Norges Bank Acquires Shares of 3,084,166 Solventum Co. (NYSE:SOLV)

Norges Bank bought a new position in shares of Solventum Co. (NYSE:SOLV - Free Report) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 3,084,166 shares of the company's stock, valued at approximately $203,740,000. Norges Bank owned approximately 1.79% of Solventum at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Worldquant Millennium Advisors LLC lifted its holdings in shares of Solventum by 373.6% during the 3rd quarter. Worldquant Millennium Advisors LLC now owns 47,665 shares of the company's stock valued at $3,323,000 after purchasing an additional 37,600 shares in the last quarter. Harbor Capital Advisors Inc. raised its holdings in Solventum by 24.8% during the 4th quarter. Harbor Capital Advisors Inc. now owns 46,965 shares of the company's stock worth $3,103,000 after buying an additional 9,333 shares during the period. The Manufacturers Life Insurance Company lifted its stake in Solventum by 37.4% in the third quarter. The Manufacturers Life Insurance Company now owns 117,853 shares of the company's stock valued at $8,217,000 after buying an additional 32,051 shares in the last quarter. State Street Corp boosted its holdings in shares of Solventum by 3.1% in the third quarter. State Street Corp now owns 6,107,550 shares of the company's stock valued at $425,818,000 after buying an additional 185,938 shares during the period. Finally, Forsta AP Fonden bought a new stake in shares of Solventum during the fourth quarter worth $1,876,000.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on SOLV. Piper Sandler upped their target price on shares of Solventum from $75.00 to $84.00 and gave the stock a "neutral" rating in a research note on Friday, February 28th. Bank of America upped their price objective on Solventum from $80.00 to $85.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 26th. Morgan Stanley increased 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 boosted their target price on Solventum from $63.00 to $71.00 and gave the company a "sell" rating in a research note on Monday, March 3rd. Finally, Mizuho raised their price target on shares of Solventum from $70.00 to $82.00 and gave the stock a "neutral" rating in a research note on Monday, March 3rd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $79.86.

Solventum Stock Down 5.7 %

Shares of NYSE:SOLV traded down $3.97 during midday trading on Friday, hitting $66.22. The stock had a trading volume of 1,873,221 shares, compared to its average volume of 1,370,900. The company has a quick ratio of 0.83, a current ratio of 1.15 and a debt-to-equity ratio of 2.45. The business's 50-day simple moving average is $75.42 and its 200-day simple moving average is $71.95. Solventum Co. has a 12 month low of $47.16 and a 12 month high of $85.92. The company has a market cap of $11.45 billion and a P/E ratio of 24.08.

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.