Allstate Corp Acquires Shares of 4,358 Solventum Co. (NYSE:SOLV)

Allstate Corp acquired a new position in Solventum Co. (NYSE:SOLV - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 4,358 shares of the company's stock, valued at approximately $288,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SOLV. Vanguard Group Inc. raised its stake in shares of Solventum by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 16,266,893 shares of the company's stock worth $1,074,591,000 after purchasing an additional 75,631 shares during the last quarter. State Street Corp raised its position in Solventum by 3.1% in the 3rd quarter. State Street Corp now owns 6,107,550 shares of the company's stock worth $425,818,000 after buying an additional 185,938 shares during the last quarter. Geode Capital Management LLC lifted its stake in Solventum by 4.0% during the 3rd quarter. Geode Capital Management LLC now owns 3,347,719 shares of the company's stock valued at $232,608,000 after acquiring an additional 128,317 shares during the period. Norges Bank purchased a new stake in shares of Solventum during the 4th quarter valued at about $203,740,000. Finally, Boston Partners bought a new stake in shares of Solventum in the fourth quarter worth approximately $110,378,000.

Solventum Stock Performance

Shares of SOLV stock traded down $0.95 during trading hours on Monday, reaching $65.25. 2,859,227 shares of the company traded hands, compared to its average volume of 1,365,495. The firm has a 50-day moving average price of $75.23 and a 200 day moving average price of $71.90. The company has a market cap of $11.29 billion and a P/E ratio of 23.73. The company has a debt-to-equity ratio of 2.45, a current ratio of 1.15 and a quick ratio of 0.83. Solventum Co. has a 12-month low of $47.16 and a 12-month high of $85.92.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on SOLV shares. Wells Fargo & Company increased their price objective on shares of Solventum from $73.00 to $75.00 and gave the company an "equal weight" rating in a research report on Friday, February 28th. Mizuho raised their price target on Solventum from $70.00 to $82.00 and gave the stock a "neutral" rating in a research note on Monday, March 3rd. Morgan Stanley lifted their price objective on Solventum from $73.00 to $80.00 and gave the stock an "equal weight" rating in a report on Wednesday, March 5th. The Goldman Sachs Group increased their target price on Solventum from $63.00 to $71.00 and gave the company a "sell" rating in a report on Monday, March 3rd. Finally, Piper Sandler boosted their price target on Solventum from $75.00 to $84.00 and gave the company a "neutral" rating in a research note on Friday, February 28th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, Solventum presently has an average rating of "Hold" and an average price target of $79.86.

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.