730,758 Shares in Solventum Co. (NYSE:SOLV) Purchased by Point72 Asset Management L.P.

Point72 Asset Management L.P. purchased a new position in shares of Solventum Co. (NYSE:SOLV - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 730,758 shares of the company's stock, valued at approximately $50,948,000. Point72 Asset Management L.P. owned about 0.42% of Solventum at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. The Manufacturers Life Insurance Company increased its position in Solventum by 37.4% in the third quarter. The Manufacturers Life Insurance Company now owns 117,853 shares of the company's stock worth $8,217,000 after buying an additional 32,051 shares in the last quarter. CWM LLC bought a new stake in Solventum during the 2nd quarter worth approximately $473,000. Great Valley Advisor Group Inc. purchased a new position in Solventum during the second quarter valued at approximately $493,000. First Horizon Advisors Inc. bought a new position in shares of Solventum in the second quarter worth approximately $58,000. Finally, Swedbank AB purchased a new stake in shares of Solventum in the second quarter worth $4,711,000.

Solventum Trading Down 1.0 %

Shares of SOLV traded down $0.70 during mid-day trading on Thursday, hitting $69.56. 845,240 shares of the stock were exchanged, compared to its average volume of 1,673,251. The company has a quick ratio of 0.83, a current ratio of 1.15 and a debt-to-equity ratio of 2.45. Solventum Co. has a 52-week low of $47.16 and a 52-week high of $96.05. The firm has a 50-day moving average of $70.65 and a two-hundred day moving average of $62.82.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Piper Sandler lifted their target price on shares of Solventum from $71.00 to $75.00 and gave the company a "neutral" rating in a research note on Friday, November 8th. Mizuho began coverage on Solventum in a research report on Wednesday. They issued a "neutral" rating and a $70.00 price objective on the stock. Wells Fargo & Company cut their target price 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. Wolfe Research initiated coverage on Solventum in a report on Thursday, September 26th. They issued a "peer perform" rating on the stock. Finally, The Goldman Sachs Group increased their price objective on shares of Solventum from $48.00 to $54.00 and gave the company a "sell" rating in a report on Monday, August 12th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price 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.