Solventum (NYSE:SOLV) Updates FY 2024 Earnings Guidance

Solventum (NYSE:SOLV) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 6.500-6.650 for the period, compared to the consensus earnings per share estimate of 6.380. The company issued revenue guidance of -. Solventum also updated its FY24 guidance to $6.50-6.65 EPS.

Solventum Stock Performance

Shares of NYSE SOLV traded down $2.64 during midday trading on Friday, hitting $72.43. The stock had a trading volume of 2,159,241 shares, compared to its average volume of 955,053. The business’s 50 day moving average is $70.08 and its 200-day moving average is $62.02. Solventum has a 52 week low of $47.16 and a 52 week high of $96.05. The company has a current ratio of 1.31, a quick ratio of 0.96 and a debt-to-equity ratio of 2.90.

Solventum (NYSE:SOLV) last issued its earnings results on Thursday, August 8th. The company reported $1.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.10. The firm had revenue of $2.08 billion during the quarter, compared to the consensus estimate of $2.05 billion. The company’s revenue was up .2% compared to the same quarter last year. As a group, analysts predict that Solventum will post 6.59 EPS for the current year.

Analysts Set New Price Targets

SOLV has been the topic of several analyst reports. Wolfe Research initiated coverage on shares of Solventum in a research note on Thursday, September 26th. They issued a “peer perform” rating on the stock. Stifel Nicolaus began coverage on shares of Solventum in a report on Tuesday, October 8th. They set a “buy” rating and a $82.00 price objective for the company. Wells Fargo & Company decreased their price objective on shares of Solventum from $69.00 to $64.00 and set an “equal weight” rating for the company in a report on Friday, August 9th. Piper Sandler boosted their price objective on shares of Solventum from $71.00 to $75.00 and gave the company a “neutral” rating in a report on Friday. Finally, BTIG Research began coverage on shares of Solventum in a report on Thursday, September 5th. They set a “neutral” rating for the company. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $65.00.

Solventum Company 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.