & Sargent Inc. CT bought a new stake in shares of Solventum in the 2nd quarter valued at $422,000. Mutual of America Capital Management LLC bought a new stake in Solventum during the second quarter valued at $920,000. Cornerstone Advisors LLC bought a new stake in Solventum during the second quarter valued at $144,000. Dimensional Fund Advisors LP acquired a new stake in Solventum during the 2nd quarter worth about $26,480,000. Finally, Financial Perspectives Inc bought a new position in shares of Solventum in the 2nd quarter worth about $188,000.

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.