1ST Source Bank Trims Stake in Solventum Co. (NYSE:SOLV)

1ST Source Bank lowered its position in Solventum Co. (NYSE:SOLV) by 7.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 6,132 shares of the company’s stock after selling 483 shares during the quarter. 1ST Source Bank’s holdings in Solventum were worth $428,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Worldquant Millennium Advisors LLC increased its holdings in shares of Solventum by 373.6% in the 3rd quarter. Worldquant Millennium Advisors LLC now owns 47,665 shares of the company’s stock worth $3,323,000 after buying an additional 37,600 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Solventum by 37.4% during the third quarter. The Manufacturers Life Insurance Company now owns 117,853 shares of the company’s stock worth $8,217,000 after purchasing an additional 32,051 shares during the last quarter. State Street Corp boosted its holdings in shares of 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 purchasing an additional 185,938 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in shares of Solventum during the 3rd quarter valued at about $50,948,000. Finally, First Horizon Advisors Inc. purchased a new stake in Solventum in the second quarter worth approximately $58,000.

Analyst Ratings Changes

A number of brokerages have recently weighed in on SOLV. Wolfe Research assumed coverage on shares of Solventum in a report on Thursday, September 26th. They issued a “peer perform” rating for the company. Mizuho assumed coverage on shares of Solventum in a research report on Wednesday, December 4th. They set a “neutral” rating and a $70.00 price target for the company. Piper Sandler raised their price objective on Solventum from $71.00 to $75.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Morgan Stanley boosted their target price on Solventum from $60.00 to $73.00 and gave the company an “equal weight” rating in a research note on Monday, November 11th. Finally, Stifel Nicolaus began coverage on Solventum in a research report on Tuesday, October 8th. They set a “buy” rating and a $82.00 price target on the stock. 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.com, Solventum presently has a consensus rating of “Hold” and an average target price of $68.29.

Solventum Stock Performance

Shares of NYSE SOLV opened at $69.56 on Friday. The company’s 50-day moving average is $70.91 and its 200 day moving average is $63.19. The company has a current ratio of 1.15, a quick ratio of 0.83 and a debt-to-equity ratio of 2.45. Solventum Co. has a 1 year low of $47.16 and a 1 year high of $96.05.

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.