Solventum (NYSE:SOLV) Issues FY 2024 Earnings Guidance

Solventum (NYSE:SOLV) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 6.500-6.650 for the period, compared to the consensus EPS estimate of 6.380. The company issued revenue guidance of -. Solventum also updated its FY24 guidance to $6.50-6.65 EPS.

Solventum Trading Down 3.5 %

Shares of NYSE SOLV traded down $2.64 during midday trading on Friday, reaching $72.43. The stock had a trading volume of 2,159,241 shares, compared to its average volume of 955,053. The stock has a 50-day moving average of $70.08 and a 200-day moving average of $62.02. 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 has a 12-month low of $47.16 and a 12-month high of $96.05.

Solventum (NYSE:SOLV) last announced 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 firm had revenue of $2.08 billion during the quarter, compared to analysts’ expectations of $2.05 billion. Solventum’s revenue was up .2% compared to the same quarter last year. Sell-side analysts forecast that Solventum will post 6.59 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently weighed in on SOLV shares. Wolfe Research started coverage on shares of Solventum in a research report on Thursday, September 26th. They set a “peer perform” rating for the company. BTIG Research began coverage on shares of Solventum in a research report on Thursday, September 5th. They set a “neutral” rating for the company. Morgan Stanley decreased their price objective on shares of Solventum from $70.00 to $55.00 and set an “equal weight” rating for the company in a report on Monday, July 15th. Wells Fargo & Company decreased their price objective on shares of Solventum from $69.00 to $64.00 and set an “equal weight” rating for the company in a report on Friday, August 9th. Finally, The Goldman Sachs Group lifted 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. One analyst has rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $65.00.

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.