JPMorgan Chase & Co. Buys 61,507 Shares of Solventum Corporation $SOLV

JPMorgan Chase & Co. boosted its stake in Solventum Corporation (NYSE:SOLV) by 9.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 686,397 shares of the company’s stock after purchasing an additional 61,507 shares during the period. JPMorgan Chase & Co. owned approximately 0.40% of Solventum worth $50,107,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of SOLV. Deseret Mutual Benefit Administrators lifted its holdings in Solventum by 78.7% in the third quarter. Deseret Mutual Benefit Administrators now owns 370 shares of the company’s stock valued at $27,000 after acquiring an additional 163 shares during the period. CYBER HORNET ETFs LLC purchased a new stake in shares of Solventum during the 2nd quarter valued at about $28,000. MUFG Securities EMEA plc bought a new position in shares of Solventum in the 2nd quarter worth approximately $31,000. State of Wyoming purchased a new position in shares of Solventum in the second quarter worth approximately $33,000. Finally, MTM Investment Management LLC bought a new stake in Solventum during the second quarter valued at approximately $40,000.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Mizuho set a $100.00 price target on shares of Solventum and gave the stock an “outperform” rating in a research note on Tuesday, January 20th. Piper Sandler reissued an “overweight” rating on shares of Solventum in a report on Wednesday, December 17th. Wall Street Zen downgraded Solventum from a “buy” rating to a “hold” rating in a research note on Saturday, February 7th. Zacks Research cut Solventum from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 1st. Finally, UBS Group reissued a “neutral” rating on shares of Solventum in a report on Friday, November 21st. Seven investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $91.36.

Solventum Stock Performance

NYSE:SOLV opened at $75.05 on Thursday. The company has a market cap of $13.02 billion, a price-to-earnings ratio of 8.65, a PEG ratio of 6.74 and a beta of 0.35. Solventum Corporation has a 1 year low of $60.70 and a 1 year high of $88.20. The stock’s 50 day simple moving average is $78.80 and its two-hundred day simple moving average is $76.18. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.50 and a quick ratio of 1.14.

Solventum declared that its board has approved 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 reacquire up to 7.5% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its shares are 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.