Geode Capital Management LLC Grows Position in Solventum Co. (NYSE:SOLV)

Geode Capital Management LLC increased its position in Solventum Co. (NYSE:SOLV - Free Report) by 4.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,347,719 shares of the company's stock after purchasing an additional 128,317 shares during the quarter. Geode Capital Management LLC owned approximately 1.94% of Solventum worth $232,608,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in SOLV. Trian Fund Management L.P. increased its position in Solventum by 32.9% in the 3rd quarter. Trian Fund Management L.P. now owns 7,126,255 shares of the company's stock valued at $496,842,000 after acquiring an additional 1,765,676 shares in the last quarter. State Street Corp lifted its holdings in Solventum by 3.1% during 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 in the last quarter. Davis Selected Advisers bought a new position in Solventum in the 2nd quarter valued at $273,070,000. Nuance Investments LLC acquired a new stake in shares of Solventum in the 2nd quarter valued at $115,829,000. Finally, Newport Trust Company LLC bought a new stake in shares of Solventum during the second quarter worth $98,976,000.

Solventum Stock Performance

Shares of Solventum stock traded down $0.45 during trading hours on Friday, reaching $69.56. The company had a trading volume of 637,853 shares, compared to its average volume of 824,329. 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 one year low of $47.16 and a one year high of $96.05. The business has a fifty day simple moving average of $70.91 and a 200 day simple moving average of $63.24.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Stifel Nicolaus assumed coverage on Solventum in a research report on Tuesday, October 8th. They issued a "buy" rating and a $82.00 price objective for the company. BTIG Research assumed coverage on shares of Solventum in a research report on Thursday, September 5th. They set a "neutral" rating for the company. Morgan Stanley increased their target price on Solventum from $60.00 to $73.00 and gave the stock an "equal weight" rating in a report on Monday, November 11th. Mizuho began coverage on Solventum in a research report on Wednesday, December 4th. They set a "neutral" rating and a $70.00 price objective for the company. Finally, Piper Sandler raised their price target on shares of Solventum from $71.00 to $75.00 and gave the stock a "neutral" rating in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $68.29.

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.