Millennium Management LLC Has $40.49 Million Position in Solventum Co. (NYSE:SOLV)

Millennium Management LLC raised its holdings in shares of Solventum Co. (NYSE:SOLV) by 771.9% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 765,771 shares of the company’s stock after acquiring an additional 677,940 shares during the period. Millennium Management LLC owned approximately 0.44% of Solventum worth $40,494,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in SOLV. Fifth Lane Capital LP acquired a new stake in Solventum in the first quarter worth $826,000. Boit C F David acquired a new stake in shares of Solventum during the first quarter worth about $152,000. Mitsubishi UFJ Trust & Banking Corp acquired a new position in shares of Solventum in the 1st quarter valued at approximately $5,747,000. GABELLI & Co INVESTMENT ADVISERS INC. acquired a new stake in Solventum during the 1st quarter worth approximately $209,000. Finally, LRI Investments LLC acquired a new position in shares of Solventum in the first quarter valued at approximately $43,000.

Solventum Trading Down 3.5 %

Solventum stock opened at $67.30 on Wednesday. The company’s fifty day moving average is $63.22. Solventum Co. has a 12-month low of $47.16 and a 12-month high of $96.05. 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 (NYSE:SOLV) last issued its earnings results 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 the consensus estimate of $2.05 billion. The company’s quarterly revenue was up .2% on a year-over-year basis. As a group, equities research analysts predict that Solventum Co. will post 6.38 EPS for the current fiscal year.

Analysts Set New Price Targets

SOLV has been the subject of several recent research reports. Wells Fargo & Company reduced their price objective on Solventum from $69.00 to $64.00 and set an “equal weight” rating for the company in a research report on Friday, August 9th. Morgan Stanley lowered their target price on Solventum from $70.00 to $55.00 and set an “equal weight” rating on the stock in a research note on Monday, July 15th. Wolfe Research started coverage on shares of Solventum in a report on Thursday, September 26th. They issued a “peer perform” rating for the company. The Goldman Sachs Group increased their price target on Solventum from $48.00 to $54.00 and gave the stock a “sell” rating in a research report on Monday, August 12th. Finally, Bank of America lowered their price objective on shares of Solventum from $70.00 to $60.00 and set a “neutral” rating for the company in a research report on Tuesday, June 25th. One investment analyst has rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $58.25.

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.