PNC Financial Services Group Inc. Sells 13,595 Shares of Solventum Corporation $SOLV

PNC Financial Services Group Inc. lessened its stake in Solventum Corporation (NYSE:SOLV) by 7.3% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 172,371 shares of the company’s stock after selling 13,595 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Solventum were worth $12,583,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Deseret Mutual Benefit Administrators grew its stake in Solventum by 78.7% in the 3rd quarter. Deseret Mutual Benefit Administrators now owns 370 shares of the company’s stock worth $27,000 after acquiring an additional 163 shares in the last quarter. CYBER HORNET ETFs LLC purchased a new stake in shares of Solventum in the second quarter valued at approximately $28,000. MUFG Securities EMEA plc purchased a new position in Solventum during the 2nd quarter worth $31,000. State of Wyoming purchased a new position in Solventum during the 2nd quarter worth $33,000. Finally, MTM Investment Management LLC bought a new stake in Solventum during the 2nd quarter valued at $40,000.

Solventum Stock Performance

SOLV stock opened at $74.94 on Thursday. Solventum Corporation has a one year low of $60.70 and a one year high of $88.20. The firm has a market cap of $13.00 billion, a price-to-earnings ratio of 8.63, a PEG ratio of 6.77 and a beta of 0.35. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.14 and a current ratio of 1.50. The firm has a 50-day simple moving average of $79.61 and a two-hundred day simple moving average of $76.15.

Solventum announced that its Board of Directors has approved a stock repurchase 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 generally an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

SOLV has been the topic of a number of recent research reports. Piper Sandler reissued an “overweight” rating on shares of Solventum in a research report on Wednesday, December 17th. Zacks Research downgraded shares of Solventum from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 1st. Mizuho set a $100.00 price target on shares of Solventum and gave the company an “outperform” rating in a report on Tuesday, January 20th. KeyCorp upgraded shares of Solventum from a “sector weight” rating to an “overweight” rating and set a $97.00 price objective on the stock in a research note on Monday, January 26th. Finally, Stifel Nicolaus lifted their price objective on shares of Solventum from $88.00 to $105.00 and gave the company a “buy” rating in a report on Wednesday, January 7th. Seven analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Solventum has an average rating of “Hold” and a consensus target price of $90.83.

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. 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.