Cardinal Capital Management Makes New $623,000 Investment in Solventum Co. (NYSE:SOLV)

Cardinal Capital Management purchased a new stake in Solventum Co. (NYSE:SOLV) in the 2nd quarter, HoldingsChannel.com reports. The firm purchased 11,781 shares of the company’s stock, valued at approximately $623,000.

Other hedge funds have also recently modified their holdings of the company. Partnership Wealth Management LLC purchased a new stake in Solventum in the second quarter valued at about $26,000. M&R Capital Management Inc. acquired a new stake in shares of Solventum during the 2nd quarter valued at about $27,000. Beach Investment Counsel Inc. PA acquired a new position in shares of Solventum during the 2nd quarter worth approximately $27,000. S.A. Mason LLC purchased a new position in Solventum in the 2nd quarter valued at about $29,000. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Solventum during the 2nd quarter worth $29,000.

Solventum Price Performance

Shares of NYSE:SOLV traded up $1.93 during trading on Friday, hitting $60.59. 2,411,871 shares of the stock were exchanged, compared to its average volume of 2,188,416. Solventum Co. has a 12-month low of $47.16 and a 12-month high of $96.05. The company has a fifty day simple moving average of $54.12. The company has a debt-to-equity ratio of 2.16, a current ratio of 1.81 and a quick ratio of 1.33.

Solventum (NYSE:SOLV) last posted its earnings results on Thursday, August 8th. The company reported $1.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.46 by $0.10. The company had revenue of $2.08 billion during the quarter, compared to analysts’ expectations of $2.05 billion. The firm’s quarterly revenue was up .2% on a year-over-year basis. As a group, equities analysts forecast that Solventum Co. will post 6.25 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have weighed in on SOLV shares. Bank of America decreased their target price on shares of Solventum from $70.00 to $60.00 and set a “neutral” rating on the stock in a report on Tuesday, June 25th. The Goldman Sachs Group decreased their target price on Solventum from $54.00 to $48.00 and set a “sell” rating for the company in a research note on Wednesday, July 10th. Morgan Stanley decreased their target price on Solventum from $70.00 to $55.00 and set an “equal weight” rating for the company in a research report on Monday, July 15th. Wells Fargo & Company dropped their price objective on shares of Solventum from $69.00 to $64.00 and set an “equal weight” rating on the stock in a research note on Friday. Finally, Argus started coverage on shares of Solventum in a research report on Monday, June 24th. They issued a “hold” rating on the stock. One analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $56.75.

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.