Lord Abbett & CO. LLC Invests $23.57 Million in Solventum Corporation (NYSE:SOLV)

Lord Abbett & CO. LLC bought a new position in Solventum Corporation (NYSE:SOLV) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 310,000 shares of the company’s stock, valued at approximately $23,572,000. Lord Abbett & CO. LLC owned about 0.18% of Solventum as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the company. Rossby Financial LCC bought a new stake in Solventum during the 1st quarter worth about $25,000. Strengthening Families & Communities LLC grew its holdings in Solventum by 376.8% during the 1st quarter. Strengthening Families & Communities LLC now owns 329 shares of the company’s stock worth $25,000 after acquiring an additional 260 shares during the last quarter. Clarity Asset Management Inc. bought a new stake in Solventum during the 4th quarter worth about $25,000. Raiffeisen Bank International AG acquired a new position in Solventum during the 4th quarter valued at about $29,000. Finally, Hara Capital LLC acquired a new position in Solventum during the 1st quarter valued at about $38,000.

Solventum Stock Performance

Shares of NYSE:SOLV opened at $71.50 on Friday. The company has a market capitalization of $12.40 billion, a price-to-earnings ratio of 33.10, a P/E/G ratio of 1.77 and a beta of 0.52. The firm’s 50 day simple moving average is $74.02 and its 200 day simple moving average is $72.94. The company has a debt-to-equity ratio of 2.14, a current ratio of 1.22 and a quick ratio of 0.86. Solventum Corporation has a fifty-two week low of $58.61 and a fifty-two week high of $85.92.

Solventum (NYSE:SOLV) last announced its quarterly earnings results on Thursday, August 7th. The company reported $1.69 earnings per share for the quarter, beating analysts’ consensus estimates of $1.45 by $0.24. The business had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.12 billion. Solventum had a net margin of 4.52% and a return on equity of 29.93%. Solventum’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period last year, the company posted $1.56 EPS. As a group, sell-side analysts forecast that Solventum Corporation will post 6.58 earnings per share for the current year.

Wall Street Analyst Weigh In

SOLV has been the topic of a number of research reports. Piper Sandler restated an “overweight” rating and set a $94.00 target price (up from $87.00) on shares of Solventum in a research report on Friday, August 8th. Wall Street Zen upgraded shares of Solventum from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Wells Fargo & Company upped their target price on shares of Solventum from $75.00 to $79.00 and gave the company an “equal weight” rating in a research report on Friday, August 8th. Argus upgraded shares of Solventum from a “hold” rating to a “buy” rating and set a $90.00 target price on the stock in a research report on Tuesday, July 1st. Finally, Morgan Stanley upgraded shares of Solventum from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $80.00 to $103.00 in a research report on Tuesday, July 15th. One research analyst has rated the stock with a sell rating, six have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $85.75.

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.