WASHINGTON TRUST Co Invests $63,000 in Solventum Co. (NYSE:SOLV)

WASHINGTON TRUST Co acquired a new stake in Solventum Co. (NYSE:SOLV) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 1,188 shares of the company’s stock, valued at approximately $63,000.

Other hedge funds have also recently bought and sold shares of the company. Fifth Lane Capital LP purchased a new position in Solventum in the 1st quarter valued at approximately $826,000. Boit C F David acquired a new stake in Solventum in the 1st quarter valued at about $152,000. Mitsubishi UFJ Trust & Banking Corp purchased a new position in shares of Solventum in the 1st quarter valued at about $5,747,000. GABELLI & Co INVESTMENT ADVISERS INC. purchased a new position in Solventum in the first quarter valued at $209,000. Finally, LRI Investments LLC purchased a new stake in Solventum during the 1st quarter worth about $43,000.

Solventum Trading Up 0.9 %

Shares of NYSE:SOLV traded up $0.53 during trading on Tuesday, reaching $58.24. The company had a trading volume of 773,811 shares, compared to its average volume of 2,163,123. The company has a current ratio of 1.31, a quick ratio of 0.96 and a debt-to-equity ratio of 2.90. The firm’s fifty day moving average price is $54.13. Solventum Co. has a fifty-two week low of $47.16 and a fifty-two week high of $96.05.

Solventum (NYSE:SOLV) last issued its quarterly 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 for the quarter, compared to analyst estimates of $2.05 billion. The company’s revenue for the quarter was up .2% compared to the same quarter last year. Equities analysts anticipate that Solventum Co. will post 6.4 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. The Goldman Sachs Group increased their target price on shares of Solventum from $48.00 to $54.00 and gave the company a “sell” rating in a research report on Monday. Bank of America dropped their price objective on Solventum from $70.00 to $60.00 and set a “neutral” rating on the stock in a report on Tuesday, June 25th. Argus started coverage on Solventum in a report on Monday, June 24th. They issued a “hold” rating for the company. Morgan Stanley dropped their price target 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. Finally, Wells Fargo & Company decreased their price objective on Solventum from $69.00 to $64.00 and set an “equal weight” rating for the company in a report on Friday. One equities research analyst has rated the stock with a sell rating and five have issued a hold rating to the company. According to MarketBeat.com, Solventum currently has a consensus rating of “Hold” and an average price target of $58.25.

Solventum Profile

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.