Solventum (NYSE:SOLV) Posts Earnings Results, Beats Expectations By $0.10 EPS

Solventum (NYSE:SOLV) released its earnings results on Thursday. The company reported $1.56 EPS for the quarter, beating the consensus estimate of $1.46 by $0.10, Briefing.com reports. The business had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.05 billion. The firm’s quarterly revenue was up .2% on a year-over-year basis. Solventum updated its FY24 guidance to $6.30-6.50 EPS.

Solventum Trading Up 3.3 %

Shares of SOLV traded up $1.93 during trading hours on Friday, reaching $60.59. 2,411,871 shares of the company traded hands, compared to its average volume of 2,188,416. Solventum has a 12 month low of $47.16 and a 12 month high of $96.05. The company has a current ratio of 1.81, a quick ratio of 1.33 and a debt-to-equity ratio of 2.16. The firm has a fifty day moving average price of $54.12.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on SOLV. Morgan Stanley reduced their price objective on Solventum from $70.00 to $55.00 and set an “equal weight” rating on the stock in a research note on Monday, July 15th. Bank of America cut 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. Argus initiated coverage on shares of Solventum in a research report on Monday, June 24th. They set a “hold” rating for the company. The Goldman Sachs Group dropped their target price on shares of Solventum from $54.00 to $48.00 and set a “sell” rating for the company in a report on Wednesday, July 10th. Finally, Wells Fargo & Company reduced their price target on Solventum from $69.00 to $64.00 and set an “equal weight” rating on the stock in a report on Friday. One analyst has rated the stock with a sell rating and five have issued a hold rating to the stock. According to MarketBeat.com, Solventum presently has an average rating of “Hold” and an average price target of $56.75.

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.