Investment Management Associates Inc. ADV Acquires 24,116 Shares of Solventum Corporation $SOLV

Investment Management Associates Inc. ADV increased its stake in Solventum Corporation (NYSE:SOLV) by 10.3% during the 3rd quarter, Holdings Channel.com reports. The fund owned 258,949 shares of the company’s stock after buying an additional 24,116 shares during the period. Solventum accounts for approximately 5.6% of Investment Management Associates Inc. ADV’s portfolio, making the stock its 7th largest position. Investment Management Associates Inc. ADV’s holdings in Solventum were worth $18,903,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Independent Franchise Partners LLP lifted its stake in shares of Solventum by 74.2% in the 2nd quarter. Independent Franchise Partners LLP now owns 10,141,066 shares of the company’s stock valued at $769,098,000 after purchasing an additional 4,320,342 shares in the last quarter. Norges Bank purchased a new position in Solventum in the second quarter valued at about $140,495,000. Assenagon Asset Management S.A. boosted its stake in shares of Solventum by 60.3% during the 3rd quarter. Assenagon Asset Management S.A. now owns 928,830 shares of the company’s stock valued at $67,805,000 after buying an additional 349,463 shares during the last quarter. Boston Partners boosted its stake in Solventum by 9.2% during the 2nd quarter. Boston Partners now owns 3,670,757 shares of the company’s stock valued at $278,363,000 after acquiring an additional 308,784 shares during the last quarter. Finally, Ruffer LLP bought a new position in shares of Solventum during the third quarter worth about $15,152,000.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on SOLV shares. KeyCorp raised shares of Solventum from a “sector weight” rating to an “overweight” rating and set a $97.00 price objective for the company in a report on Monday, January 26th. Weiss Ratings reiterated a “hold (c)” rating on shares of Solventum in a research note on Tuesday, January 27th. Mizuho set a $100.00 target price on shares of Solventum and gave the stock an “outperform” rating in a report on Tuesday, January 20th. Wall Street Zen downgraded Solventum from a “buy” rating to a “hold” rating in a report on Saturday. Finally, Zacks Research lowered Solventum from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 1st. Seven research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Solventum presently has an average rating of “Hold” and a consensus target price of $90.83.

Solventum Stock Performance

SOLV stock opened at $80.44 on Wednesday. The company has a 50-day simple moving average of $80.47 and a 200 day simple moving average of $76.03. The company has a quick ratio of 1.14, a current ratio of 1.50 and a debt-to-equity ratio of 1.03. The company has a market capitalization of $13.95 billion, a P/E ratio of 9.27, a PEG ratio of 7.17 and a beta of 0.35. Solventum Corporation has a fifty-two week low of $60.70 and a fifty-two week high of $88.20.

Solventum declared that its board has authorized a stock buyback plan on Thursday, November 20th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the company to buy up to 7.5% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

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. The Medsurg segment is a provider of solutions including advanced wound care, I.V. site management, sterilization assurance, temperature management, surgical supplies, stethoscopes, and medical electrodes.